An Overview of BradyRenner’s Industry-Specific Expertise

Published by Matt Brady | June 24, 2024

Across a myriad of industries, businesses are facing financial challenges and seeking solutions which will help their companies grow and thrive in the midst of economic uncertainty. Using their combined expertise, the CPAs of BradyRenner are able to partner with a wide range of businesses to assist them in achieving their goals.

Real Estate

In the real estate sector, the most pressing challenge has been the rise of telecommuting. Initially, many companies turned to work from home arrangements due to the COVID-19 pandemic, but as health concerns relaxed, these adaptations proved more permanent. Larger spaces remained unused as pandemic restrictions relaxed, leaving many businesses paying for unnecessary space. 

BradyRenner leverages their financial expertise in order to help businesses evaluate their current office spaces and determine whether or not to downsize for cost-effectiveness. Additionally, BradyRenner is adept at helping companies evaluate real estate leasing versus purchasing in order to determine which arrangement most suits their specific needs and fits their financial goals.

Construction

Since the start of the global pandemic, the construction industry has been impacted by several financial challenges. Supply chain disruptions often mean delays in completed projects which can lead to increased costs and at times, financial penalties. An increase in the cost of materials cuts into company profits, causing financial strain. And a shortage of skilled laborers means companies are forced to delay work or overpay available workers who are now in higher demand. 

For construction companies navigating these challenges, BradyRenner advises finding alternate suppliers, particularly local ones, as well as considering in-house training for existing workers in order to avoid a lack of skilled employees. Additionally, BradyRenner can help construction companies manage their accounts payable and receivable models in order to maintain stronger profit margins.

Medical Practices

The COVID-19 pandemic impacted the healthcare industry in major ways. Due to safety concerns, many patients turned to telemedicine, and regulations were relaxed during that time in order to accommodate patients. But recently, more restrictions have been restored and medical practices are having to recalibrate and meet government requirements in order to continue to offer telehealth appointments. Additionally, because of COVID-19 worries, there was a sharp decline in maintenance healthcare which translated to a revenue decline for medical practices.

BradyRenner has experience assisting healthcare providers with these drastic changes, including guidance through government assistance programs. Utilizing their expertise of the regulatory landscape, BradyRenner helps those within the healthcare industry navigate the complexities of antitrust enforcement as well as policy considerations. Additionally, BradyRenner can advise healthcare providers regarding mergers with larger practices or remaining an independent entity.

Restaurant Industry

For the restaurant industry, financial challenges are not dissimilar to those of the construction sector. Labor shortages and a hike in overall costs – combined with lease challenges caused by the costs for now vacant spaces being passed along to tenants – make maintaining healthy profit margins more difficult.

The CPAs at BradyRenner have many combined years of experience helping restaurants address financial challenges without sacrificing quality of service. By helping those in the food service industry establish strong accounting practices and address cash management, BradyRenner helps restaurants fortify their finances. By analyzing current managerial practices and offering employee retention suggestions such as loyalty incentives, BradyRenner also helps restaurants avoid costly labor turnover and shortages.

Government Contracting

For businesses engaged in government contracting, some of the most pressing challenges include navigating the governmental sales cycle, understanding regulatory requirements across a number of government agencies, and maintaining your company’s financial stability in order to effectively manage costs and avoid unnecessary spending.

BradyRenner assists businesses pursuing government contracts by helping them identify and manage the costs associated. Additionally, their knowledge of sustainable practices is invaluable to government contractors who require such insights for financial survival. BradyRenner is also proficient in helping government contractors develop strategic financial plans specific to the unique demands of their work.

Automotive Industry

Within the automotive industry, there are several specific financial challenges threatening business – in addition to the widespread problems of skilled labor shortages, supply chain disruptions, regulatory compliance, and escalating costs. These industry-specific challenges include dealership service centers which can offer original manufacturer parts (OEM) at lower prices, and the introduction of autonomous vehicles which have the potential to upend the traditional automotive repair shop model. 

