By Bob Sloan – Associate, Accounting & Assurance
Starting a new business is an exciting time in a person’s life. Excitement, however, is one of several emotions that will undoubtedly be felt as you embark on this journey of entrepreneurship. Feelings of stress, uncertainty, and fear are common. Successfully building a business can be incredibly difficult, but also highly rewarding.
Most entrepreneurs start with a great idea for a product or service, one that they feel can benefit many customers. Developing this idea is the fundamental first step toward entrepreneurship. The second essential step is transforming it into a profitable business. This is an incredibly difficult and time-consuming process. Few individuals can accomplish this daunting task alone. Many entrepreneurs fail to realize the amount of expertise that is needed to oversee the entire process including:
- Payroll processing
- Tax compliance and planning
- Bookkeeping
- Financial statements
- Information technology
- Facilities and equipment leasing
- Business organization
- Hiring and managing people
- Employee benefits
- Obtaining adequate capital
- Legal requirements
These are only some of the complex elements that eat up an entrepreneur’s time and take him or her away from doing what they do best. Fortunately, there are resources out there to help with this transition. Aligning yourself with the right advisors can help alleviate much of the stress involved with growing a business.
MichaelSilver’s team of trusted advisors can help you navigate these different areas. For your needs that fall outside of our scope of services, we have connections with other professionals we work with including attorneys, bankers, insurance brokers, payroll, and human resource professionals who can assist you.
Once these basic areas have been addressed, we can help you face new challenges and opportunities that arise. It may be time to think about acquiring a competitor or a complementary business that will help improve your operation. Should the opportunity arise, MichaelSilver can assist with determining a valuation of the entity that you are looking to purchase, perform due diligence to make sure you are not acquiring problems, and help structure a purchase transaction from both a tax and business standpoint. These merger and acquisition-related services are some of the many areas of specialization of MichaelSilver’s Management Consulting Team.
MichaelSilver has long been known for providing exceptional service to our clients through our tax, assurance, and accounting services work. However, these are just three of our service offerings. Outside of traditional compliance work, we have built a strong group of advisors that focus on adding value to your business. If you are a new business owner or an owner of an established business, let our consulting team assist you with those problem areas that are outside of your wheelhouse. Please reach out to any of our advisors who can help tailor a program that will bring value to your business by enhancing your revenue, decreasing your costs, improving efficiencies, and increasing your bottom line.
Your job as a business owner is to be a leader amongst your employees and provide your customers with award-winning service. Our job is to help you navigate the various facets of a business. With both of us doing our jobs together, your business will continue to grow profitably. Contact our Management Consulting Team at 847.982.0333.
Bob Sloan, Associate, Accounting and Assurance, provides audit, review, and compilation services for privately held companies, not-for-profit organizations, and employee benefit plans. He is a member of the Management Consulting Group at MichaelSilver, where he focuses on opportunities for new businesses. He holds a Bachelor of Science in Business, Accountancy, from DePaul University.