2022 Big Changes & Plans for Success:
New Website and Social Media
Emergent Partners is expanding resources available for companies in 2022. This includes a new website, expanded social media capabilities, and emails containing new insights and market information for subscribers. These new resources that will be available for companies everywhere and will build upon Emergent Partner’s tradition of providing key business observations and insights. Sign up for our email notices and newsletters to get updates.
Expanded Service Areas
Two expanded service areas are being added for 2022.
Environmental, Sustainability, and Governance (ESG) Consulting:
Environmental, sustainability, and governance initiatives are becoming a necessary part of business plans for companies of all sizes. Emergent Partners now has the capabilities to help companies meet specific ESG requirements or can create complete ESG programs with the same flexibility and quality we offer with our existing services.
New services include:
• Sustainability Reporting
• ESG Surveys
• Supply Chain Responsibility
• Conflict Minerals
• GHG Reporting
• ESG Strategy; Materiality Assessment, and Peer Benchmarking
Oil & Gas Exploration & Production Accounting:
Emergent Partners is expanding its services for oil and gas companies by offering variety of accounting and reporting services for Exploration & Production companies that can be either partially or completely outsourced. With our group of senior-level oil and gas accounting, reporting, and data professionals, we offer flexible solutions that can be custom-tailored to meet different requirements and budgets. Our capabilities include General Ledger Accounting, Accounts Payable, JIB Processing, Accounts Receivable, and Revenue Processing.
Business Roundtable Series
2021 was another big year for our Business Roundtable Series, with events across the State of Texas. Topics of discussion included working with and motivating employees, change management, company culture, developing business strategies, and making effective business decisions. We also included local community topics that business leaders discussed that included community investment, workforce education, and improving community growth. Key takeaways from participants were new insights into bridging the gap with younger generations of workers, defining and developing company cultures, using market challenges to create and emphasize competitive advantages, and focusing on leadership during challenging times. Look for more details on these and other business insights on our website and social media.
Exit Strategies for Small and Mid-Sized Companies:
Emergent Partners shared insights for a nationwide audience on the leadership, operational, and culture components of a good exit strategy in conjunction with our new strategic partner, Kihbba.
Preparing Your Business for Possible Estate Planning Changes:
Emergent Partners co-hosted and moderated a panel discussion in conjunction with Bluecrest Financial and the Odessa Chamber of Commerce discussing challenges with estate planning, financial planning, company structure, taxes, and other planning considerations for business owners that are planning exit or succession strategies.
Key Insights for 2022:
Labor shortages are going to continue into 2022 making it difficult for companies to keep up with some administrative tasks. Companies can do a number of things to counteract these negative effects. Automating certain tasks using updated systems and tools helps minimize the workload that already stressed resources have to handle. Taking a good look at existing administrative processes and looking for areas to simplify those processes has a similar effect.
Supply chain difficulties and high raw material costs will be slow to improve in the coming year. This means that companies are going to have to find creative short and long-term solutions. In the face of higher raw material costs, can a company find a way to cut direct costs elsewhere to preserve gross margins? Can overhead costs be cut in certain areas to minimize the effect of lower gross margins on overall net profit? Are there lower cost or more readily available substitutions for certain raw materials? Diversifying suppliers can help with availability and lead times as well as cost. Additionally, finding new applications for products can increase sales volume and possibly prices and margins.
The pandemic-driven economic climate has caused many companies to put off implementing new processes and systems to create efficiencies and improve operations. Companies have already begun restarting these initiatives, and this will continue into 2022. There are a few things that these companies need to keep in mind if undertaking one of these projects:
- The complexity of new processes and systems need to match the complexity of the business. Introducing additional complexity is not always the best route when trying to make improvements.
- Carefully choose the right systems or process improvements based on what the business needs not just perceived increases in capabilities.
- Make the investment of time and money up front and do not look to cut corners under the perception of managing costs. When corners and costs are cut, the negative impacts on the business and the costs to fix issues that should have been addressed previously are far more significant.
- Major system implementations or company-wide process improvement projects can be costly and disruptive. Carefully evaluate the potential pros and cons before undertaking one of these projects.
Small and mid-sized companies are resilient. They have and continue to lead the way during the post-pandemic economic recovery, despite the new challenges that continue to arise. The most effective business leaders will accept these challenges and creatively address them, understanding that these challenges represent opportunities that smaller companies are well suited to take advantage of.