Withum_SMBs: the Post-Pandemic Life-Blood of our Communities
Carlisle, PA - As we see the light at the end of this pandemic tunnel, many are feeling cautiously optimistic about returning to some level of normalcy during this calendar year, albeit looking a little differently than compared to a year ago. Most important to this recovery will be the success of small- to mid-sized businesses (SMBs), where entrepreneurs and business owners create meaningful jobs that foster local economies, keeping money close to home and supporting neighborhoods and communities. Having the right business advisor to help them navigate PPP loans, new tax policy and other business management issues is a critical driver on their road to recovery.
Withum, a nationally ranked advisory and accounting firm, recognizes and appreciates the SMB community and has formalized its “Business Enterprise Advisors” (“BEAs”) practice in response to recent events. BEAs provide tax, assurance and advisory services to privately held small- to medium-sized business clients who desire one point of contact for their needs. They support those clients within their industry specialization and can identify the opportunities and issues impacting their clients, understanding their business from the ground up. The types of businesses where BEA services are most applicable include auto dealerships, construction companies, physician and dental practices, manufactuers and professional services practices such as law firms and architecture and engineering firms. BEAs are seasoned professionals who put their experience to work as the sole trusted advisor for their SMB clients.
Mike Mulhearn, CPA, is the National Service Line Leader of Withum’s Business Enterprise Advisors. “This service line is a great opportunity for the Firm to continue to focus on what we do best–- provide clients with outstanding service. With deep experience within our clients’ industry verticals, our BEAs have an intimate understanding of their clients’ businesses and their challenges, working with business owners and finance teams to navigate these interesting times. They can also develop innovative solutions and tailored strategies that link the SMB owners’ personal and business financial interests.”
As a result of the pandemic, many SMBs are finding themselves in a position to think about acquiring and expanding their businesses while competition struggles, or conversely, they are exiting their businesses through a merger or sale. Withum’s BEAs are experts in both scenarios.
Additionally, the new virtually functioning world requires SMBs to use digital tools to remain competitive as clients and customers are always connected and expect a seamless, accessible and responsive digital interaction. Evaluate digital platforms for marketing and communicating, managing internal processes and logistics, and executing sales and payments (e.g., email, websites, social media, cloud-based software, etc.) if you haven’t already. Withum’s BEAs have resources to support these needs, as well.
“Withum continually evolves and expands its resources by onboarding subject matter experts in the digital, management consulting, cybersecurity, wealth management, transaction advisory and insurance service areas,” continues Mulhearn. “Our BEAs work closely with these professionals to put our clients in a position of strength post-pandemic.”
Owners and finance teams of SMBs are needed to keep local economies thriving. Withum’s Business Enterprise Advisors are here to help them navigate the road to recovery.
"The coronavirus pandemic forced us all to transform our business models as part of a disaster recovery response. At Withum, we already had the technology in place for our team members to work productively from home, and for our clients to access their documents and receive services virtually. The shelter-at-home mandates forced us to truly put this to the test, and our workforce has proven themselves more efficient and effective than we could have imagined. We now know for certain that we can be productive in serving our clients while working remotely. Withum is actively assisting clients in adapting to do the same, implementing new technology and establishing secure workplace environments for their own employees," says Bill Hagaman, CPA, CGMA, CEO and Managing Partner at Withum.
Michael Mulhearn is a partner at Withum, with 20 years of experience in public accounting. His expertise includes accounting and tax services, focusing on privately held businesses. He can be reached at firstname.lastname@example.org.