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!