Small businesses vary widely in size and capacity for growth. Characteristics include varied organizational structures and management styles and the independence in the manner they act and operate. However, small businesses experience common problems arising at similar stages in their development. Understanding and assessing current challenges such as computer needs, talent, organizational structure; can help anticipate key requirements for sustainability and growth.
As of late quarter one 2020, small businesses have been hit with a devastating blow due to the COVID pandemic. Prior to this, the economy was seeing tremendous levels of success in all sectors. It is difficult to predict what the future holds for small business owners. It is important for their individual survival and hopeful future growth, that they pro-actively addresses challenges and continue to maintain a level of optimism.
The marketplace and economy as well as all businesses will continue to shift, technology will continue to grow and rules of engagement will continue to change. Learning about the challenges ahead and how to best meet them requires strategic thinking. In a small business, the team is more important than any individual role and everyone has to wear different hats.
Approaching the growth challenge from a financial perspective can bring small business teams together. This session is intended to examine some of the most significant challenges facing small businesses in the current environment and propose alternatives for navigating those challenges, maintaining organizational stability and looking towards growth opportunities.
Publication Date: May 2020
Designed For
Small business owners, Controllers and managers of small business, Board members for small businesses, and Small business personnel.
Topics Covered
- Surviving the COVID crisis
- Key trends affecting SB growth
- Keys to managing SB in crisis times
- Best practices in crafting a business growth plan
- Key advantages/disadvantages of organic vs. external growth strategies
- Technology tools to support and sustain the organization
Learning Objectives
- Identify how to surviving the COVID crisis
- Identify the key trends affecting small business growth
- Identify keys to managing small businesses in crisis times
- Identify and explore best practices in crafting a business growth plan
- Recognize how to evaluate key advantages/disadvantages of organic vs. external growth strategies
- Recognize how to explore technology tools to support and sustain the organization
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.