The pandemic had a significant impact on Minnesota businesses. The combination of forced business closures, new employee safety standards along with supply chain disruptions and sharp increase in materials costs made it very difficult.
Like many others, the professional services industry is walking a tightrope to manage cash flow and maintain their workforce. Benchmarking can be a crucial tool right now during the pandemic and as 2020 comes to a close.
There are several applications in which the valuation of your business can deliver insight for guiding critical strategic decisions. For example, below are some common scenarios in which a valuation of your professional service firm may be helpful:
The Employee Retention Credit (ERC), introduced with the CARES Act, is a way for professional service firms to recoup wages paid to employees. Does your firm qualify?
The professional services industry is feeling the impact of the COVID-19 crisis in a variety of ways. Firms are adjusting to remote working and new client engagement models, all while navigating demands in the face of growing uncertainty.
According to IBISWorld, most professional service firms’ revenue has been adjusted to decline in 2021 due to a falling demand and tighter budgets. The professional services industry is facing how best to reconfigure, rethink and redirect its energies in the future.
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