Tag: business coach

I hope this follow-up to last Friday’s blog, highlighting the “Do’s” and “Don’ts” will help you with navigating debt repayment helping your business grow and helping you get a good night sleep: While significant expenses like staff salaries, rent, and advertising are carefully budgeted, one critical “cost of doing business” that often flies under the radar is debt servicing—the monthly principal and interest payments on loans 💸.  Managing debt can feel like…  Read more

Navigating Debt Repayment for Financial Freedom For many small business owners, medical practitioners, and other professionals, launching a business or practice often begins with a well-crafted business plan 📋 and the assembly of a strong professional support team 🤝. Once a loan is secured 💰, a prime location chosen 📍, and key staff hired 👥, the real work begins. While significant expenses like staff salaries, rent, and advertising are carefully…  Read more

I hope this follow-up to last Friday’s blog, in a checklist format, highlights the “Do’s” and “Don’ts” will help you with organized, sustainable business growth. Follow the list, check off the boxes, and watch your business thrive. A great business plan is the cornerstone of success for any business. Use this checklist as a reminder as you work through your plan. Whether you’re a medical practice, a professional service provider,…  Read more

Finding new customers and markets is an exciting journey that requires careful planning and strategic action. With the right approach, the rewards can be significant. So, why not take the first step today? 🏠🚀  Weekly Takeaway: For a business to thrive and grow, it essentially needs two things: a strategic plan and an ability to continually find new customers while tapping into promising markets.  There’s a popular marketing saying: “Go where…  Read more

I hope this follow-up to last Friday’s blog, highlighting the key benefits of utilizing Budgeting, Forecasting, & Goal Setting for Business Success, provides actionable insights to help your business thrive.  Best practices include proper financial planning as the cornerstone of success for any business. Whether you’re a medical practice, a professional service provider, or a small business owner, aligning your budgets, forecasts, and goals can pave the way for sustainable…  Read more

Weekly take away: With so much uncertainty these days it’s helpful and maybe even critical to include budgets, forecasts, long and short-term goals in your business process.  Many business owners find themself struggling to understand what their finances mean or how they can use available financial information to make appropriate and necessary decisions for their business. We often get into business because we love a product or service we want…  Read more

Lately, economists have been talking about a “K-shaped” recovery from the current recession. As this article in The Conversation explains, this kind of recovery happens when different parts of the economy recover at different rates. White-collar workers who can more easily work remotely may have an easier and faster path to recovery than blue-collar and service workers who must be physically present to do their jobs. Moving forward is the…  Read more

Until scientists develop an effective and safe vaccine, and that vaccine is administered to millions of people, our best means of protection from COVID-19 is herd immunity. Recent models hint that the protective effects of a population that has already been infected by the COVID-19 virus may exist at much lower percentages than previously thought. Instead of requiring that 70 to 80 percent of a population be immune, that threshold…  Read more

It’s no surprise to most Americans that the U.S. economy has suffered greatly from the impacts of the COVID-19 pandemic. But what may surprise you is the extent of the decline: a record 32.9% contraction during the second quarter of 2020, the biggest drop since 1947. The virus is still spreading across much of the country, and for 19 straight weeks, more than 1 million people have submitted new claims…  Read more

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. As I take my morning run I try to clear my head and think about what I can do to help alleviate the pressures we are all facing.  Our firm…  Read more

If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn from the response to COVID-19 to help plan for the future. Yes, your…  Read more

Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic Now that some states are lifting lockdown restrictions, retailers whose offerings differ by the season are having an especially challenging time with reopening. Many were not able to fully restock their stores with spring items before they had to shut down, and have warehouses and stores full of items that no one wants now. Restaurants are also…  Read more

I clicked on the email from disastercustomerservice@sba.gov and was a bit surprised that they were inviting me to set up my portal so I could continue my SBA Economic Injury Disaster Loan Application. I said to myself “I got an Offer for a SBA Loan Now What Should I Do?” then I said to myself this is an opportunity and I should approach this as I would any other opportunity…  Read more

I am hoping that everyone practiced safe social distancing as we celebrated our war heroes this memorial day weekend. NYS has just opened the New York Forward Loan Fund (NYFLF) for pre-applications.  This is a new working capital economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak. NYFLF targets the state’s small businesses with: Gross revenue…  Read more

It seems appropriate to discuss this topic as the news this week is focused on “returning to work”.   I wonder what that will look like for people, I believe it depends on our ability to be flexible, creative, careful, courageous, determined and considerate  as we  continue to work remotely or create processes for a sustainable remote/onsite system. I was asked to contribute to a recently published online article here is…  Read more

Even with our “new normal”, life and taxes go on with a slight shift in our process. It’s a rainy Tuesday morning in NYC but I wanted to share yesterday’s sunrise from Rockaway Beach which is right down my block. Take a deep breath as you start your day and try to stay calm as we head into what will probably be another challenging day. Yesterday our firm met the…  Read more

I was asked to contribute to a feature in a short video montage at Intuit’s QuickbooksConnect conference.  Several accountants spoke about aspects of accounting. I was happy to answer “what do you love about your clients?” Any guesses as to what I replied? Here’s the gist: I love that I’m able to speak with my clients and they understand what I’m saying. At A. Parness Company CPA we believe in…  Read more

The phrase “business advisory” is used a lot in the accounting industry, more now than ever, but what is it really? More and more small business owners and medical practitioners are realizing they want and need more than just an accountant to fill in the boxes on their tax returns, and frankly, they are right, they do need more than just tax compliance! What does business advisory look like for…  Read more

For medical practices and other professional practices the risk of data breaches and fraud is high, so taking all the necessary steps to protect your patient’s or client’s sensitive data is a must. Unfortunately for many practitioners the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid…  Read more

Is email the new silent killer?  At one point in time everyone thought it would vastly improve communication while freeing up time. It still is a great way to communicate and under the right conditions can help create efficiencies for medical practice or small business owners and their staff. It seems like we wade through hundreds of emails in our inbox each day; the productivity killer arises from those who…  Read more