Matthew LaWell

Tuesday, 26 January 2010 19:00

Preventing the exodus

Week after uncomfortable week, Donald Trump leaned across the edge of his famous boardroom table, his hands locked together, his lips curled in a sneer, and stared some poor sucker right out the door. During eight seasons of his reality television show, “The Apprentice,” Trump has mastered the ability to pound out the two words that no employee, not even a contestant eager for fame and fortune, wants to hear.

You’re fired.

As has been the case so many times during the last couple of decades, Trump proved to be far ahead of the curve. He mastered the fine art of the fire long prior to the start of our current recession, long prior to millions of workers hearing the same words, more or less, as that unfortunate contestant on the other side of the table. But perhaps Trump — and you — will not need to utter those words as often this year as you did last year.

The national unemployment rate dropped to 10 percent in November 2009 from 10.2 percent in October, according to the Bureau of Labor Statistics. That figure, however slight, represents enough of a drop to provide some glimmer of hope to human resources and human capital experts across the nation and some hope that the start of a long recovery will soon be under way.

“This is providing an opportunity to step back, re-evaluate and reset the human capital agenda,” says Jan Rose, market business leader for human capital, Mercer LLC. “Everything is up for examination. Many of our clients are reviewing the effectiveness of all their human resources programs and assessing whether the programs are having the effect they want it to have for their investment.”

All of which means that, after a long and frustrating year filled with layoffs, wage freezes, the elimination of bonuses and perks, and the addition of more assignments for employees already under stress, the economy — and the human resources industry — might start to take a turn for the better at some point this year. Challenges do remain, of course, but there is hope.

Whenever the figures and charts tick upward, the time to move will be as soon as possible. Will you be prepared?

Focus on your top employees

The challenges throughout the last year focused on how to maintain the revenue, trim the budget and retain as many employees as possible. Almost every business of every size lost something and, more important, somebody — as evidenced by that aforementioned unemployment rate, which has increased during almost every month since April 2008.

You might still need to trim your budget, but you will also need to focus on identifying and retaining your high-performance and high-potential employees. So often, those employees might think the grass is greener on the other side of the proverbial fence. But what about when the grass is brown? What about when there is no grass? Heck, forget the grass, what about when there is no fence? They remain where they are for as long as necessary, as they are doing now because there are so few available positions in the marketplace.

Then they leave.

That is, at least, the consensus among dozens of human resources and human capital experts.

“When the economy turns around, and we all believe it will, and jobs become more available, employers will have to ask themselves what they have done to ensure that the people who are important to their success are going to stay with them, that they are engaged, that they are motivated and that they are committed to the organization,” says Thomas Grass, senior consultant, Towers Watson. “Because what they don’t want is to be in a position where they have their employees right now, but as soon as things turn around, those employees say, ‘Good, I made it through that. Now let me go and find a good job.’”

The process of retaining those high-performance and high-potential employees has already started, with your top workers likely influenced by how you handled the fallout from the shock of the recession. If you handled layoffs with dignity, communicating why decisions were made and what they meant for the future, that helped — so did any revenue investment in those top workers, from compensation and bonuses to training programs and seminars. And if you talked with those top workers and relayed to them where they fit in the vision for your business, that would have been about the best thing you could have done.

“One thing we’re beginning to understand that is really important, perhaps the most important thing, is to have employees feel connected to their sense of purpose in the organization,” says Bruce Barge, market leader and principal, Buck Consultants, LLC. “There’s more and more research showing that’s the most important motivator. Not that compensation and other more traditional motivators aren’t important, but what really matters, especially for your highest-performing employees, is that sense of purpose. They want to feel like what they do makes a difference.”

Develop and share your plan

In addition to identifying and targeting your high-performance and high-potential employees to prepare for a future of healthy economics, you should develop a plan to address possible human resources challenges and plot the path you want your business to follow during the next couple of years.

“One thing that will hinder your growth is a lack of a plan,” Grass says. “Planning is really important.”

Chief among your objectives for that plan should be the development of a balance between continued cost reduction and simultaneously positioning for growth. During the last year, many companies have aimed to manage and contain all costs related to human resources and human capital because they have been trying to do little more than survive. Survival is important, but it is also important to not damage the viability of your business in the big picture, well beyond these few years and even beyond this new decade.

Once you develop your plan, share it with your employees, especially your key employees. That advice might sound obvious, but experts say that too many business owners fail to relay information to their managers and their employees. And even in a good environment, employees who only hear about meetings behind closed doors and have no idea what is happening — and what is about to happen — will often speculate incorrectly, either causing additional stress or inadvertently spreading incorrect information. In short, you can still have those meetings behind closed doors, just be sure to share what is said on the other side of the oak.

“A lack of communication could really hinder any type of growth or improvement,” says Mistee Torres, director of human capital consulting for Southern California, TriNet Group Inc. “If people are uncertain, it can hinder your business, too.”

Communication is a key to developing a successful human resources department, either internally or by bringing in an outside firm. You want your employees aware of what is happening in your business, and you want them to be engaged.

“I want someone who knows where we’re going as an organization and who knows how they’re helping us get there,” Grass says. “That’s engagement.”

Tuesday, 26 January 2010 19:00

Preventing the exodus

Week after uncomfortable week, Donald Trump leaned across the edge of his famous boardroom table, his hands locked together, his lips curled in a sneer, and stared some poor sucker right out the door. During eight seasons of his reality television show, “The Apprentice,” Trump has mastered the ability to pound out the two words that no employee, not even a contestant eager for fame and fortune, wants to hear.

You’re fired.

As has been the case so many times during the last couple of decades, Trump proved to be far ahead of the curve. He mastered the fine art of the fire long prior to the start of our current recession, long prior to millions of workers hearing the same words, more or less, as that unfortunate contestant on the other side of the table. But perhaps Trump — and you — will not need to utter those words as often this year as you did last year.

The national unemployment rate dropped to 10 percent in November 2009 from 10.2 percent in October, according to the Bureau of Labor Statistics. That figure, however slight, represents enough of a drop to provide some glimmer of hope to human resources and human capital experts across the nation and some hope that the start of a long recovery will soon be under way.

“This is providing an opportunity to step back, re-evaluate and reset the human capital agenda,” says Jan Rose, market business leader for human capital, Mercer LLC. “Everything is up for examination. Many of our clients are reviewing the effectiveness of all their human resources programs and assessing whether the programs are having the effect they want it to have for their investment.”

