Whittlesey's Brenden Healy Advises Businesses to Keep a Close Eye on Financials Amid Inflation
Brenden Healy, Partner Head of Tax Services at Whittlesey, has recently shared his expert insights in an article published by the Hartford Business Journal. Healy addressed the challenges businesses are facing due to inflation and offered practical solutions to manage the financial pressure.
While inflation slowed in May, businesses have been grappling with the economic impacts of rising costs of goods, services, labor, electricity, and transportation for over a year now. Healy has been advising businesses to keep a closer eye on their financials, especially during times of inflationary pressure. He recommends that companies who do monthly or quarterly financial reporting should consider increasing their frequency to respond more quickly to the increasing costs.
"Cash flow planning is crucial, and giving detailed year-out projections based on the economic conditions could be the key to how prepared a company is for inflation," Healy stated. He stressed that businesses should analyze their spending habits, increase efficiency, and focus on products or services that offer the highest return on investment.
Healy also highlighted the potential of automation as a means to combat higher labor costs, particularly in the context of a tight labor market. Healy suggested, "There are times when you can automate things and use technology or even AI to take care of simpler tasks in your business. An initial investment might be necessary, but the long-term payback is often well worth it."
The article goes in-depth about how businesses, especially in the hospitality sector, are dealing with these pressures and how they can maintain customer satisfaction while dealing with increased costs.
For more information and to gain insights from Brenden Healy and other industry experts, visit the Hartford Business Journal article.
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