training

Startups with Financial Discipline will Thrive

Startups with Financial Discipline will Thrive

A room full of entrepreneurs will agree, that sometimes all it takes is a really good business idea, and everything else just falls into place. However, most of the time, the idea has to be worked and re-worked in order to turn into a well-calculated risk! Growing a business happens in stages. Like a sapling freshly planted in the ground, a new business requires a lot of attention before it is financially self-sufficient or stable. The story of the entrepreneur losing financial ground in its first or second year is a reality that may be construed as apathetic ownership or just plane ambivalence. The bottom line is, no one expects it to happen to them—and they shouldn’t… If they are keeping track of their finances correctly and exercising a great deal of financial discipline, even the toughest soil can produce a flower. Best practices for startup, after your launch: Do another solid review of your business plan. It’s important to look past the initial excitement of “lift-off”, with another hard look at your destination. When products and services sell, clients begin to notice your brand more, and as the onset of a larger bank account begins to occur, it’s easy to get Continue Reading »

Should Your Small Business Hire an Accountant?

Should Your Small Business Hire an Accountant?

Whether you’ve played baseball, football, basketball or soccer, odds are you signed up to play on a team. This team consisted of a Coach. The coach would observe your abilities during practice or try outs and then make a sound decision on what position you should play — recognizing your strengths. At practice the coach would also identify areas you needed to improve upon, to become a better player on the team. The goal of the Coach is to see the team work together and enhance their skills, ultimately to succeed. When you are interested in learning to play an instrument, speak a different language, learn to dance, or book a fancy vacation – 9 times out of 10 you would seek the help or guidance of a professional in the particular area of interest. The same is true for a small business. As a new/existing business owner, why wouldn’t you want to look for a mentor to help you grow? As an accountant, we like to think of ourselves as a coach or “money partner” to your business. We also enjoy watching young entrepreneurs evolve.The most important thing you can do when it comes to your business finances is Continue Reading »

Professional Development Drives Success

Seasoned business owners know the importance of developing homegrown talent within their organization. Investing in training and improving your people will improve your culture, productivity, and ultimately, your bottom line. So how should an organization go about ensuring their people are moving forward and not stuck in neutral? Here are four simple ideas businesses can incorporate to help their employees grow professionally: Provide a professional improvement plan for each employee. Most workers are happiest and most productive when they understand their future career path within an organization. Implementing professional development plans for your employees will help you monitor their progress, find the best fit for their skillset, and ensure that they are developing the skills that will allow them to bring value to the organization. Reward improvement. When an employee becomes more valuable to your organization, reward them for their improvement. Both monetary and non-monetary rewards can work, but be sure that improved responsibility and performance are rewarded with additional compensation. And don’t be afraid to publicize the rewards provided. Match increased skills with increased responsibility. Continue to challenge employees to improve. You’ll quickly find out which employees are motivated to rise to the challenge. Once you identify these individuals, Continue Reading »