All of which means that, after a long and frustrating year filled with layoffs, wage freezes, the elimination of bonuses and perks, and the addition of more assignments for employees already under stress, the economy — and the human resources industry — might start to take a turn for the better at some point this year. Challenges do remain, of course, but there is hope.

Whenever the figures and charts tick upward, the time to move will be as soon as possible. Will you be prepared?

Focus on your top employees

The challenges throughout the last year focused on how to maintain the revenue, trim the budget and retain as many employees as possible. Almost every business of every size lost something and, more important, somebody — as evidenced by that aforementioned unemployment rate, which has increased during almost every month since April 2008.

You might still need to trim your budget, but you will also need to focus on identifying and retaining your high-performance and high-potential employees. So often, those employees might think the grass is greener on the other side of the proverbial fence. But what about when the grass is brown? What about when there is no grass? Heck, forget the grass, what about when there is no fence? They remain where they are for as long as necessary, as they are doing now because there are so few available positions in the marketplace.

Then they leave.

That is, at least, the consensus among dozens of human resources and human capital experts.

“When the economy turns around, and we all believe it will, and jobs become more available, employers will have to ask themselves what they have done to ensure that the people who are important to their success are going to stay with them, that they are engaged, that they are motivated and that they are committed to the organization,” says Thomas Grass, senior consultant, Towers Watson. “Because what they don’t want is to be in a position where they have their employees right now, but as soon as things turn around, those employees say, ‘Good, I made it through that. Now let me go and find a good job.’”

The process of retaining those high-performance and high-potential employees has already started, with your top workers likely influenced by how you handled the fallout from the shock of the recession. If you handled layoffs with dignity, communicating why decisions were made and what they meant for the future, that helped — so did any revenue investment in those top workers, from compensation and bonuses to training programs and seminars. And if you talked with those top workers and relayed to them where they fit in the vision for your business, that would have been about the best thing you could have done.

“One thing we’re beginning to understand that is really important, perhaps the most important thing, is to have employees feel connected to their sense of purpose in the organization,” says Bruce Barge, market leader and principal, Buck Consultants LLC. “There’s more and more research showing that’s the most important motivator. Not that compensation and other more traditional motivators aren’t important, but what really matters, especially for your highest-performing employees, is that sense of purpose. They want to feel like what they do makes a difference.”

Develop and share your plan

In addition to identifying and targeting your high-performance and high-potential employees to prepare for a future of healthy economics, you should develop a plan to address possible human resources challenges and plot the path you want your business to follow during the next couple of years.

“One thing that will hinder your growth is a lack of a plan,” Grass says. “Planning is really important.”

Chief among your objectives for that plan should be the development of a balance between continued cost reduction and simultaneously positioning for growth. During the last year, many companies have aimed to manage and contain all costs related to human resources and human capital because they have been trying to do little more than survive. Survival is important, but it is also important to not damage the viability of your business in the big picture, well beyond these few years and even beyond this new decade.

Once you develop your plan, share it with your employees, especially your key employees. That advice might sound obvious, but experts say that too many business owners fail to relay information to their managers and their employees. And even in a good environment, employees who only hear about meetings behind closed doors and have no idea what is happening — and what is about to happen — will often speculate incorrectly, either causing additional stress or inadvertently spreading incorrect information. In short, you can still have those meetings behind closed doors, just be sure to share what is said on the other side of the oak.

“A lack of communication could really hinder any type of growth or improvement,” says Mistee Torres, director of human capital consulting for Southern California, TriNet Group Inc. “If people are uncertain, it can hinder your business, too.”

Communication is a key to developing a successful human resources department, either internally or by bringing in an outside firm. You want your employees aware of what is happening in your business, and you want them to be engaged.

“I want someone who knows where we’re going as an organization and who knows how they’re helping us get there,” Grass says. “That’s engagement.”

Tuesday, 26 January 2010 19:00

Preventing the exodus

Week after uncomfortable week, Donald Trump leaned across the edge of his famous boardroom table, his hands locked together, his lips curled in a sneer, and stared some poor sucker right out the door. During eight seasons of his reality television show, “The Apprentice,” Trump has mastered the ability to pound out the two words that no employee, not even a contestant eager for fame and fortune, wants to hear.

You’re fired.

As has been the case so many times during the last couple of decades, Trump proved to be far ahead of the curve. He mastered the fine art of the fire long prior to the start of our current recession, long prior to millions of workers hearing the same words, more or less, as that unfortunate contestant on the other side of the table. But perhaps Trump — and you — will not need to utter those words as often this year as you did last year.

The national unemployment rate dropped to 10 percent in November 2009 from 10.2 percent in October, according to the Bureau of Labor Statistics. That figure, however slight, represents enough of a drop to provide some glimmer of hope to human resources and human capital experts across the nation and some hope that the start of a long recovery will soon be under way.

“This is providing an opportunity to step back, re-evaluate and reset the human capital agenda,” says Jan Rose, market business leader for human capital, Mercer LLC. “Everything is up for examination. Many of our clients are reviewing the effectiveness of all their human resources programs and assessing whether the programs are having the effect they want it to have for their investment.”

All of which means that, after a long and frustrating year filled with layoffs, wage freezes, the elimination of bonuses and perks, and the addition of more assignments for employees already under stress, the economy — and the human resources industry — might start to take a turn for the better at some point this year. Challenges do remain, of course, but there is hope.

Whenever the figures and charts tick upward, the time to move will be as soon as possible. Will you be prepared?

Focus on your top employees

The challenges throughout the last year focused on how to maintain the revenue, trim the budget and retain as many employees as possible. Almost every business of every size lost something and, more important, somebody — as evidenced by that aforementioned unemployment rate, which has increased during almost every month since April 2008.

You might still need to trim your budget, but you will also need to focus on identifying and retaining your high-performance and high-potential employees. So often, those employees might think the grass is greener on the other side of the proverbial fence. But what about when the grass is brown? What about when there is no grass? Heck, forget the grass, what about when there is no fence? They remain where they are for as long as necessary, as they are doing now because there are so few available positions in the marketplace.

Then they leave.

That is, at least, the consensus among dozens of human resources and human capital experts.

“Everybody recognizes that you need to be careful about expenses in this kind of economy,” says Bruce Barge, market leader and principal, Buck Consultants LLC. “But don’t cut your spending on innovation, don’t cut your spending on the kinds of training that allow people to develop the sort of skills that grow the company, don’t hire people who are just average because that’s about all you think you can afford. People pay attention to that and to the message from leadership.”

