By drawing on 20 years of experience across a variety of fields, including construction, education, public health, public accounting, retail, tourism, and transportation, Natalie Barranco spotted a need for comprehensive business consulting services in the New Orleans area. As someone who has experience on both sides of consulting work, she could see some limitations in the way that some traditional companies approach these professional services.
For instance, in a previous role as an auditor, Barranco worked with business owners and chief financial officers (CFOs) and offered them suggestions to improve their operations. As an auditor, however, she could not help them implement those solutions.
On the other side, when Barranco transitioned from public accounting to an industry position as CFO, she worked with different accounting firms and consultants. In some instances, these consultants did not fully understand their business, and their proposed ideas – even good ones – did not necessarily fit.
Barranco wanted to bridge this gap, and she co-founded Prime Business Advisory Solutions to provide a more holistic approach to business and nonprofit consulting. By working with a company and taking care to understand how their business is unique, Barranco and her team propose strategic solutions and help the owners implement those changes.
By helping many local, family-owned businesses and nonprofits navigate the specifics of operating in New Orleans, Barranco and the Prime Business Advisory Solutions team offer crucial guidance.
The Prime Business Advisory Solutions team can assist with all aspects of running a business or nonprofit. Although the team can also help businesses with accounting work, their expertise extends far beyond balance sheets.
In fact, PRIME is an acronym for the variety of services offered by the company.
- Profitability Analysis: This includes big–picture financial analysis, cash flow management, and budget development.
- Risk Management: Insurance analysis and disaster recovery plans are covered.
- Internal Control Assessment: The team can ensure processes and procedures are followed, as well as implement a segregation of duties.
- Marketing: Create customized marketing plans for small businesses.
- Efficient Operations: Prime Business Advisory Solutions can act as a general manager, for example. They examine key performance indicators for a given field.
The team can also help with software conversions and automation tools. This includes assistance with accounting and operation software, as well as accounts payable processes.
Because of the variety of services offered, Barranco encourages local business owners to call their office and discuss their individual needs. They offer free consultations, as well as referrals to other organizations in case a company requires some expertise that is not in their wheelhouse.
Barranco and the Prime Business Advisory Solutions team have already helped many local organizations grow and thrive with their guidance.
YouthForce NOLA, a nonprofit organization that connects New Orleans students to high-earning career pathways, started working with Prime Business Advisory Solutions as a strategy partner in 2018. At the time, they had 20 employees and received no federal funding. After working with Prime Business Advisory Solutions, the YouthForce NOLA team grew their staff by 50 percent, and they now receive four pieces of federal funding to further support their mission.
The Prime Business Advisory Solutions team also began working with Rachel Taravella, owner of the minimalist boutique Monomin on Magazine Street. They provided Taravella with more robust financial information to reduce debt, and they created a social media group to help the store continue to grow and thrive. In fact, Taravella recently opened a second location: Monomini, a fun space for children with clothes, gifts, and toys.
As Barranco explained, running a business or nonprofit in New Orleans includes a particular set of challenges.
“I wish more business owners embraced budgeting,” said Barranco. It’s a critical area, but some business owners shy away from the word. Given the seasonal nature of many businesses – and tourist travel – in the city, it forces business owners to deal with seasonality. Learning to operate lean and generate enough surplus during the working months to cover these expenses is part of what makes budgeting so critical.
In fact, some lines of business make 80 percent of their total revenue in half the year (consider king cake shops, for instance). Careful budgeting can keep these businesses afloat during the leaner summer months.
In addition, Barranco does a lot of work with family-run businesses addressing the question of succession. “In 2022, an estimated 40 percent of small businesses are owned by Baby Boomers, and 10,000 of them hit retirement age per day,” said Barranco. “If the next generation isn’t ready yet, this will be critical to our area to keep businesses going until they are ready for the next generation.”
There’s a lot to know about running a business or nonprofit, particularly in a seasonal city like New Orleans, but Barranco and the Prime Business Advisory Solutions team are determined to help local organizations thrive.
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