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Foresee The Unknown

By Stephanie Parris, MAFM • June 2, 2020

Many of you are entrepreneurs. You have your own business and you work, day in and day out, to make your business a success. We start with an idea because we either saw a need or had a passion for something. How many of you thought through all the moving parts it takes to run a successful business before you got started? What about the staff and specialty consultants? What about the budgets and forecasts? Most of us have been right where you are or were. This is the part of every story that is not new. It is the common theme. We underestimate how much time we would spend on administrative tasks and bookkeeping. We may have underestimated the time it would take to do the marketing and promotional side of business. What about the networking? Did any of you think about how many hours would be involved in building connections with your ideal client? Many of us, just balance it all and try to “keep the plates spinning” all at once. When we are not focusing on our business, we can lose sight of our intent and our goals. We may feel overwhelmed or worse yet, we may put some of the key components of a successful business to the side and deal with it when we must, rather than creating a routine with it. Without a strong foundation, just like a building, businesses will collapse. How many of you dread the pieces of business, like marketing or bookkeeping? When I started Guardian Accounting Services, LLC, I dreaded sales and marketing. I would make myself sick over the thought of networking to generate leads. I would spend substantial amounts of money to attend networking events only to tuck myself into the corner. I knew I needed these opportunities to grow my business, but I hated them because I did not have any training in that area, and I did not know how to do it successfully. I relied on my reputation, small events, and referrals to gain business. My business growth was flat. I knew I provided a great service package but just didn’t grow and I didn’t know how to promote it. From this challenge, I created one of my favorite offerings at my firm. I knew enough to know that I needed help in sales and marketing but didn’t know what that looked like. I found someone who inspired me daily with her online presence and she taught me what I needed to know to go into events and own them. I now network, market, and promote my business and offerings with ease. In three months, I increased my monthly revenue by more than forty-five percent. I had the proper training to do these things without the anxiety and dread I had before. They are now part of my routine. I share this because, this lesson and growth were what prompted me to create my training course. Accounting for Real Life is a course I created to teach people how to do their bookkeeping with ease. I kept seeing a common theme that people had a great dislike for doing their bookkeeping. The more I researched and interviewed people, the more I found that their accounting was working against them. I have created content in manageable chunks without “accountant speak”. I teach how to utilize the software that you already pay for. I teach how to manage the processes and set up the system to work for your business. When you use your software in the manner that accountants and bookkeepers use it, you will find it less intimidating and be more likely to use it. Why would you invest money into something you won’t use or that you hate using? Would you keep a car that you hated to drive or didn’t know how to drive? Probably not. Your accounting should not be any different. With the COVID-19 pandemic, many business owners have scaled back outsourcing their bookkeeping. They have taken it in the house, whether they are doing it themselves as the business owner or adding it to another staff member’s workload. With the proper training, businesses can have transparent and accurate financials to allow them to leverage opportunities. In times like these, it is now more important than ever to position yourself to take advantage of opportunities for your business. For organizations that want more than the initial course, I also created a completely customized and recorded training for their accounting system. This has proven to be beneficial, and the most popular, for the business owner who wants a deeper dive in training for their specific company. These systems have been created to help business owners, just like you, overcome the challenges of not knowing. It enables and empowers entrepreneurs to work on their business rather than in it. When we work on our businesses, we can plan and grow. We achieve and exceed the goals we set just by using the resources we already have available. Stephanie Parris,Executive Contributor Brainz Magazine Stephanie Parris has a Masters’ Degree, in Accounting and Financial Management. She writes about accounting and business for today’s world. She has extensive knowledge of the non-profit, construction, real estate and service industries which she serves. Stephanie has become a leading expert in QuickBooks as well as outsourced accounting services. Stephanie lives in Missouri and volunteers and cooks for her local rescue mission, serves with Made to Serve as well as Race for Rett, mentors local female high school students, has a passion for wine and cooking, and loves spending time with her family and close friends. https://www.brainzmagazine.com/post/foresee-the-unknown

Is it Time to Rethink Your Business Due to COVID-19?

By Tyson Moyer • April 15, 2020

As many individuals and businesses across the globe have been impacted by COVID-19 in some way or another, many businesses are facing closure. Is your business facing closure, do you know someone who is? In the United States, the government passed an aid measure to assist many small businesses. The problem for many is the aid may be too late for some and is unattainable for countless others. Many cities, states, and countries have enacted shelter orders driving many businesses to consider closure due to lack of sales/customers. Instead of closing your doors, consider a way to pivot. The pivot can mean a new way of doing business-versus closing the doors. Many of my clients have done the same thing for over twenty years and have been successful but now find themselves considering dissolution. What may have worked twenty years ago, likely needs adjusted for today’s environment. Just as employers have had to adjust to employees working remotely, organizations should look at adjusting their mindset to continue operations. Sometimes during trying times, the greatest business changes evolve. Perspective in mindset can spark creative thinking. Start by reviewing your financial statements to determine where cash flow is going and what can be trimmed down if anything. One quick way is to evaluate subscriptions to determine what if anything is unnecessary. Often, organizations lose track of what subscriptions they maintain month over month and end up overpaying. Review insurance policies and contracts. It never hurts to review a contract and request adjusted rates. At my firm, we have adjusted rates for ninety days in order to provide some relief for business owners. We are all in this together, I consider the reduced rate as my investment in my clients. Review your main suppliers and consider asking for better rates. Chances are suppliers are feeling the pinch as well and want to continue business with you. "Look at what your competitors are doing to determine what is working for them and what you can implement in your business." Once you are confident with where things can be trimmed down, take a step back and evaluate your business model and goals. Before paying for someone to review your business model and structure, review it as if you were buying the business and had no background on it. Look at the processes, what works and what doesn’t work. What appears outdated, if it appears outdated, it likely is. If your restaurant only accepts call in orders, consider partnering with GrubHub or Door Dash. Look at what your competitors are doing to determine what is working for them and what you can implement in your business. Some of the best business minds in the world will tell you they are always evaluating their competition. After reviewing your business as if you were an outsider, consult with an outsider. My firm looks at processes for potential clients, reviews their financials, and evaluates their market space to determine what if anything can be changed. A fresh set of eyes can be useful when emotion and history is removed. Most times, my firm is able to implement processes for clients saving them an average of twenty percent overhead costs. We have been able to listen to a struggling business owner and decipher their goals and challenges to offer a fresh perspective on market trends allowing them to pivot and not only remain in business but grow. How many organizations do you know that are growing in these times? The organization that pivots and adjusts to the current economic situation, seeing opportunities where others may see challenges, will be the organization that grows and thrives during trying economic times. As a business owner, you must ask yourself, do you want to see a challenge or an opportunity? The mindset shift is often the hardest to accomplish but generally pays dividends. Take this time to invest in yourself. Find a mentor, a coach, a consultant, or all of them. Don’t stand still and let business pass you by, instead pave the way for other business owners. https://www.brainzmagazine.com/post/is-it-time-to-rethink-your-business-due-to-covid-19

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