The energy industry is one of the largest and most dynamic industries in the world, driving industrial growth and providing fuel to power the economy. As such, it’s affected by a great number of factors: world events, environmental initiatives, new regulations and social issues. These can dramatically influence supply, demand, opportunities and planning for most in the energy industry.
While energy professionals like you must concentrate their efforts on the basics of maintaining daily business operations, like accounting and human resources, you must also keep track of trends in the industry, ensure compliance, and find ways to become more efficient in your operations, spending and performance.
Being able to closely track those industry trends is vital to making quick, smart business decisions. However, because of the many factors that impact this sector, forecasting and planning for demand can be extremely challenging without technology that supplies real-time data and analytics. Such capabilities are added responsibilities to manage, and determining the right tools and investments isn’t simple.
However, even outside of the goal of following trends to determine demand, adopting mature and modern technology is essential for energy companies to remain competitive and relevant in the industry. You must modernize operations, communications, logistics and more—which might mean a complete digital transformation for one company and a handful of well-chosen solutions for another.
In addition to the need to modernize, energy services companies must keep up with state and federal regulations, meet requirements for security and cybersecurity, and continually optimize operations for efficiency and to strengthen financials against small, medium and major industry disruptions.
How a Trusted Advisor Can Help Your Energy Company
All these goals are more easily attained when energy professionals work with consultants who have experience in their industry.
Considering how many factors are putting pressure on this industry, there’s great value in working with advisors who are knowledgeable of the shifts, trends and challenges in your industry. Eide Bailly’s energy sector professionals have over 40 years of experience in the industry. We can help you achieve core goals like operational efficiency, and transformational goals like adopting new technology and digitizing your processes. With us supporting your goals and helping you chart a path forward, you can focus on growing your business, staying ahead of the competition and improving your bottom line.
Forming a new renewable energy entity can be daunting, risky and exhilarating all at the same time. There are so many aspects to consider, from developing the business plan and financial projections to evaluating financing alternatives and tax implications. And then there are the articles of incorporation, bylaws, membership agreements and management agreements that need to be reviewed.
Entity formation is a complex process which has long-term consequences if not done correctly from the start. Professional advice can help you and your shareholders feel confident about the future of your organization.
Management teams in the energy industry are often overwhelmed with their day-to-day responsibilities. You deal with several critical functions, including operations, member relations, sales, inventory controls, finance and accounting management, government regulations and market dynamics. On top of that, you're also looking for ways to increase productivity, minimize costs and improve quality.
Analyzing the operational efficiency of your organization gives you a snapshot of where you are today, what your current processes are, how you can be more efficient and what it's going to take to get there. Besides an implementation plan, periodic check-ins can ensure you're on track with changes and improvements.
What are your shares worth? Determining business or share value can be a complicated task. Many factors impact the value of your organization's ownership interests. An accurate understanding of these factors and how they influence your organization's value is critical.
We follow a thorough process in determining share value, which starts with understanding the purpose of the valuation. From there, our professionals gather and analyze information to reach a valuation conclusion.
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Interested in learning more about growth and success, compliance issues, the year ahead and more? Join us for one or all of our educational/informational webinars designed to keep our clients, colleagues and friends informed on innovative business and tax strategies. The tools and resources presented will help individuals and organizations make informed decisions and remain successful in a competitive and ever-changing marketplace.
Be prepared to embrace change as opportunity.
Energy industry consultants are familiar with your challenges and can design the best path forward.