Updegrove, Combs & McDaniel has a diverse client base and represents a wide range of industries. This combined with 35 years of experience make our Firm the perfect choice when you need help.
Business Assessment & Strategic Solutions
Updegrove, Combs & McDaniel has developed a comprehensive checklist to assess your business’s strengths and identify areas in need of improvement such as:
- Improving processes to create efficiencies
- Managing risk
- Establishing internal controls
- Compliance with Federal, State and Local regulations
- HR and employee benefits
The business assessment reviews the five most critical metrics for success: liquidity, profits & profit margin, sales, borrowing and assets.
As part of our engagement, UCM will work with you to provide strategic solutions that will improve your business’s performance.
Comparing your company’s performance to that of other companies in your industry can help you to identify areas of your business in need of attention. You may have wondered why your competition is experiencing healthy growth and increased sales while your company has not. Updegrove, Combs & McDaniel can provide a report using your company’s financial data to compare performance to your industry peers.
This engagement can be done independent of other services provided by UCM, but when done in conjunction with the Business Assessment can provide additional insight to areas in need of improvement.
New Business Consulting
It is important that a business starts off on the right foot. Many business owners begin with a great idea, but don’t have the time or technical knowledge to set up, implement and maintain the practical, legal and regulatory sides of a business- not to mention . New and prospective business owners will benefit from UCM’s business and financial experience.
Updegrove, Combs & McDaniel can help you make start-up decisions including:
- Creating a business plan
- Choosing the right entity type that will be most beneficial from a tax standpoint while limiting your personal liability
- Determining your capital needs and identifying sources of start-up capital
- Selecting and setting up the proper accounting software
Once initial decisions are made UCM can help with implementation and ongoing support including:
- Developing processes and procedures that ensure efficient operation of your business
- Creating a reporting system to monitor and control costs and evaluate the progress of your business
- Preparing the application for your Federal and State Employer ID numbers and advising you of other licensing and permit requirements
- Assessing potential risks and recommending procedures to minimize risk including identifying your business insurance needs
UCM has a broad range of resources within the Firm to help you. Over the years, we have established long-term working relationships with professionals in related areas who can work with us as a team for your business.