MPact » The Outlook
A business advisor that’s with you every step of the way
By Tanya Knight, CPA, CA
Executive Vice President, Clients and Services
It’s easy for a business advisor to be there with you during the good times. Celebrating increased sales, helping you set up a new chapter for your business, or making plans to exit and capitalize on decades of hard work is an extremely fulfilling part of the job for our team.
But it’s more important to be there with you when your job is tough. And over recent months, new challenges have emerged. Inflation, hiring or retention challenges, and rising interest rates are dominating media coverage. The fear of a recession is forcing Canadian business leaders to react and find ways around these obstacles.
We know that these issues are more than a headline. It’s personal and it’s stressful. Worrying about how much a key material will cost next month or trying to backfill critical positions creates a unique anxiety because these issues are largely out of your control. But that doesn’t mean you’re out of options.
During times like these, our role as your business advisor is to provide calm guidance and deliver answers to the questions that keep you up at night. That’s the motive behind this issue of MPact. We know our clients are looking for strategies and actionable advice so they can weather this storm and emerge with momentum.
In the following pages, you’ll learn how you can prepare your operations for a potential recession, why today’s labour challenges could be a long-term challenge and how to overcome them, and what you need to know about selling your business during economic uncertainty. These are the issues we hear about from clients and we want to share our knowledge with you.
Keep in mind that today’s challenges can create tomorrow’s opportunities. We’re looking forward to helping you navigate these headwinds and take advantage of what the future holds.