Labor challenges, inflation and supply chain disruption have really hit the Middle Market hard. This year’s survey focuses on many pressing issues facing business executives. Perspective from your peers may help fine tune your strategic initiatives. Use the insights from this survey to reflect and consider how to give your business an edge in the current business environment. -Steve McCarty Chairman and CEO, UHY Advisors
The survey covers a wide range of topics, but there are several that we thought were especially important.
Preserve future wealth before estate tax law changes are made
The final version of what the Build Back Better Act will be is still being decided in Congress, don't wait until it's too late.
SPACs remain hot
SPACs are a great exit strategy for a private company depending on the specific industry and financial conditions. An important first step, is getting your company "SPAC ready" and engaging a proven leader in SPAC services.
Energy policy changes place increased emphasis on environment, social and governance issues
Middle Market companies need to start establishing ESG reporting to meet the new greenhouse gas reporting requirements. Doing so may position your company as a preferred vendor, offering a competitive advantage in the market place.
Outsourcing accounting services
Client accounting advisory services is one of the fastest growing service lines in the industry, and companies need to consider ways to implement and utilize enhanced technology solutions to focus on running their business and increasing their capabilities.
Short-term growth plans
Planning for growth and having a well-thought out innovative strategy in place to maximize your growth efforts are very different things. Increase the likelihood of success by seeking counsel from a strategy consulting professional.
M&A outlook remains optimistic
Although inflation is extremely prevalent. our corporate finance professionals believe that the M&A market will remain robust into 2022.
Cybersecurity remains important
Responses from the survey indicate that the majority of Middle Market companies did not have to use their cybersecurity policy in the last 12 months, but that doesn't mean that breaches have not occurred. Creating a strong cybersecurity policy should be a top priority for your business moving forward.
Enter the cannabis space
We continue to see substantial growth in the cannabis space, and the industry is attracting unprecedented investment. Having entered the space in the early stages, our dedicated team of cannabis accounting specialists can help new investors with every aspect of entering the market.
Biggest challenges for 2022
When asked to rank the biggest challenges over the next 12 months, responses were all over the map. Business owners face challenges unique to their businesses and it's important to formulate the most effective strategy for your own business.
How has COVID-19 changed the way your company does business?
COVID-19 has taught businesses and individuals many lessons, including the way businesses operate. Coming out of the pandemic, companies may need to shift focus and adapt their way of doing business.