The process of retaining those high-performance and high-potential employees has already started, with your top workers likely influenced by how you handled the fallout from the shock of the recession. If you handled layoffs with dignity, communicating why decisions were made and what they meant for the future, that helped — so did any revenue investment in those top workers, from compensation and bonuses to training programs and seminars. And if you talked with those top workers and relayed to them where they fit in the vision for your business, that would have been about the best thing you could have done.

“One thing we’re beginning to understand that is really important, perhaps the most important thing, is to have employees feel connected to their sense of purpose in the organization,” Barge says. “There’s more and more research showing that’s the most important motivator. Not that compensation and other more traditional motivators aren’t important, but what really matters, especially for your highest-performing employees, is that sense of purpose. They want to feel like what they do makes a difference.”

Develop and share your plan

In addition to identifying and targeting your high-performance and high-potential employees to prepare for a future of healthy economics, you should develop a plan to address possible human resources challenges and plot the path you want your business to follow during the next couple of years.

Chief among your objectives for that plan should be the development of a balance between continued cost reduction and simultaneously positioning for growth. During the last year, many companies have aimed to manage and contain all costs related to human resources and human capital because they have been trying to do little more than survive. Survival is important, but it is also important to not damage the viability of your business in the big picture, well beyond these few years and even beyond this new decade.

Once you develop your plan, share it with your employees, especially your key employees. That advice might sound obvious, but experts say that too many business owners fail to relay information to their managers and their employees. And even in a good environment, employees who only hear about meetings behind closed doors and have no idea what is happening — and what is about to happen — will often speculate incorrectly, either causing additional stress or inadvertently spreading incorrect information. In short, you can still have those meetings behind closed doors, just be sure to share what is said on the other side of the oak.

“Communication is big, particularly from the senior executives,” says Josh Sorkin, senior vice president of enterprise services, Hudson. “It’s about what they’re doing to invest in not only the people but in the business overall, in making the employee base feel the company is investing in the longer term.”

Communication is a key to developing a successful human resources department, either internally or by bringing in an outside firm. You want your employees aware of what is happening in your business, and you want them to be engaged.

“With all of the changes going on in the economy and all of the uncertainty, it’s important to remain engaged with your employee base, to have them stay focused on the business at hand and not be distracted by news in the marketplace or internal chatter within their own companies,” Sorkin says. “It’s important for them to be focused on the tasks at hand and make sure you keep your business profitable and looking forward.”

Tuesday, 26 January 2010 19:00

Preventing the exodus

Week after uncomfortable week, Donald Trump leaned across the edge of his famous boardroom table, his hands locked together, his lips curled in a sneer, and stared some poor sucker right out the door. During eight seasons of his reality television show, “The Apprentice,” Trump has mastered the ability to pound out the two words that no employee, not even a contestant eager for fame and fortune, wants to hear.

You’re fired.

As has been the case so many times during the last couple of decades, Trump proved to be far ahead of the curve. He mastered the fine art of the fire long prior to the start of our current recession, long prior to millions of workers hearing the same words, more or less, as that unfortunate contestant on the other side of the table. But perhaps Trump — and you — will not need to utter those words as often this year as you did last year.

The national unemployment rate dropped to 10 percent in November 2009 from 10.2 percent in October, according to the Bureau of Labor Statistics. That figure, however slight, represents enough of a drop to provide some glimmer of hope to human resources and human capital experts across the nation and some hope that the start of a long recovery will soon be under way.

“This is providing an opportunity to step back, re-evaluate and reset the human capital agenda,” says Jan Rose, market business leader for human capital, Mercer LLC. “Everything is up for examination. Many of our clients are reviewing the effectiveness of all their human resources programs and assessing whether the programs are having the effect they want it to have for their investment.”

All of which means that, after a long and frustrating year filled with layoffs, wage freezes, the elimination of bonuses and perks, and the addition of more assignments for employees already under stress, the economy — and the human resources industry — might start to take a turn for the better at some point this year. Challenges do remain, of course, but there is hope.

Whenever the figures and charts tick upward, the time to move will be as soon as possible. Will you be prepared?

Focus on your top employees

The challenges throughout the last year focused on how to maintain the revenue, trim the budget and retain as many employees as possible. Almost every business of every size lost something and, more important, somebody — as evidenced by that aforementioned unemployment rate, which has increased during almost every month since April 2008.

You might still need to trim your budget, but you will also need to focus on identifying and retaining your high-performance and high-potential employees. So often, those employees might think the grass is greener on the other side of the proverbial fence. But what about when the grass is brown? What about when there is no grass? Heck, forget the grass, what about when there is no fence? They remain where they are for as long as necessary, as they are doing now because there are so few available positions in the marketplace.

Then they leave.

That is, at least, the consensus among dozens of human resources and human capital experts.

“When the economy turns around, and we all believe it will, and jobs become more available, employers will have to ask themselves what they have done to ensure that the people who are important to their success are going to stay with them, that they are engaged, that they are motivated and that they are committed to the organization,” says Thomas Grass, senior consultant, Towers Watson. “Because what they don’t want is to be in a position where they have their employees right now, but as soon as things turn around, those employees say, ‘Good, I made it through that. Now let me go and find a good job.’”

The process of retaining those high-performance and high-potential employees has already started, with your top workers likely influenced by how you handled the fallout from the shock of the recession. If you handled layoffs with dignity, communicating why decisions were made and what they meant for the future, that helped — so did any revenue investment in those top workers, from compensation and bonuses to training programs and seminars. And if you talked with those top workers and relayed to them where they fit in the vision for your business, that would have been about the best thing you could have done.

“Communication is really a key to getting employee commitment and engagement,” Grass says. The businesses that achieve the most internal success with employees are those who “really work hard with communicating with employees, that talk with employees about where we’re headed, why we’re headed there, what decisions we’re making, how we’re going about getting over these hurdles, what’s our long-term view, on and on and on. What employers can be doing is working real hard with employees in terms of what they’re doing, what they’re trying to accomplish.”

Develop and share your plan

In addition to identifying and targeting your high-performance and high-potential employees to prepare for a future of healthy economics, you should develop a plan to address possible human resources challenges and plot the path you want your business to follow during the next couple of years.