BradyRenner’s CPAs offer automotive businesses financial planning and budgeting to manage costs effectively through technology investments. By helping your repair shop diversify suppliers and optimize inventory, BradyRenner can help alleviate costly supply chain woes. Most importantly, BradyRenner assists in developing strategies to set your business apart from your competitors in order to gain a larger market share. By proactively preparing for an inevitable shift towards autonomous vehicles, BradyRenner’s knowledge of emerging automotive technologies will help ensure you aren’t left behind.

IT Industry

The IT Industry has many specific challenges, chief among them being start-up costs and maintaining infrastructure. Additionally, companies are faced with keeping client data and networks safe while keeping pace with the stiff competition in the industry. As technology develops quickly, professional development as well as data privacy and regulatory changes are also a major concern. 

BradyRenner knows that in order to maintain the trust of your customers, cybersecurity is paramount. They can help your business by connecting you with the right IT specialists who will identify vulnerabilities in your systems and guide you through protecting them. Through their tailored financial advice, the CPAs of BradyRenner can assist your business in finding cyber risk insurance as well as helping you secure funding and identify smart financing options while keeping you informed of tax-related regulations. Additionally, BradyRenner can help your IT business allocate resources in order to ensure optimal utilization for growth and long-term sustainability.

Manufacturing

The financial challenges facing the manufacturing industry include many of the same issues as other industries, such as labor shortages and rising costs, but manufacturing companies are also dealing with increasing automation and digitization as competitors streamline their own operations. Manufacturing companies now require large upfront investments in equipment, software, and training. Along with these new processes are increases in cybersecurity threats and data breaches that threaten operations as well as customer trust. The manufacturing industry is also experiencing global trade uncertainty due to tariffs and trade tensions. This uncertainty has resulted in prolonged lead times, which have the potential to frustrate customers. 

Through several solutions-based services, BradyRenner can walk alongside manufacturers and offer tailored financial solutions to address these industry-specific challenges. They offer assistance with budgeting, forecasting, and financial planning in order to optimize performance as well as expertise regarding capital management strategies. BradyRenner is also a reliable partner in navigating tax laws and regulatory requirements so that manufacturers can remain focused on their primary goals.

Non-Profit Sector

The non-profit sector has several unique financial challenges due to the nature of their work. Financial uncertainty is always an issue, especially during times of economic downturns, but in addition, non-profit organizations must always worry about competing for grants, donors, and the worry that their existing pool of donors will grow weary of being asked for contributions.

In order to allow non-profit organizations to focus on enacting social change, BradyRenner provides them with guidance related to budgeting, financial planning, and regulatory compliance. In addition, BradyRenner is well-positioned to sort through the complexities of the funding process and support a strong grant application strategy.

Professional Services

The wide range of nonphysical products and services that help other businesses find solutions are called professional services. These can include medical care, educational systems, legal services, cybersecurity resources, and more. Many firms are vying for the same customers, making competitive pricing a must. Like other industries, professional services also struggle to find highly qualified professionals who can meet their clients’ high standards.

BradyRenner can offer financial solutions to professional service providers in order to optimize profitability and minimize financial risks. Additionally, by partnering with BradyRenner, professional service firms can develop value-based pricing strategies that meet their clients’ expectations as well as market trends. They also offer talent management solutions to help professional services attract and retain top talent through employee benefits programs and retirement planning.

Retail Businesses

The retail sector must set themselves apart from the intense competition in order to succeed. Challenges that retail businesses face also include escalating expenses, supply chain disruption, and shifting consumer preferences. The key to overcoming these challenges is becoming indispensable to customers while attracting new business.

In order to help retail businesses succeed and be financially stable, BradyRenner offers comprehensive financial analysis in order to identify cost-saving opportunities. The CPAs at BradyRenner can assist retailers with risk management strategies including cybersecurity protocols and insurance coverage tailored specifically to retail needs. Tax planning is also key for retail businesses to succeed by minimizing tax liabilities and maximizing available deductions. Ultimately, BradyRenner can guide retail businesses towards a successful future by helping them make informed business decisions through financial forecasting and investment advising. 

BradyRenner has years of experience advising businesses in many different sectors. Utilizing their combined knowledge and expertise, the CPAs of BradyRenner help businesses solidify their finances and move forward efficiently and productively while securing profitability. For more information on how BradyRenner can help your business address their industry-specific challenges, reach out today.