Biz_ATE_FullRun_5_2021_Final.qxp_Layout 1 5 / 19 / 21 9 : 35 AM Page 1 ADVERTISING SECTION SPECIAL ask ask ask the expert the expert the expert Tracy Murray Moore , Paul Visokey , Nick DellaRova , Executive Coach , President & COO and HR Executive , Founder Senior 3 Reasons to Start Planning Your Business Corporate Trainer Consultant Transition Years in Advance The pandemic has undeniably changed the Why do you place such a high value on An effective transition planning process will way we do business . As an executive coach Business Modeling ? require you to create your written plan and chief human resources officer , my passion I have many reasons , but I’ll just pick the top showing where you are today and how you can is coaching leaders seeking guidance to navi - two . First , it helps you create a proactive achieve the life you want tomorrow . A busi - gate the rapidly evolving environment im - forecast . No matter what industry , if you are ness valuation will help you gauge your finan - pacting organizational culture . tuned in to inventory costs , materials costs , cial readiness . It is important to have enough and labor costs , and if you have a firm under - time to plan for your future and the future of What’s keeping business leaders up at standing of fixed expenses , then you stop your business and take the necessary steps to night ? waiting until the end of the year to see if you increase the business value . While the concerns of leaders vary , there are made a profit . Instead , you are laying out c exactly onsistent themes that arise in our coaching how and why you are profitable , and 1 . You need time to determine the best conversations , including the ongoing challenge setting up systems to measure actual results business transfer option for you . of remote work , employee engagement , main - against expectation — not against “ what we The real question is not whether you will leave taining organizational culture , return to the did last year . ” Second , it helps you create your business one day ; it is how you will leave . office and DEI . accountability structures throughout your company . Your employees need to know 2 . You need to make sure you’re prepared What resource is needed to navigate specifically how their efforts are contributing from a business and personal perspective . o to the profit of the company . rganizational challenges ? There are many drivers of business value An HR partner that operates in the role of beyond profits ; strong management , market How is a Forecast different from a Budget ? culture champion , change agent and business share , reputation , quality products and serv - The concepts are related , but not the same . advocate , focused on driving organizational ices , and quality of predictable earnings are The forecast model forces you to look at unit excellence and success . just a few of the things that buyers will review costs , pricing , margins , and cash flow . A when they consider whether to buy your busi - budget is a schedule of what you are allowed How can I help ? ness and how much they are willing to pay . to spend . You can develop budgets off the HR plays a pivotal role in setting an organiza - forecast , but the forecast comes first . tion’s cultural tone both internally and exter - 3 . You need time to build and execute your nally . As your partner , together we will develop Exit Plan . HR initiatives focused on attracting , engaging Developing a plan takes only few months , but and growing your business ’ talent . In addition , execution can take three to five years or more , I’m excited to launch a new virtual HR resource , depending on the circumstances . Let us help “ Ask Tracy , ” to confidentially answer your you get started today . questions . Let’s connect , I welcome the op - portunity to partner with you ! Tracy Murray Stony Hill Advisors CLM Advisors Five Neshaminy Interplex , Ste 205 344 Egg Harbor Road Moore Consultancy Trevose , PA Sewell , NJ 610 - 203 - 8333 267 - 535 - 2551 856 - 589 - 3100 linkedin.com / in / tracymurraymoore StonyHillAdvisors.com CLMAdvisors.net 38 | SOUTH JERSEY BIZ | VOLUME 11 ISSUE 5 | SouthJerseyBiz.net