“With all of the downsizing, when the economy ramps up again, will businesses be in a position to step up, to be ready and to be proactive when they need to be?” Rose says. “The firms we’re working with that are doing this well are trying to get ahead of their competitors, thinking about innovative ways to manage that pipeline, so that they don’t lose their staff and are ready to ramp up when they need to be.”

Chief among your objectives for that plan should be the development of a balance between continued cost reduction and simultaneously positioning for growth. During the last year, many companies have aimed to manage and contain all costs related to human resources and human capital because they have been trying to do little more than survive. Survival is important, but it is also important to not damage the viability of your business in the big picture, well beyond these few years and even beyond this new decade.

Once you develop your plan, share it with your employees, especially your key employees. That advice might sound obvious, but experts say that too many business owners fail to relay information to their managers and their employees. And even in a good environment, employees who only hear about meetings behind closed doors and have no idea what is happening — and what is about to happen — will often speculate incorrectly, either causing additional stress or inadvertently spreading incorrect information. In short, you can still have those meetings behind closed doors, just be sure to share what is said on the other side of the oak.

Communication is a key to developing a successful human resources department, either internally or by bringing in an outside firm. You want your employees aware of what is happening in your business, and you want them to be engaged.

“I want someone who knows where we’re going as an organization and who knows how they’re helping us get there,” Grass says. “That’s engagement.”

Tuesday, 26 January 2010 19:00

Preventing the exodus

Week after uncomfortable week, Donald Trump leaned across the edge of his famous boardroom table, his hands locked together, his lips curled in a sneer, and stared some poor sucker right out the door. During eight seasons of his reality television show, “The Apprentice,” Trump has mastered the ability to pound out the two words that no employee, not even a contestant eager for fame and fortune, wants to hear.

You’re fired.

As has been the case so many times during the last couple of decades, Trump proved to be far ahead of the curve. He mastered the fine art of the fire long prior to the start of our current recession, long prior to millions of workers hearing the same words, more or less, as that unfortunate contestant on the other side of the table. But perhaps Trump — and you — will not need to utter those words as often this year as you did last year.

The national unemployment rate dropped to 10 percent in November 2009 from 10.2 percent in October, according to the Bureau of Labor Statistics. That figure, however slight, represents enough of a drop to provide some glimmer of hope to human resources and human capital experts across the nation and some hope that the start of a long recovery will soon be under way.

“A sharp employer can use the current economic system to get their employees even more engaged in the business. The whole issue of human resources is really built on common sense and good human interaction,” says Gordon St. John, managing director, East Region, United States, Buck Consultants LLC. “Employers can be talking to their employees about what the challenges are and looking to their employees to help find more solutions.”

All of which means that, after a long and frustrating year filled with layoffs, wage freezes, the elimination of bonuses and perks, and the addition of more assignments for employees already under stress, the economy — and the human resources industry — might start to take a turn for the better at some point this year. Challenges do remain, of course, but there is hope.

Whenever the figures and charts tick upward, the time to move will be as soon as possible. Will you be prepared?

Focus on your top employees

The challenges throughout the last year focused on how to maintain the revenue, trim the budget and retain as many employees as possible. Almost every business of every size lost something and, more important, somebody — as evidenced by that aforementioned unemployment rate, which has increased during almost every month since April 2008.

You might still need to trim your budget, but you will also need to focus on identifying and retaining your high-performance and high-potential employees. So often, those employees might think the grass is greener on the other side of the proverbial fence. But what about when the grass is brown? What about when there is no grass? Heck, forget the grass, what about when there is no fence? They remain where they are for as long as necessary, as they are doing now because there are so few available positions in the marketplace.

Then they leave.

That is, at least, the consensus among dozens of human resources and human capital experts.

“Employers are doing whatever they need to do,” St. John says. “But they need to take care, because employees have long memories, and the manner in which employers get through these difficult times will not be lost on their employees. There’s not a lot of job-hopping going on these days, but when things get better, which they ultimately will, employers will have had to have done a good job of communicating openly and treating their employees as well as they could have.”

The process of retaining your employees has already started, with your top workers likely influenced by how you handled the fallout from the shock of the recession. If you handled layoffs with dignity, communicating why decisions were made and what they meant for the future, that helped. So did any revenue investment in those top workers, from compensation and bonuses to training programs and seminars. And if you talked with those top workers and relayed to them where they fit in the vision for your business, that would have been about the best thing you could have done.

“Employees talk, so when it gets around to human-resources-type programs, over coffee or at a holiday party or wherever, people talk about what their organizations are doing, whether or not health care is provided, how much you have to pay for health care,” St. John says. “If an employee has a negative perception of those things and becomes aware that there are those perceptions, they may not be able to act on it immediately, but they will keep that in mind and look for other opportunities.”

Develop and share your plan

In addition to identifying and targeting your high-performance and high-potential employees to prepare for a future of healthy economics, you should develop a plan to address possible human resources challenges and plot the path you want your business to follow during the next couple of years.

Chief among your objectives for that plan should be the development of a balance between continued cost reduction and simultaneously positioning for growth. During the last year, many companies have aimed to manage and contain all costs related to human resources and human capital because they have been trying to do little more than survive. Survival is important, but it is also important to not damage the viability of your business in the big picture, well beyond these few years and even beyond this new decade.

Once you develop your plan, share it with your employees, especially your key employees. That advice might sound obvious, but experts say that too many business owners fail to relay information to their managers and their employees. And even in a good environment, employees who only hear about meetings behind closed doors and have no idea what is happening — and what is about to happen — will often speculate incorrectly, either causing additional stress or inadvertently spreading incorrect information. In short, you can still have those meetings behind closed doors, just be sure to share what is said on the other side of the oak.

“Communication is big, particularly from the senior executives,” says Josh Sorkin, senior vice president of enterprise services, Hudson. “It’s about what they’re doing to invest in not only the people but in the business overall, in making the employee base feel the company is investing in the longer term.”

Communication is a key to developing a successful human resources department, either internally or by bringing in an outside firm. You want your employees aware of what is happening in your business, and you want them to be engaged.

“With all of the changes going on in the economy and all of the uncertainty, it’s important to remain engaged with your employee base, to have them stay focused on the business at hand and not be distracted by news in the marketplace or internal chatter within their own companies,” Sorkin says. “It’s important for them to be focused on the tasks at hand and make sure you keep your business profitable and looking forward.”

