Here at Susan Glenn & Associates CPAs, Inc., we know no two businesses are alike, and neither are their financial needs and goals. We take the time to get to know every one of our clients, their needs, and expectations for their financial future. We will work with you to help you reach and achieve both immediate and long-term financial goals. Our team will help you overcome the challenges every business faces, as well as the ones unique to your company and industry. Whatever your business concerns, we can provide you with the help you need.
Whether you are just starting out or are already in full operation, our staff can help you secure adequate financing and create a proper organizational structure. We will work with you and your lawyer, banker, insurance agent, and other professional advisors to solve your business problems.
We can assist you with a variety of management issues including: loan applications, cash flow concerns, pricing, and cost controls. In addition, we will assist you in reviewing your operations and see what you could do to make your business more profitable.
What makes a business successful?
Even if your business is doing well, you should never stop looking for ways to improve all areas of your business. Staying profitable is not only about doing well in the present, but planning and continuing to looks for ways to stay competitive in the future.
There are many ways to improve your profits including:
Make sure your community can support your business.
Before starting a new business, it's important to do you homework and research if the area has the population base to support your company. This is especially true for specialty shops. For example, a grocery store can be profitable in a town of only a few thousand, whereas a bicycle repair ship may need a population of 50,000 people to make it profitable.
Take caution with business deals.
Special franchises and business deals that sound too good to be true usually are. Our team will assist you in reviewing any business proposals or business purchase information.
Enlist the help of professionals.
Bankers, insurance agents, lawyers, and accountants can all help you identify and solve your business problems. While certain issues may be unique to your business, these types of professionals are trained to identify and overcome business challenges. Having a trusted team of advisors provides you with a sounding board for proposed transactions.
Check reasons for incorporating.
Before incorporating your business, be sure to check out the long-range and non-tax considerations. Many smaller corporations benefit more by operating in some other legal form.
Avoid penalties for late payroll deposits.
Some businesses are penalized for late payroll tax deposits. To avoid this issue, make sure the first check in your stack is the payroll deposit to your bank. This may mean having to pay your deposits earlier than required, but it prevents you from receiving penalties.
Listen to your customers.
In today's world, it's important to not only sell your products and services, but also sell customer satisfaction. Happy customers are more likely to return to your business and spend more money, and more importantly, they are more likely to refer new customers to you, which helps grow your loyal client base.
Focus on customer retention.
Good customer service can go a long way. It is estimated it costs 10x as much to acquire a new customer than it does to retain a current one.
Don't make yourself indispensable
As a business owner, it is important to make sure your company runs with or without you present. If your business runs well now in your absence, it will run well in the event of your disability or death. If you are currently indispensable, it's important to start training people now. Doing this not only ensures your company can stay afloat in the event something happens to you, but it can also afford you the reward of retiring with your own company, with the ability to be absent as much as you like.
For a no-charge initial conference, give us a call today at (951) 737-1731. Together, we will determine if we are a good long-term match for you and your business. We will happily answer any questions your have, and if we don't have the answers, we will help you locate someone who does.