Industry-focused Performance and Accounting Firm to Assist Furniture Businesses to Prepare For Recovery After COVID-19

Furniture World News Desk on 4/10/2020

Pictured L to R: Wayne and David McMahon.

David and Wayne McMahon’s firm PerformNOW Inc. is adding business relaunch and accounting services to assist during and after the COVID-19 crisis. They are also making it easier for clients to afford and use the services while businesses are experiencing unprecedented revenue declines. They are deferring fees for those that need it and have subscription offerings to help businesses get back to profitability in the quickest fashion while preserving cash.

PerformNOW is providing assistance with restart financial and operational planning. This is important, according to David McMahon, who states that, “This business situation is dynamic and tragic, however, what I do know is that, the economy will open up again. And when businesses do reopen, a phase-in strategy will be important for them to get back to decent profitability, immediately, most likely at lower sales volumes and with altered customer buying patterns. It is our goal, to help as many people as we can handle, to get their businesses back to profitability, as soon as possible.”

Additionally, for those that want industry specific, licensed tax services remotely, PerformNOW can help there as well. McMahon states, “We have worked with taxation specialist, Jared Montoya, CPA, EA with select clients and feel that now is the time to open that relationship up to the industry at large. This is a benefit to the furniture industry because people are given industry specific methods and advice to improve business while taking advantage of applicable tax strategies for their situation”. Jared Montoya states, “This is a double-win for the furniture industry in that businesses can get strategies that help them decrease their tax liability while maximizing their sales, profits and cash flow.”

McMahon continues, “We see that people in this industry benefit from financial specialists who understand their situation. Through the various performance groups that Wayne and I run, we see the challenges of many businesses and ways to overcome them. We love to help identify and take advantage of opportunities. Overall, I have noticed a knowledge gap in many general accounting firms as to the level of advice given to furniture operations. Thus, to bridge this gap, we are providing a robust selection of financial advisory options for the industry.”

McMahon sees opportunity for businesses in this period. He states, “Believe it or not, now is the time to get ahead. Some businesses will come out of this better than others due to the manner in which they relaunch their operation. Now is the time for people to make changes that they could not have easily done before. Now is the time to create a leaner, more effective, business model.”

Here is a summary of how David McMahon suggests that businesses approach their relaunch:

1. Review the financial situation prior to the crisis and identify opportunities.
2. Review the organizational structure prior and identify opportunities.
3. Create a restart model around capturing those opportunities.
4. Build a phase-in period financial forecast that allows for profitability at lower sales volumes.
5. Redefine and execute improvements in roles, responsibilities, compensation plans, pricing models, vendor partnerships, selling and operational systems, where necessary.
6. Consider government funding regulations and implications.
7. Conduct tax reviews and planning in advance to take advantage of all the benefits (i.e. credits and reduction strategies) that may be available.
8. Continue to scale the business up as the economic and biological environments improve.

If you are interested in scheduling a complementary discussion about your business or any of these assistance options, you can connect with David McMahon at david@performnow.net