Saturday, 26 December 2009 19:00

The next big ring

Shortly after the opening credits of the film “Tomorrow Never Dies,” James Bond received a cell phone from the Q Branch of the British Secret Service. The phone was able to transmit incoming and outgoing calls, of course, but it was also able to scan, analyze and transmit fingerprints, and pick locks with a stylized antenna. And it could also fire away as a stun gun.

Not bad for 1997.

A little less than thirteen years later, there is nothing that lethal anywhere in the world of telecommunications. There are, however, plenty of developments, especially regarding Voice over Internet Protocol, or VoIP, that might make you feel a little bit like 007. And cut a chunk of money from your monthly expenses.

Developed in earnest during the first Internet boom of the early 1990s, VoIP utilizes the Internet to make inexpensive, if not free, phone calls to just about any number around the world. All you need is a computer, broadband Internet access and a voice on the other end of the digital line. For years, media and industry experts trumpeted VoIP as the next big thing, but the Internet capabilities lagged behind the technology, leading to garbled conversations and snowfalls of static.

With the rise of faster and more efficient Internet access during much of the last decade, VoIP increased in scope and performance. Dartmouth University installed a network across its campus in 2003. Oprah stumped for a popular VoIP service last year. Even the government is starting to take advantage of the new technology, with the Social Security Administration in the process of converting to a VoIP network at its more than 1,500 field offices.

All of that combined means that VoIP is not the next big thing. It is the now big thing.

“The entire industry has gone beyond the experimentation phase,” says Tom LoFrisco, executive director of business product management, AT&T. “Carriers, manufacturers, everyone is headed in the direction where they will be able to supply Voice over IP.

“It’s decided. It’s a business standard.”

Make technology work for you

What makes VoIP so special is what it is able to do for you, for your business, for telecommunications as you know it.

There are the audio and video calls, which are available for either nothing or next to nothing on a number of popular Web sites. But if you choose to rely on those sites and the public Internet to run your business, industry experts say that you will leave yourself susceptible to many of the problems common to insecure data networks, including hackers, spyware, malware and any number of viruses.

A better option might be to install a VoIP network through a larger carrier to ensure that your voice and data will be secure. The cost to install a new network is high — normally between $20,000 and $30,000 for businesses with 50 or so lines, though quotes and actual costs vary case by case — but the savings can add up thanks to the 20 to 30 percent that most industry experts say you can save on your monthly bill. And besides, you will have plenty more tools, the kinds once thought limited to secret agents, to enhance how you do business.

“There are just a slew of new features that existing networks don’t have,” LoFrisco says. “There’s ‘Find Me Follow Me,’ where calls can ring your different assigned handsets simultaneously. There’s integration with other voice applications. And the key is that most of those features can be provisioned and managed at the user level.”

Many of the features provided by larger carriers have been available for more than a decade but at a far higher price. As recently as a couple of years ago, only Fortune 500 companies and the like were able to afford IP features, including unified messaging, where your voice mails are converted to text and arrive seamlessly with your e-mails, and secure access to the company network for employees working anywhere in the world.

“I have an application that runs on my computer that, wherever I am in the world, as long as I have broadband Internet, everybody else in the corporation can see where I am — if I’m working remotely in Washington, D.C., if I’m in a meeting in Albany or Dallas — and then I’m available to communicate in multiple ways with my colleagues,” says Stephen Brown, vice president of U.S. Systems Engineering, Mitel. “They can instant message me across the network, they can click to call me, which will route the call to the soft phone on my computer or a desk phone where I’ve logged in.

“It really reduces a lot of the complexities from a communications perspective.”

Your employees can even work from home with the same equipment, technology and access available to them at the office. Just hand them a VoIP phone, tell them to take it home and plug it in, and they will be able to work and sound as if they are at their desk. This feature is ideal for call centers and companies that offer 24-hour service because it opens the door to hire remote workers across the nation and around the world. It will also benefit employers who might want to decrease the size of their office and the amount of their rent but maintain the size of their work force or smaller companies that want to appear bigger to customers.

Think about the future

Though VoIP networks might initially seem like some sort of futuristic technology that will be difficult to install and more difficult to understand, it will likely be an easier transition than rotary to touch-tone or analog to digital. You might not even need to install new phones or schedule much time, if any, to train employees how to maximize use of the new features.

“It’s a matter of just working in concert as the installation is happening, transferring knowledge over on how those systems work, how the quality of service is deployed,” Brown says. “It really depends on the customer, they can take on as much or as little of that training as they want.”

If you can figure out how to use your remote control to flip channels, record your favorite shows and insert a DVD with the push of three buttons, you will probably be able to figure out a few additional features on your phone, especially if they help you run your business more efficiently.

Of course, a VoIP network might not be necessary for all businesses. If you have only one office and a handful of employees who never work in the field, if you receive far more calls than you send or if you want to install the newest technology just to say that you have it, you probably have little need for VoIP. But if you have offices in multiple cities, even multiple states, to tie together with one network or if you have any employees out in the field, a VoIP network might be a sound investment.

“The technology, while still new in terms of telecommunications, is standard spaced and all providers are going there,” LoFrisco says. “It does have a lot of cost-savings benefits. There shouldn’t be much to make a customer hesitate to adopt VoIP.”

Saturday, 26 December 2009 19:00

The next big ring

Shortly after the opening credits of the film “Tomorrow Never Dies,” James Bond received a cell phone from the Q Branch of the British Secret Service. The phone was able to transmit incoming and outgoing calls, of course, but it was also able to scan, analyze and transmit fingerprints, and pick locks with a stylized antenna. And it could also fire away as a stun gun.

Not bad for 1997.

A little less than 13 years later, there is nothing that lethal anywhere in the world of telecommunications. There are, however, plenty of developments, especially regarding Voice over Internet Protocol, or VoIP, that might make you feel a little bit like 007. And cut a chunk of money from your monthly expenses.

Developed in earnest during the first Internet boom of the early 1990s, VoIP utilizes the Internet to make inexpensive, if not free, phone calls to just about any number around the world. All you need is a computer, broadband Internet access and a voice on the other end of the digital line. For years, media and industry experts trumpeted VoIP as the next big thing, but the Internet capabilities lagged behind the technology, leading to garbled conversations and snowfalls of static.

With the rise of faster and more efficient Internet access during much of the last decade, VoIP increased in scope and performance. Dartmouth University installed a network across its campus in 2003. Oprah stumped for a popular VoIP service last year. Even the government is starting to take advantage of the new technology, with the Social Security Administration in the process of converting to a VoIP network at its more than 1,500 field offices.

