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Grains are one of Canada’s top agriculture success stories – so it’s no surprise that the nation’s baking industry accounts for $5 billion in sales every year. From large-scale commercial operations to smaller, regional plants, the potential within the baked goods sector is on the rise.
To seize the opportunity within this sector, every aspect of your business needs to be optimized – from your tax strategy to your approach to food safety. Every dollar saved in your manufacturing process is another dollar that can go toward enhancing your technology, researching new products and training your staff to produce the best products possible. We help identify opportunities to streamline operations, minimize your tax exposure and work closely with you to set and achieve your business goals.
Today’s baked goods processors know that ensuring the safety of their products is an essential part of their success. Failing to implement and maintain internal controls, an unreliable or untested supplier or producing an unsafe product can cost your business everything – including your reputation and strategic position. We assist baked good processors with several aspects of food safety, including traceability studies to identify and assess your supply chain, as well as product recall strategies in the event your business is forced to undergo a recall. In addition, we help prepare your business for any operational risk through our Enterprise Risk Services . Whether you require an emergency response plan for a physical catastrophe like a fire or natural disaster or are looking to identify and mitigate your key risks on a day-to-day basis, we help protect your people, assets, reputation and technology.
Many of the factors that impact your baked goods business’ profitability can be out of your control – from fluctuating input costs and capitalizing on technology changes to labour challenges and retail distribution. The one area you can manage is the effectiveness and efficiency of your operations.
Our specialists work closely with you on:
While you are responsible for the successful beginning and growth of your baked goods operation, eventually you will need to transition out of the business you’ve worked hard to build. Our ExitSMART™ program is one of the most comprehensive succession planning initiatives on the market, accounting for every aspect of the succession process. We work closely with you on tax and estate planning, wealth and asset management and valuations – so your business can thrive well after you’ve left. Starting this process early can help ease the transition that much more.
No matter what stage your baked goods operation is at, MNP offers a complete suite of tax and assurance services that go well beyond traditional accounting. We work closely with our baked goods clients to customize a tax strategy and structure that seamlessly integrates with existing business processes, providing you with added value. Our unique approach to both tax and assurance helps you control costs, streamline operations, ensure compliance and cultivate opportunities for growth and expansion.
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