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Profitability

What Your Accountant Doesn’t Want You to Know

Are you getting tired of getting slapped around by the tax man? I finally became tired of selling my product, only to learn that those that had purchased rarely set aside time to implement it. I didn’t get my degree in accounting or even finance, but during a visit to my CPA’s office, I made an interesting discovery; he had people much less qualified than I was keeping my company books! What did that tell me?
Accounting Software has automated many of the processes of bookkeeping allowing business owners and/or bookkeepers spend less time with dull accounting tasks and are shortening the amount of time required on your company books. Many times, you are billed a monthly amount for work that took one of their in-house, minimum wage bookkeepers 10 minutes to complete.
Who knows a business better than a business owner. I know out-sourced accountants know about numbers, but they aren’t fighting in the trenches like the owner does, so who better to be involved in the accounting/financial matters of a company than the owner?
Now tell me, what business owners wouldn’t like to know how to read their own company financial’s? If you are a business owner, do you know your profit margins? Your break-even point? Do you know what capital structure is?
Remember, these are things they don’t want you to know because it keeps them in business while financial software begins to automate the tasks that many of us are paying a premium for.…

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Profitability

Bringing Small Offline Service Business Online – Helping Small Businesses Come Online is Profitable

Helping a small service business to come online is an excellent way to build a business for yourself. There are hundreds of thousands of small businesses that have very little online presence, and you can use the skills you have for online marketing to set them up as well. This will bring them more business while you develop your own system for doing this for others. This can be the start of a whole new business for you.
My recommendation is to do this for a friend or family member first, just to learn how to market in this way. I started by doing some publicity and marketing for my Rotary Club, and then I did it for a family member who works as a handyman. I Googled the handyman and saw that he was not listed on any of the first ten pages for his city and the term handyman. Then I began to blog for him, wrote several articles, and sent a free press release. Within just a few weeks he was on page one of Google for people searching in his city.
Once you have achieved some success, you can offer your services to others for a fee. Find out what they are spending for print advertising, and charge around the same amount. That way they can use your services for a month to see how well online marketing works for them. Typically small service businesses have no idea how many more people will be able to find them once they have an online presence besides a static web site.…

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Profitability

Small Business Fundraising Assistance – Helping The Community

The other day I was talking to a small time entrepreneur, he is a painting contractor, and he has been moderately successful, at least he stays busy all year round. That’s pretty good considering the state of the economy, and most of the reason he’s busy is because he does great work and gets lots of referrals. His wife owns a small boutique in town, which is on a busy corner in a high-end shopping district. She has done very well helping the community, and he wants to do more.
He is considering joining a service club such as; the Rotary, Kiwanis, Optimists, or Lions Club in town. “That’s a very good idea,” I told him, but I warned him that it was also a significant time commitment, and there were other things he could do. He could sponsor a nonprofit group or event, or perhaps allow his facilities to be used by a nonprofit group or become a resource. So I wrote down these three items;
1. Allotting Facilities
2. Semi-Sponsorship
3. Become a Resource
Just because he runs a service company, as he is a painter, and he doesn’t run a retail store, doesn’t mean he can become a good resource for nonprofit groups. He might volunteer to help a group of gentlemen repaint a local church. Perhaps he can offer his services, and become the leader of the group while the painting is being done, and offer those services and the painting over a weekend for only the cost of his supplies.
If he were to do that, he would all of a sudden have every member of that church knowing that his company helped out, which would provide him new business, and go a long way to helping the community, while also getting credit for his good deeds. Who knows maybe even God will be watching if he helps paint church? There are so many things small business people can do, regardless of the type of business they run.
Maybe you need to do a little brainstorming, think about what types of resources your company can provide at a very low or nominal cost. Perhaps you can donate your time, supplies, and everything else towards a good cause. You can take the deductions as business expenses, and it’s a lot cheaper than expensive marketing or advertising in the newspaper, radio, or on cable TV for instance. If you haven’t done any of this, you need to start. It’s easy to get involved in small business fundraising for a local community group. Please think on it.…