Adam Caplan: “There’s never really calm, is there?”

Adam Caplan has been an accountant since 2007, spending nearly two decades advising businesses and individuals throughout financial crises.

Now a partner at FFT, Adam reflects on the continual “cycles of economic ups and downs” he has experienced throughout his career.

Having advised clients throughout several crises, Adam is aware that economic calmness might seem like an illusion.

However, short periods of volatility are often outweighed by the fact that “over a longer period, generally the economy is on an up.”

“People have been through challenges before, countries have been through challenges before, and we normally have come out the other side and there’s been progress,” Adam remarked.

As we find ourselves in another era of uncertainty, Adam’s outlook is refreshingly simple. He believes business owners should retain perspective and not lose sight of future opportunities.

How should businesses keep perspective?

Keeping perspective is often easier said than done, particularly when cost pressures are mounting and consumer demand is languishing.

Adam explained that it is easy for businesses to get distracted by ongoing pressures, but it is the job of the accountant to bring them back towards their goals.

For example, businesses might hold fire on investment to protect margins during economic downturns, only to find they’re overtaken by firms who have focused on the future.

“Whilst businesses might need to make some important decisions for shorter-term challenges now, the view should always be the longer-term growth and opportunities,” Adam said.

Although businesses can’t control the economy, they can control how prepared they are to face current challenges and those on the horizon.

Instead of getting bogged down by the headlines, Adam suggested firms should take a step back and conduct regular SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis.

It might be a relatively simple exercise, but it can show businesses what is in their control and what they can strategically act on.

Why is financial advice as important as ever?

Long-term financial advice from an accountant who has seen cycles of uncertainty can help businesses avoid see the bigger picture.

If economic cycles are one constant of Adam’s work, change is another, as technology has altered the way businesses handle their finances.

With the societal march into the epoch of AI automation, people might feel they have all the resources at the tip of their fingers.  What is lacking is the human experience.

“Adding up numbers, preparing accounts and calculating tax can be automated, but being the trusted advisor and giving the insight behind those numbers can’t be replaced,” Adam explained.

What does Adam enjoy most about his role?

For Adam, the interesting part of working with clients is deciphering their story, reading between the lines to see what a client is planning to achieve.

He enjoys building long-term relationships and offering ongoing strategic advice, which can help his clients stay resilient in an ever-changing world.

“It’s always satisfying to look back and see how far a client has come since you first started working together,” Adam said.

With nearly two decades of experience under his belt, Adam believes that cycles will turn, just like those have turned before.  His primary piece of advice is that businesses that will come out the strongest are the ones who have planned for the long term.

To get expert advice, please speak to one of FFT’s financial experts today.