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Posts Tagged ‘Business Owners’
Tuesday, July 6th, 2010
Every day, entrepreneurs and business owners take risks — it’s just part of the job. They have to make decisions and sometimes can’t get 100% of the information in time to completely predict an outcome. While that’s somewhat expected, I’m here to say that it’s no excuse for taking on unnecessary risks.
For instance — are you playing roulette with your company’s finances? You may not realize that there are financial management choices you’re making that are actually putting your business at far too great a risk.
Perhaps it’s the way you’ve structured your billing or the method you’re using to pay your employees or vendors. Maybe you’re just not being wise with the ways you’re allocating the revenue that’s coming into your organization.
If you’re not 100% sure that you’re being proactive about the risks your company faces financially, I encourage you to get help from someone who understands. There’s no reason to put your business in harm’s way, especially when so many risks can be thwarted.
And, of course, if you’re looking for a virtual CFO, I’d be happy to provide you with a free telephone consultation. Just email me today at Scott(at)FinancialFutureCFO(dot)com.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Billing, Business Entrepreneurs, Business Owners, Decisions, Excuse, Faces, Finances, financial management, Free Telephone, Job, Management Choices, Organization, Playing Roulette, Proactive, Reason, risk, Telephone Consultation, Unnecessary Risks, virtual CFO
Posted in Protection, risk management | No Comments »
Friday, May 14th, 2010
Although I’m willing to bet that you understand what cash flow is, I’m also willing to bet that most entrepreneurs (especially those who have start-ups or “accidentally” became business owners) have never mapped out their company’s cash flow.
That’s really too bad.
As with all things, knowledge is power… and that means the more you can visualize how your cash is “flowing” in and out of your business, the better equipped you’ll be to control that cash flow today, tomorrow and in the future.
Not sure where to begin? That’s where I’d be happy to step in. I can help you get a snapshot of your cash flow and how you can make sure that your money “spigot” is working efficiently and effectively.
Send me an email at scott(at)financialfuturecfo(dot)com and let’s get started!
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Bet, Business Owners, cash flow, Company Flow, Control, Email, Knowledge Is Power, Money, Snapshot, Spigot, Start Ups, Today Tomorrow, Ups
Posted in cash flow management | No Comments »
Friday, April 2nd, 2010
Tax extensions that a result of unforeseen circumstances do sometimes occur.
Take the recent flooding of the northeastern part of the United States, for instance. The IRS is giving people in certain parts of the most highly impacted regions an opportunity to delay filing their 2009 taxes until May 11.
For CPAs in that area of the country and beyond (if they’re handling the tax returns of clients who are affected), it means an unexpected bit of tax preparation business. For business owners, it offers a little relief amidst the chaos.
Who says the IRS can’t be kind?
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Business Owners, Chaos, Cpas, Irs, Tax Extensions, Tax Preparation Business, Unforeseen Circumstances, United States
Posted in Taxes | No Comments »
Friday, February 26th, 2010
After April 16th, do you ever review your tax returns for the prior year again? (I’m talking about a typical year, not one in which you get audited or need to file an extension.) Most business owners, especially of very small companies or start-ups, don’t; they just file the returns away. On the off chance they do look at them, they don’t look very hard.
That’s a real shame, because there’s a lot to be learned from last year’s tax return. But you have to have a CPA who’s willing to sit down with you and examine the document for areas of improvement. For instance — could you have allocated funds more strategically? And did you maximize the benefits associated with your allowable deductions?
If your CPA hasn’t suggested evaluating your tax returns to help you plan for next April, it may be time to bring up the topic yourself. (Or perhaps you should start looking for a new financial partner like FinancialFutureCFO.) I know it can be painful to comb through a tax return, but it can also be incredibly enlightening.
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Have you signed up for my FREE report: 9 Ways to Increase Your Cash Flow?
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Allowable Deductions, Business Owners, cash flow, Comb, CPA, Financial Partner, Hasn, Off Chance, Shame, Start Ups, Tax Help, Tax Return, Tax Returns, Ups
Posted in Change your CPA | No Comments »
Wednesday, February 24th, 2010
We’ve all complained at one time or another about the economy, the competition, whatever is causing problems for us financially. But it seems like everyone is pointing fingers now without being willing to do something about it. Whenever a sale goes south, their first answer is, “Well, these are hard times. What can you expect?” That’s no way to grow a company!
As a virtual CFO, I’ve come to the conclusion that it’s time for business owners to stop blaming and start coming up with new ideas. I know it’s tough out there - I’m a small business owner, too! But I also know that at some point, looking outward for “guilty parties” while never looking inward for answers only makes matters worse.
If you’ve been stuck in a downward spiral of blame, it’s time to stop. Get yourself a good virtual CFO (yes, I’m going to plug my services here!) and build a realistic plan. Be creative and figure out a way to bring your numbers back to a satisfactory level.
Negativity may be human nature (well, sometimes), but it isn’t a trait upon which businesses are shaped.
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Sign up for a copy of my FREE report: 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Blame Game, Business Owners, cash flow, Conclusion, Creative, Downward Spiral, Economy, Guilty Parties, Human Nature, Pointing Fingers, Realistic Plan, Satisfactory Level, small business owner, virtual CFO
Posted in Business Ownership | No Comments »
Tuesday, February 9th, 2010
In my last post, I wrote about the need for business owners (and individuals) to contemplate changing CPAs, especially if the relationship with their current CPA just doesn’t seem to be working any longer.
In this post, I’m going to piggyback on that topic area and give you a few characteristics to consider when it comes to hiring your next accountant. After all, if you’re going to take the step to change CPAs, you’d best do it pragmatically!
