Your CPA, a Great Asset as Your Business Advisor

Every business needs to transition at some point; why wait until you are ready to sell to review and update your business practices?  Work on your business now and enjoy a better quality of life, greater satisfaction and more productivity from your employees.

I recently presented at a wealth management conference on a panel along with three (3) tax attorneys, our topic was “Selling Your Business.”  As the only CPA on the podium, I represented myself and other proactive accountants who work with our clients in an advisory capacity.  My job is to help our clients create a great business.  To me, that meant talking about on-going business planning and operation evaluations.  The attorneys talked about structuring the deal.  They were great and what I found is that not only did I receive great satisfaction from the advice I was giving, I learned a lot about the use of trusts, gifting and the timing of transfers.

Food for thought and a Call to Action:  NOW

 

“Start With the End in Mind”

It’s never too early to think about the life cycle of your business.  Every business, firm, or healthcare practice needs a good business plan or growth plan which includes 1, 3, or 5 year goals.  A good plan also calls for a possible exit strategy.  When you envision what your business will look like in the future, you realize it has a future and it is important to set up procedures that are not dependent on you alone.

Be a proactive business owner, don’t wait until you are ready to sell to review your business practices.

Work with your accountant in an advisory role or hire a proactive accountant as your business advisor to help you grow your business:

 

 

  • Create, utilize and update your business growth plan
  • Re-evaluate your mission and vision and get buy-in from your staff
  • Set up key performance indicators and analyze results
  • Benchmark against similar business in your industry and geographic area
  • Create repeatable deliverables for yourself and your employees
  • Create and review a cash flow analysis or projection
  • Set pricing based on a value proposition
  • Determine the right target client/customer/patient
  • Review product lines for profitability and obsolescence
  • Utilize technology to update or modernize procedures
  • Be resolute about increasing profits by analyzing expenses and profit lines; when is it time to utilize technology or machinery instead of personnel
  • Utilize technology to eliminate or reduce administrative tasks/time
  • Review then create or modernize your branding
  • Review and update your social media platform or advertising strategy
  • Review and train key employees- fire/hire as needed
  • Grow your business by following a well thought out growth plan where you are accountable to your accountant

If you are ready to start working on your business/practice/firm rather than in your business, contact us.  Take the interactive business evaluation survey on our website.  If you are ready to roll up your sleeves and make your business/practice/firm the best that it can be, let’s get to work!

https://aparnesscpa.com/

https://aparnesscpa.com/services/trust-survey/

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