October 2021 | A Final Quarter Update from The Partners
As we enter the final quarter of this most unique and challenging year, we’d like to take a moment and issue an update from our Kingston Smith Barlevi Partners.
We at KS Barlevi have navigated this pandemic beside you and want to again remind you that we are here for you should any financial planning or business strategy thinking be required. It is our goal to help all our clients achieve success in these final months of the year and certainly for a strong year ahead.
As part of what we recommend for annual planning, it is always helpful to take the pulse on your business and consider the factors that have most impacted you this past year, and which of those factors are likely to remain.
For many of us, the number of external factors impacting our business is unprecedented. As we look to the future, we caution our clients that many of these factors could still be at play and impacting your business in the year to come.
For example, with vaccine rates still not where they need to be to put the novel coronavirus in the rearview mirror, it’s difficult to envision a true return to normal in the next several months. While we’ve witnessed a continual decline in the number of Americans who are still in a remote working set-up, (Records show that approximately 35% of the American workforce had gone completely online at the start of the pandemic, which has now shrunk to roughly 14.4% as of June 2021*) it is likely that reduced office capacities and part-time office attendance will be the norm. It is important to consider how these trends are realized in your business, and to make key decisions like lease renewals or downsizing appropriately.
While a complete return to normal is highly unlikely, many aspects are trending in that direction. With a recent lift of international travel bans between the US and the UK/EU, and tools like Vaccine Passports being widely discussed, a slow march toward a new and more predictable future is promising.
2021 also ushered in a major shift in US government, with the exit of the Trump Administration and the beginning of the Biden Administration. As is generally the case when we experience a partisan shift in power, businesses and individuals should keep a close eye on changes to tax code that could tangibly impact their business. The current Administration has already proposed updates that could affect many of our clients if approved and we will continue to stay up to date on this to help you plan for any changes ahead.
It goes without saying that leading your business through this increased uncertainty has required diligent monitoring of the state of affairs both within your business and your industry. For many, it has been a year for the memory books marked by both tragedy and triumph. And while we’re not out of the woods yet, there is overwhelming promise that 2021 will close as our year of transition and usher in 2022 where we can start to build back from a place of new normal.
If you or any businesses you know are in need of financial planning services to ensure a strategic and successful year ahead, please don’t hesitate to reach out to your usual Kingston Smith Barlevi representative, or either of our Partners. We are here to help you succeed at your business and wish all of our clients a smooth and strong final quarter.