1. Honesty
You deserve a CPA who will be perfectly straightforward with you in terms of what he/she can do and what he/she thinks of your plans. If you can’t be honest with one another, your partnership will be lacking.
2. Knowledge/Expertise
CPAs should stay up-to-date in their areas of practice. If your CPA doesn’t believe in continuing education… run!
3. Availability
You shouldn’t have to feel like you need Sherlock Holmes to help you track down your CPA. If an accountant wants your business, he/she should be available to you.
4. Reputation
Your CPA should have a spotless reputation. Ask for testimonials and referrals, then contact those people. It’s the best way to investigate an accountant because you’ll get the answers you need.
5. Team Mentality
Your CPA should act as though he/she is part of your team… because he/she IS! If you run into a CPA with an “it’s all about what I want” mindset, move on to the next accountant and don’t look back!
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Cash flow on your mind? Sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Act, Business Owners, cash flow, Continuing Education, Cpa Accountant, Cpas, Current, Honesty, Knowledge Expertise, Mentality, Mindset, Partnership, Referrals, Relationship, Sherlock Holmes, Spotless Reputation, Testimonials
Posted in Change your CPA | No Comments »
Saturday, February 6th, 2010
It’s pretty common for individuals and business owners to carefully choose a CPA and stick with him or her almost blindly. But let’s face it — times change and needs do, too. Sometimes, CPAs that were a great match for you and/or your company years ago don’t fit the bill any longer.
If you’re seeing any of these red flags between you and your current CPA, it’s not a bad idea to start investigating other accounting professionals.
- Your CPA is difficult to reach, and when you do reach him/her, you feel like you’re not being “heard”.
- Your CPA has really never taken the time to learn about your business. You feel like just another client.
- Your CPA doesn’t seem to want to learn anything new. This becomes more of a problem with each passing year.
- Your CPA was “inherited” by you and isn’t someone with whom you’d choose to deal.
- Your CPA either always says “yes” or always says “no”… and you feel like it’s just to get you to stop talking.
- Your CPA rushes all projects through at the last minute, giving you little time to discuss them.
Do any of these red flags sound familiar? If so, I’d encourage you to do yourself a favor and start looking around.
Remember — you’re not married to your CPA! So if you’re unhappy with the relationship, it may be time to move on.
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Are you worried about your company’s cash flow? Then sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Accountant, Accounting, Bad Idea, Business Owners, cash flow, Company Flow, CPA, Cpas, Current, Last Minute, Little Time, Match, Red Flags, Relationship
Posted in Change your CPA | 2 Comments »
Tuesday, February 2nd, 2010
Take a really good look at the state of your company right now. Are you happy with the way it’s organized? Is your cash flow adequate? Are you comfortable with the way paperwork and invoicing is handled?
If you said “no”, don’t worry — you’re probably in the majority.
Most business owners, especially those with very few employees, aren’t completely satisfied with some aspect of the state of their companies. And that’s perfectly okay… as long as they’re willing to make 2010 the year of change.
If you know it’s time to take charge of your business, I’d like to help you. Send me an email at scott(at)FinancialFutureCFO(dot)com and we’ll arrange a free telephone consultation.
It’s your business. Give it every chance of succeeding for this year and beyond!
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Concerned about cash flow? Then sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Business Owners, cash flow, Email, free consultation, Free Telephone, Invoicing, Paperwork, Send Email, Telephone Consultation
Posted in Business Ownership | No Comments »
Saturday, January 23rd, 2010
I’m giving away a very special report that’s been written specifically for business owners and entrepreneurs.
My free report will give you 9 ways to increase your cash flow so you can better manage your money and “up” your profitability in 2010 and beyond!
Simply head to the FinancialFutureCFO website and add your information in the box that first greets you. From there, you’ll receive your report via email and can start implementing some great techniques to keep that cash flowing!
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Business Entrepreneurs, Business Owners, Business Report, cash flow, Email, Free Report, Manage Money, Manage Your Money, Profitability, Special Report, Website Information
Posted in Free reports and resources, cash flow management | No Comments »
Friday, January 15th, 2010
If you’re in a state where utility rate caps are set to expire or if you use a type of energy source that’s significantly gone up in price, you probably need to adjust your business budget. Even if you work out of your home, price adjustments on natural gas, electricity, oil and coal can significantly affect your cash flow.
Many business owners forget how a modest change in utility rates can have dramatic effects, especially if you’re already having trouble making ends meet each month.
So what can you do? Well, you have several options:
1. Make sure you’re budgeting for variable rates in your utility costs.
2. Get on a month-by-month “budget plan” (offered by many companies.) That way, you’ll pay about the same amount each month, which could wind up in savings for you.
3. Shop around for another energy provider.
4. In the colder months, keep your general office temperature a little cooler (but not Scrooge-like cold!) and offer employees energy-efficient space heaters for their areas. In the hotter months, do the same with personal fans (but don’t make workers or customers sweat it out — that’s not fair!)
5. Ensure your windows and doors aren’t making things worse for you in terms of utility bills. Plugging up drafts can make a huge difference.
6. Move to a different location, if possible.
7. Raise your prices to absorb the new costs of your utilities.
What other ways have you used to solve cash flow problems created by increasing utility costs?
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Budget Plan, Business Budget, Business Owners, Cash Flow Problems, Coal, Dramatic Effects, Efficient Space Heaters, Energy Efficient Space Heaters, Energy Provider, Energy Source, Gas Electricity, Natural Gas, Office Temperature, Personal Fans, Price Adjustments, Rate Caps, Space Heaters, Utility Bills, Variable Rates, Windows And Doors, Windows Doors
Posted in cash flow management | No Comments »
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