Author: Lynn Fountain
||2 hours for CPAs
Small businesses vary widely in size and capacity for growth. Characteristics include varied organizational structures and management styles and the independence in the manner they act and operate. However, small businesses experience common problems arising at similar stages in their development. Understanding and assessing current challenges such as computer needs, talent, organizational structure; can help anticipate key requirements for sustainability and growth.
As of late quarter one 2020, small businesses have been hit with a devastating blow due to the COVID pandemic. Prior to this, the economy was seeing tremendous levels of success in all sectors. It is difficult to predict what the future holds for small business owners. It is important for their individual survival and hopeful future growth, that they pro-actively addresses challenges and continue to maintain a level of optimism.
The marketplace and economy as well as all businesses will continue to shift, technology will continue to grow and rules of engagement will continue to change. Learning about the challenges ahead and how to best meet them requires strategic thinking. In a small business, the team is more important than any individual role and everyone has to wear different hats.
Approaching the growth challenge from a financial perspective can bring small business teams together. This session is intended to examine some of the most significant challenges facing small businesses in the current environment and propose alternatives for navigating those challenges, maintaining organizational stability and looking towards growth opportunities.
Publication Date: May 2020
Small business owners, Controllers and managers of small business, Board members for small businesses, and Small business personnel.
- Surviving the COVID crisis
- Key trends affecting SB growth
- Keys to managing SB in crisis times
- Best practices in crafting a business growth plan
- Key advantages/disadvantages of organic vs. external growth strategies
- Technology tools to support and sustain the organization
- Identify how to surviving the COVID crisis
- Identify the key trends affecting small business growth
- Identify keys to managing small businesses in crisis times
- Identify and explore best practices in crafting a business growth plan
- Recognize how to evaluate key advantages/disadvantages of organic vs. external growth strategies
- Recognize how to explore technology tools to support and sustain the organization
NASBA Field of Study
Auditing (2 hours)