All of that combined means that VoIP is not the next big thing. It is the now big thing.

“The entire industry has gone beyond the experimentation phase,” says Tom LoFrisco, executive director of business product management, AT&T. “Carriers, manufacturers, everyone is headed in the direction where they will be able to supply Voice over IP.

“It’s decided. It’s a business standard.”

Make technology work for you

What makes VoIP so special is what it is able to do for you, for your business, for telecommunications as you know it.

There are the audio and video calls, which are available for either nothing or next to nothing on a number of popular Web sites. But if you choose to rely on those sites and the public Internet to run your business, industry experts say that you will leave yourself susceptible to many of the problems common to insecure data networks, including hackers, spyware, malware and any number of viruses.

A better option might be to install a VoIP network through a larger carrier to ensure that your voice and data will be secure. The cost to install a new network is high — normally between $20,000 and $30,000 for businesses with 50 or so lines, though quotes and actual costs vary case by case — but the savings can add up thanks to the 20 to 30 percent that most industry experts say you can save on your monthly bill. And besides, you will have plenty more tools, the kinds once thought limited to secret agents, to enhance how you do business.

“There are just a slew of new features that existing networks don’t have,” LoFrisco says. “There’s ‘Find Me Follow Me,’ where calls can ring your different assigned handsets simultaneously. There’s integration with other voice applications. And the key is that most of those features can be provisioned and managed at the user level.”

Many of the features provided by larger carriers have been available for more than a decade but at a far higher price. As recently as a couple of years ago, only Fortune 500 companies and the like were able to afford IP features, including unified messaging, where your voice mails are converted to text and arrive seamlessly with your e-mails, and secure access to the company network for employees working anywhere in the world.

“Now these technologies have been driven to businesses at every level,” says Dan Carney, vice president of Cox Business Cleveland. “It is really to the benefit of businesses of all sizes.”

Your employees can even work from home with the same equipment, technology and access available to them at the office. Just hand them a VoIP phone, tell them to take it home and plug it in, and they will be able to work and sound as if they are at their desk. This feature is ideal for call centers and companies that offer 24-hour service because it opens the door to hire remote workers across the nation and around the world. It will also benefit employers who might want to decrease the size of their office and the amount of their rent but maintain the size of their work force or smaller companies that want to appear bigger to customers.

“It can do a lot to increase the look of a business,” Carney says. “There is a ton we can do for the small business and for the home business.”

Think about the future

Though VoIP networks might initially seem like some sort of futuristic technology that will be difficult to install and more difficult to understand, it will likely be an easier transition than rotary to touch-tone or analog to digital. You might not even need to install new phones or schedule much time, if any, to train employees how to maximize use of the new features.

“If all you’re doing is swapping the current system with replacement lines, there could be zero training,” Carney says. “If you’re going to jump in and use the Web to control your features, we certainly train you upfront, but it does come down to the sophistication of the user. There are some people who would just stare at the computer for a week and be petrified to make any changes.

“A lot of it does come down to the user, but the training is not complex.”

If you can figure out how to use your remote control to flip channels, record your favorite shows and insert a DVD with the push of three buttons, you will probably be able to figure out a few additional features on your phone, especially if they help you run your business more efficiently.

Of course, a VoIP network might not be necessary for all businesses. If you have only one office and a handful of employees who never work in the field, if you receive far more calls than you send or if you want to install the newest technology just to say that you have it, you probably have little need for VoIP. But if you have offices in multiple cities, even multiple states, to tie together with one network or if you have any employees out in the field, a VoIP network might be a sound investment.

“The longer you stay with a traditional network, the further you are behind the curve in terms of technology,” Carney says. “So if you’re thinking long term, you may want to get into that world now, so as things move forward, you’re not having to make a forklift upgrade to catch up to the rest of the world.”

Saturday, 26 December 2009 19:00

The future of telecommunications

Shortly after the opening credits of the film “Tomorrow Never Dies,” James Bond received a cell phone from the Q Branch of the British Secret Service. The phone was able to transmit incoming and outgoing calls, of course, but it was also able to scan, analyze and transmit fingerprints, and pick locks with a stylized antenna. And it could also fire away as a stun gun.

Not bad for 1997.

A little less than 13 years later, there is nothing that lethal anywhere in the world of telecommunications. There are, however, plenty of developments, especially regarding Voice over Internet Protocol, or VoIP, that might make you feel a little bit like 007. And cut a chunk of money from your monthly expenses.

Developed in earnest during the first Internet boom of the early 1990s, VoIP utilizes the Internet to make inexpensive, if not free, phone calls to just about any number around the world. All you need is a computer, broadband Internet access and a voice on the other end of the digital line. For years, media and industry experts trumpeted VoIP as the next big thing, but the Internet capabilities lagged behind the technology, leading to garbled conversations and snowfalls of static.

With the rise of faster and more efficient Internet access during much of the last decade, VoIP increased in scope and performance. Dartmouth University installed a network across its campus in 2003. Oprah stumped for a popular VoIP service last year. Even the government is starting to take advantage of the new technology, with the Social Security Administration in the process of converting to a VoIP network at its more than 1,500 field offices.

All of that combined means that VoIP is not the next big thing. It is the now big thing.

“The entire industry has gone beyond the experimentation phase,” says Tom LoFrisco, executive director of business product management, AT&T. “Carriers, manufacturers, everyone is headed in the direction where they will be able to supply Voice over IP.

“It’s decided. It’s a business standard.”

Make technology work for you

What makes VoIP so special is what it is able to do for you, for your business, for telecommunications as you know it.

There are the audio and video calls, which are available for either nothing or next to nothing on a number of popular Web sites. But if you choose to rely on those sites and the public Internet to run your business, industry experts say that you will leave yourself susceptible to many of the problems common to insecure data networks, including hackers, spyware, malware and any number of viruses.

A better option might be to install a VoIP network through a larger carrier to ensure that your voice and data will be secure. The cost to install a new network is high — normally between $20,000 and $30,000 for businesses with 50 or so lines, though quotes and actual costs vary case by case — but the savings can add up thanks to the 20 to 30 percent that most industry experts say you can save on your monthly bill. And besides, you will have plenty more tools, the kinds once thought limited to secret agents, to enhance how you do business.

“There are just a slew of new features that existing networks don’t have,” LoFrisco says. “There’s ‘Find Me Follow Me,’ where calls can ring your different assigned handsets simultaneously. There’s integration with other voice applications. And the key is that most of those features can be provisioned and managed at the user level.”

