MNP is a truly entrepreneurial firm. It was established in 1958 by three accountants who were dedicated to helping farmers, and today MNP continues its dedication to helping entrepreneurs reach their full potential through a wide range of services — from securing grants and government incentives, to going public or getting businesses ready for acquisition.
Spark Centre caught up with MNP to chat about how this firm founded by entrepreneurs is helping fellow entrepreneurs by positioning their businesses for success.
Q: What is the biggest piece of advice that MNP can offer a startup or entrepreneur who is ready to launch their business idea?
MNP: Know your business’ worth. Create a business that you yourself would want to purchase. What value would you see in that business that sets it apart from the current market and what is that value worth? Good businesses know what they’re worth and can communicate that value to any customer or investor.
Q: What is something that early-stage entrepreneurs might oversee when starting a business?
MNP: Compared to other industries out there, the technology lifecycle can be very short. Investors are eager to acquire innovative upstarts and these acquisitions are increasing year over year. That said, it’s important for early-stage entrepreneurs to consider succession planning as early as possible, because an unsolicited offer could come sooner than you think and you don’t want to be caught off guard.
Ensure that you’re ready for any potential offer by building a solid value proposition. This will enable you to gage whether an offer is fair and in your company’s best interest, maximize the potential outcome should you decide not to accept and, most importantly, arm you with the ability to respond confidently to any offer.
Q: How does MNP help entrepreneurs and businesses on a global scale?
MNP: MNP is part of the Praxity Network — a global alliance of accounting firms that work together to help our clients achieve success. As part of the Praxity Network, MNP is connected to a global tech ecosystem which allows us to provide excellent services to entrepreneurs and businesses globally. Having partners in other countries enables us to better understand the complexities and challenges that businesses in foreign companies face and determine how we can best help them when they bring their business to Canada.
Q: How does MNP help startups, entrepreneurs and businesses, especially in today’s pandemic?
MNP: We’ve continued to work with our tech clients to help them access additional funding to help them weather the pandemic. We’re tightly connected to BDC who strongly support the Canadian tech ecosystem by providing relief funds for Canadian businesses. We also ensure that our clients are always up-to-date with the latest information and provide them with assistance in making crucial businesses decisions during unprecedented times.
Q: How does MNP use technology to enhance its clients’ business?
MNP: The pandemic has forced companies to examine how to make their processes more efficient and effective. MNP’s cloud and digital solutions integrate essential processes — like accounting, bookkeeping and finance — into one system which reduces cost and improves sales. This service called Ease is customized to our clients’ unique needs and provides them with real time data and projections so that they can make efficient and effective real-time decisions for their business.
Q: Speaking of technology, how does MNP’s digital forensics help mitigate risk for both HR Professionals and businesses alike?
MNP: During the pandemic, MNP has seen a shift to remote working for all types of workforces. This type of environment leaves an opening for employee misconduct, which in turn could result in organizations facing an increased risk for external hackers or employee fraud or misconduct. Digital forensics can help HR professionals and businesses mitigate these risks.
Using the latest techniques, hardware and software, MNP can identify, collect and preserve employee data from the cloud and a variety of digital devices like laptops, smartphones, tablets, iPads, desktops, servers and printers. This data can then be forensically analyzed to uncover evidence of wrongdoing from misuse of computer resources, Data (IP) theft or exfiltration and harassment, to discrimination, breach of contract, time theft and more.
Q: The pandemic has, for many entrepreneurs, changed the way in which they conduct business. Has the pandemic changed operations for MNP?
MNP: It’s business as usual for MNP, but within a virtual work environment. While we miss meeting with our clients and networks in-person, we are currently conducting virtual meetings and events until it is safe to meet in-person again. Despite this altered environment, MNP continues its dedication to helping our clients reach their full potential and further their success.
Want to know more about MNP? You can learn more and connect with them at www.mnp.ca