Approximately
one million new businesses are started
every year in the United States. About 80 percent of all new businesses
will fail within five years.
As the manager of
a small business, you must wear several hats. Never stop investigating
new ideas to improve all areas of your business. The astute manager
will gather information to assist him or her in making the changes necessary
to stay profitable in a competitive business world. Our knowledge of
business organization, finances, personnel and tax issues uniquely qualifies
us to work for you.
Here
are some tips to improve your profits:
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Listen
to your customers. You are not really selling products or services;
you are selling customer satisfaction. Satisfied customers return
to spend more money and are likely to refer new customers to you. |
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It
is estimated to cost ten times as much to acquire a new customer
as it does to retain a current customer through good customer
service. |
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If
your company runs well now in your absence, it will run well in
the event of your disability or death. If you are currently indispensable,
start training people now. One of the most rewarding forms of
retirement is to own your own company and to be absent as much
as you like. |
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The
word ability spelled "A.B.I.L.ity" could stand for Accountant,
Banker, Insurance Agent, and Lawyer. These professionals handle
a variety of business problems every day. They make excellent
sounding boards for proposed transactions. Consulting with them
before you conclude any deals can save you many problems. |
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You
can be your own best business troubleshooter. Consider arranging
a trip to visit a half dozen businesses just like yours, but outside
your trade area. Discuss products or services, customer relations,
vendors, physical plant and equipment, and financial statement
information with these noncompeting colleagues. Arrange a five-
to ten-day trip. Take your financial statements, a copy of your
floor plan, your camera, and a long list of questions. When you
return, you will be able to inform your staff of all you learned.
This trip is especially beneficial if you are not affiliated with
a franchise business. |
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Every
business should operate from a budget. Your last year's financial
reports serve as an excellent guide to setting this year's budget.
Since it is designed with the best information you have available
at the outset, the variances from the budget figures may give
you valuable information in preparing the next year's game plan. |
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Are you
operating out of a shoe box? We can organize your information
and compile financial statements for you, or we can train you
or your employee on QuickBooks. |
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Is it necessary
or profitable to have accounts receivable? Credit is necessary
to attract some business, and it is profitable if properly managed. |
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Business
deals and special franchises which sound too good to be true usually
are. We will gladly assist you in reviewing any new purchase or
business proposal. |
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Business
partnerships (marriages) seldom have the same courtship afforded
most marriages. In the absence of this courtship, you should have
your attorney draft a well-written partnership agreement. It is
also important for family partnerships. |
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Don't
incorporate your business without first checking the long-range
tax and nontax considerations. There are many small corporations
that would have been better off operating in some other legal
form. |
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Some
businesses receive penalties for late payroll tax deposits. To
avoid such problems, don't sign payroll checks unless the first
check in the stack is the payroll deposit to your bank.
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What
makes a business successful?
Business problems
and their solutions are as varied as are different businesses. There
are some universal truths, however, in managing any business.
Whether you are
starting a business or operating a going concern, we can help you select
the proper organizational structure and help you secure adequate financing.
We will work with you and your banker, lawyer, insurance agent, and
other advisors to solve your business problems.
We will assist you
with loan applications, policy manuals, credit policies, cash flow needs,
income and tax projections, cost controls, and other management issues.
We will gladly assist you in reviewing your operations to see what you
might do to be more profitable.
For medical practices,
we offer special services including practice evaluations and assessments,
hire and training personnel, income and expense sharing arrangements,
employment contract review, OSHA training, and fee schedules.
Give us a call for
a no-charge initial conference. You should interview us, as you would
any professional, to determine if we will be a good long-term match
for you and your business. If we don't have the answer to your problems,
we will assist you in locating someone who does.
We always welcome
your questions. Contact us by phone or e-mail.
We appreciate hearing from you. Request our free brochures on the following
topics:
Choosing
the right entity for your business
What you need
to know before going into business
How to use financial
information in your business
Click
here for medical business resources.
Click
here for other business links.
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