Many of the features provided by larger carriers have been available for more than a decade but at a far higher price. As recently as a couple of years ago, only Fortune 500 companies and the like were able to afford IP features, including unified messaging, where your voice mails are converted to text and arrive seamlessly with your e-mails, and secure access to the company network for employees working anywhere in the world.

Your employees can even work from home with the same equipment, technology and access available to them at the office. Just hand them a VoIP phone, tell them to take it home and plug it in, and they will be able to work and sound as if they are at their desk. This feature is ideal for call centers and companies that offer 24-hour service because it opens the door to hire remote workers. It will also benefit employers who might want to decrease the size of their office and the amount of their rent, but maintain the size of their work force, or smaller companies that want to appear bigger to customers.

“Typically, those are VPN phones that are set up at an employee’s home where they can have all the same features and functionalities that they have at the office,” says Jerry Black, chief operating officer, MVD Communications. “Your clients will never know they’re not sitting in the office, and they’ll have the same access to your database through the phone. That allows you to save money on infrastructure, obviously, because you don’t need as many desks and seats, and it also allows you to spread your base. You can have people in New York and L.A. working, so you can offer service during more hours, and it allows you to hire more employees without them having to physically report to the office.”

Think about the future

Though VoIP networks might initially seem like some sort of futuristic technology that will be difficult to install and more difficult to understand, it will likely be an easier transition than rotary to touch-tone or analog to digital. You might not even need to install new phones or schedule much time, if any, to train employees how to maximize use of the new features.

“With any new technology, it’s always recommended that the end users receive ample training so they can use it,” Black says. “The technology is only going to be as good as those who understand it and use it on a day-to-day basis. That said, if the client is sticking with equipment from the same manufacturer, often the training is minimal.”

If you can figure out how to use your remote control to flip channels, record your favorite shows and insert a DVD with the push of three buttons, you will probably be able to figure out a few additional features on your phone, especially if they help you run your business more efficiently.

Of course, a VoIP network might not be necessary for all businesses. If you have only one office and a handful of employees who never work in the field, if you receive far more calls than you send or if you want to install the newest technology just to say that you have it, you probably have little need for VoIP. But if you have offices in multiple cities, even multiple states, to tie together with one network or if you have any employees out in the field, a VoIP network might be a sound investment.

“In the data world, you can connect anywhere at anytime more quickly,” Black says. “You don’t need a dedicated network. There are a lot more features that a VoIP network allows a user to use that aren’t standard for traditional telecom networks.”

Saturday, 26 December 2009 19:00

The next big ring

Shortly after the opening credits of the film “Tomorrow Never Dies,” James Bond received a cell phone from the Q Branch of the British Secret Service. The phone was able to transmit incoming and outgoing calls, of course, but it was also able to scan, analyze and transmit fingerprints, and pick locks with a stylized antenna. And it could also fire away as a stun gun.

Not bad for 1997.

A little less than 13 years later, there is nothing that lethal anywhere in the world of telecommunications. There are, however, plenty of developments, especially regarding Voice over Internet Protocol, or VoIP, that might make you feel a little bit like 007. And cut a chunk of money from your monthly expenses.

Developed in earnest during the first Internet boom of the early 1990s, VoIP utilizes the Internet to make inexpensive, if not free, phone calls to just about any number around the world. All you need is a computer, broadband Internet access and a voice on the other end of the digital line. For years, media and industry experts trumpeted VoIP as the next big thing, but the Internet capabilities lagged behind the technology, leading to garbled conversations and snowfalls of static.

With the rise of faster and more efficient Internet access during much of the last decade, VoIP increased in scope and performance. Dartmouth University installed a network across its campus in 2003. Oprah stumped for a popular VoIP service last year. Even the government is starting to take advantage of the new technology, with the Social Security Administration in the process of converting to a VoIP network at its more than 1,500 field offices.

All of that combined means that VoIP is not the next big thing. It is the now big thing.

“The entire industry has gone beyond the experimentation phase,” says Tom LoFrisco, executive director of business product management, AT&T. “Carriers, manufacturers, everyone is headed in the direction where they will be able to supply Voice over IP.

“It’s decided. It’s a business standard.”

Make technology work for you

What makes VoIP so special is what it is able to do for you, for your business, for telecommunications as you know it.

There are the audio and video calls, which are available for either nothing or next to nothing on a number of popular Web sites. But if you choose to rely on those sites and the public Internet to run your business, industry experts say that you will leave yourself susceptible to many of the problems common to insecure data networks, including hackers, spyware, malware and any number of viruses.

A better option might be to install a VoIP network through a larger carrier to ensure that your voice and data will be secure. The cost to install a new network is high — normally between $20,000 and $30,000 for businesses with 50 or so lines, though quotes and actual costs vary case by case — but the savings can add up thanks to the 20 to 30 percent that most industry experts say you can save on your monthly bill. And besides, you will have plenty more tools, the kinds once thought limited to secret agents, to enhance how you do business.

“There are just a slew of new features that existing networks don’t have,” LoFrisco says. “There’s ‘Find Me Follow Me,’ where calls can ring your different assigned handsets simultaneously. There’s integration with other voice applications. And the key is that most of those features can be provisioned and managed at the user level.”

Many of the features provided by larger carriers have been available for more than a decade but at a far higher price. As recently as a couple of years ago, only Fortune 500 companies and the like were able to afford IP features, including unified messaging, where your voice mails are converted to text and arrive seamlessly with your e-mails, and secure access to the company network for employees working anywhere in the world.

“I have an application that runs on my computer that, wherever I am in the world, as long as I have broadband Internet, everybody else in the corporation can see where I am — if I’m working remotely in Washington, D.C., if I’m in a meeting in Albany or Dallas — and then I’m available to communicate in multiple ways with my colleagues,” says Stephen Brown, vice president of U.S. Systems Engineering, Mitel. “They can instant message me across the network; they can click to call me, which will route the call to the soft phone on my computer or a desk phone where I’ve logged in.

“It really reduces a lot of the complexities from a communications perspective.”

Your employees can even work from home with the same equipment, technology and access available to them at the office. Just hand them a VoIP phone, tell them to take it home and plug it in, and they will be able to work and sound as if they are at their desk. This feature is ideal for call centers and companies that offer 24-hour service because it opens the door to hire remote workers across the nation and around the world. It will also benefit employers who might want to decrease the size of their office and the amount of their rent but maintain the size of their work force or smaller companies that want to appear bigger to customers.

