Maybe you’re planning to relocate or expand your business. Perhaps your current lease is expiring, and it’s time to review economic growth opportunities and incentives. How do you gain that competitive edge when it comes to making a positive impact on your bottom line and delivering results when it comes to your next venture?
Having a trustworthy, experienced business incentives consulting firm beside you connecting you with valuable resources and comprehensive solutions will help you unleash new business potential or transform existing ones. What are the benefits of having a trusted advisor on your side, and how do you choose the right firm that turns action into impact for the future of your organization?
A trusted business advisor will:
- Bring immediate focus and credibility to the incentives process.
- Take ownership of the incentives process and management, and allow your company to focus on creating revenue. A dedicated incentives professional will oversee all project public information and communicate a consistent message with one voice to the government and media.
- Provide turnkey implementation so you and your staff can stay focused on company business while the advisor is capturing incentives value. A trusted advisor will relieve already overburdened in-house personnel so they can stay focused on what’s important—your business.
A trusted business advisor will help you:
- Elevate and Evaluate – You’ll learn to elevate your awareness and knowledge of available and applicable business incentives and the process. You’ll increase your assurance level that you have performed the ‘due diligence’ you owe to yourself and your business to uncover savings. You’ll learn to evaluate the usability and potential value to your business. Incentives should have an impact on the bottom line or they are not worth the time and resources to pursue, capture, and comply over the term of the incentives.
- Navigate the complexity – Consistently changing policies, procedures, and reporting requirements can be tough to handle. A trusted business advisor will help you anticipate, plan for and strategize on the interplay of incentives on one another. You’ll be able to identify the incentives to watch out for. Qualifying and terms and conditions vary by state, city, town and other government and non-governmental entities, which can be difficult to manage at once. An advisor can help you take steps in advance to minimize consequences of missed projections or change in circumstances by managing for the potential of claw backs.
- Minimize the risk – Making investment and location decisions come with big risks. An advisor you trust will help you assess, quantify and compare key business, operational, and financial criteria to determine the optimal location.
So, how do you choose? Think through the following questions:
- Do they have what it takes? An advisor will know the business, but a trusted advisor will be knowledgeable about local players and processes, and be able to guide you through the local incentives landscape. They will have proven success in your industry and your locations. They’ll understand the incentives process and the potential pitfalls, and be able to bring all resources to the table in an efficient and effective way.
- Is this their core competency? Are they a professional who has “been there and done that?” Can they prove their success?
- Can they move at the speed of your business? Leverage and timing are critical to the incentives process. Oftentimes, there are delayed development decisions or other intervening circumstances which can compress the incentives negotiation period. The right advisor will be fast and efficient when finding answers and securing value—after all, they know that this is what will save you time and money.
- Can they define the impact of incentives on your bottom line? A trusted advisor will be able to analyze economic and fiscal impacts and evaluate the usability and potential value of incentives. They’ll leave no opportunities left on the table, while ensuring your relationships with state and local officials are established, maintained and strengthened. They’ll be able to maximize opportunities by integration and negotiate everything and not accept the standard package. They’ll utilize a comprehensive approach by reducing all project costs with tax and non-tax incentives.
- How do they approach preserving the value of benefits? An advisor you can trust will encompass the willingness to continue working to ensure that you have the appropriate knowledge and tools to claim the credits and incentives to which your company is entitled. They’ll be committed to providing systematic on-going compliance. They’ll understand that preserving the value of the benefits is equally important—if not more important—than the pursuit of the benefits.
- Can they seamlessly integrate with you and your planning team and processes? A trusted advisor will have the tenacity and determination to invest the time and effort to better understand your objectives so they may be well-equipped to maximize the incentives value.
At Ashmore Consulting, we’re committed to delivering the highest in quality service and we bring experience, relevant economic incentive and real estate market knowledge, cutting edge technology and comprehensive, tailored solutions. If you’re in need of a strategy and trusted partner to negotiate, implement and manage growth opportunities, contact us today.