Think about the future

Though VoIP networks might initially seem like some sort of futuristic technology that will be difficult to install and more difficult to understand, it will likely be an easier transition than rotary to touch-tone or analog to digital. You might not even need to install new phones or schedule much time, if any, to train employees how to maximize use of the new features.

“Nothing’s ever simple, but the way the process works is, when you come aboard, there is some level of knowledge you need to have in order to learn, and you need to be willing to learn,” says Rich Klepacz, senior product manager for core voice and broadband services, Cbeyond. “Once it’s turned on, it’s almost a matter of plug and play.”

If you can figure out how to use your remote control to flip channels, record your favorite shows and insert a DVD with the push of three buttons, you will probably be able to figure out a few additional features on your phone, especially if they help you run your business more efficiently.

Of course, a VoIP network might not be necessary for all businesses. If you have only one office and a handful of employees who never work in the field, if you receive far more calls than you send or if you want to install the newest technology just to say that you have it, you probably have little need for VoIP. But if you have offices in multiple cities, even multiple states, to tie together with one network or if you have any employees out in the field, a VoIP network might be a sound investment.

“Over the years, I’ve seen that the small business owner is becoming a lot more technically savvy,” Klepacz says. “They really are becoming smarter users.”

Wednesday, 25 November 2009 19:00

Dollars and sense

You might not think of your accountant as some sort of bean counter, better suited for the Dark Ages than for the Age of Information. Most folks, after all, recognized the error of that thought years ago.

You also might not think of that same accountant as a trusted business adviser. But you should.

Gone are the days when your accountant would just sit down with the company ledger and crunch numbers. An accountant is able to offer so much more now, especially in this economic state.

Need to evaluate your inventory turnover, to analyze what is selling, what is not and why? An accountant can do that.

What about an examination to make certain that all available credit lines are being used or that capital needs are being met? An accountant can do that, too.

And, of course, there are taxes, an area where there has been so much evolution that one industry expert says he estimates the number of allowable tax incentives and minimization techniques has more than doubled during the quarter of a century since he analyzed his first set of financial reports. Another expert says the number has more than tripled during that period. Whatever the actual amount of exponential growth, there is no doubt that accounting is more complicated, and more important, than ever.

“Clients need to stay even closer with their accounting firms more so now than in the past,” says Pete Wellman, assurance partner, Ernst & Young LLP. “The issues and the challenges are probably trickier than in an up market, and I think it’s even more important that companies view their relationships with their accountants on a more holistic basis, not as just a compliance relationship.”

Talk with your accountant

The key to developing a business relationship with your accountant is communication. Nothing is more important, just ask an accountant.

“Your accountant should be part of the inner circle when you’re contemplating major transactions to make sure that you have a team approach,” says Mitchell Less, partner-in-charge of audit practice services, Grant Thornton LLP. “Your accountant should have a relationship with your attorney, and perhaps your banker, in order for them to know one another so they can work together strategically.”

Without some level of constant and consistent communication, your accountant cannot know the full spectrum of activity within your company and, in turn, might be unable to offer constructive criticism and potentially prosperous ideas and suggestions. The more communication between you and your accountant, the more opportunity and the higher the possibility you will receive a far more favorable result.

Many industry experts recommend you plan to get together with your accountant for at least three or four formal meetings per year, though multiple variables might swing that number higher or lower, including the size of your business, the challenges you are facing now and expect to face during the course of the next year, and the strengths and weaknesses of your internal financial team. Others recommend more casual meetings or phone calls in order to communicate on a regular basis.

Whether you meet in the boardroom or at your favorite bar, take advantage of that time to ask your accountant important questions, like how can you best utilize your accountant? What should you do internally? Externally? And what are your priorities for the next year?

A high level of communication with your accountant can also lead to you becoming more comfortable around each other. Your accountant should be familiar with the folks on your upper management team, and you should be familiar with the folks who play top roles for the firm.

“It’s important for the accounting firm to have relationships with the executives at the highest level of the company, so that the accounting firm has a clear view through the eyes of the business and the related risks and opportunities,” Wellman says. “The more we understand the business from the eyes of the very top management, the more we can add value.”

Take advantage of financial opportunities

The reason so many accountants prefer to be so involved is because the more information they know about you and your company, the more areas they will be able to explore in order to save dollars and cents. And saving dollars makes sense.

“If you want the best out of the relationship, it’s important that the client provide knowledge on their business [and] that you understand their business model,” Less says. “Where are they today? Where do they want to be five or 10 years from now? We need to gain a good understanding of what the hurdles may be in terms of the company achieving those goals.”

But the burden of trimming the budget lies not only with your accountant — you need to do your part, too. So be organized, be prepared, be proactive and be accessible.

Just consider the average audit. If your files are scattered around your office, stacked in piles that are toppling over, an audit performed by your accountant might last far longer than it should. In order to avoid a heftier bill, keep your internal financial team on a schedule to update your books regularly, perhaps even every day. Exorbitant costs for an audit — or even just a review or a compilation financial statement — are normally only incurred when you are not organized and prepared.

“Attention to detail as the process is moving forward is typically the best way to prepare for an audit, to do it right the first time,” Less says. “That’s much more cost-effective than for an auditor to look back over an entire year and help you find the error.”

If you are particularly strapped, you might even consider consulting with your accountant and other business advisers to consider altering the end of your fiscal year from the end of the calendar year to the end of another quarter. That would allow your accountant to work with you less during the peak months of January through April and more during the off months, when rates are far less expensive. And though such a shift is filled with internal and federal paperwork, the potential savings of such proactive measures can reach more than 20 to 30 percent.

There are even extreme situations where you might be able to save hundreds of thousands of dollars because you and your accountant are both accessible and open to conversation.

Several years ago, one industry expert was working with a client who had installed defective materials in a sewer and storm drain system, and the client lost thousands of dollars. Though the client was able to file a claim against the manufacturer, the expert was also able to find a case law that allowed for the property loss to carry back 10 years, a far longer retroactive period than the standard two or three years. The result? The client received $500,000 in large part because the expert had been involved in the situation from the start and because the two sides were accessible to each other.

“There may be many companies that think we are approaching the bottoming out and they don’t want to miss out on opportunities to capitalize on low prices,” Wellman says. “It’s more important now than ever for them to reach out to their accountants.”