Somerset Accountant Asks: How's Your Accounting System?

Somerset Accountant Asks: How's Your Accounting System?

September 21, 2011

“Any man can win when things go his way; it’s the man who overcomes adversity that is the true champion.”
– Jock Ewing

There’s a coming tax cliff in 2013, and it’s scary for business owners. (Here’s the WSJ article about it: http://online.wsj.com/article/SB10001424053111904353504576567460396287134.html ) It’s a very good idea to ensure that you have a PLAN moving forward to deal with these realities.

So here’s an idea: take this short quiz: How many “Yeses” can you answer?

1) I have a financial statement for my business that is no more than 30 days old.

2) I reviewed my financial statement with my bookkeeper or accountant within the last month to pinpoint the potential trouble spots and identify pockets of easy cash.

3) I know exactly which products, departments and services give me the highest ROI (return on investment).

4) I have a year-end tax strategy based on my figures to date.

5) I know how much cash I have and how much I will need next week.

6) I can sleep at night, knowing that my record-keeping will support my deductions if the IRS audits me.

If any of these are concerns for you, especially with the tax situation looming as it is, let’s discuss ways that we can fix it for you: 606-678-4372

Switching gears, perhaps the revenue and growth side of your business needs some refreshing. But maybe the problem is that we are so desperate for “new” things, that we fail to recognize the wisdom and glory of the “old”? Because it may be that the “old” stuff is what you need to return to. Some thoughts… Mark Clark’s “Real World” Business Strategy The Oldies Are Goodies.

It’s just part of our national psyche to “go it alone”. But here’s the thing about pioneers…they take the bullets and the arrows. And for the small business owner, too often, taking those metaphorical bullets can prove fatal to the eventual success of the venture. But we’re too easily sold on the notion of being BRAND NEW with our businesses, and especially with our marketing and sales.

Advertising agencies and reps spend a great deal of their time coming up with the “newest idea” for a snazzy marketing campaign. And entrepreneurs are driven by the concept of coming up with the newest widget to ensure that they make their millions. But small business millionaires are made by doing the “old” things well. And, by “old”, perhaps it’s better if you think “proven” or “well-tested”, instead of dusty and out-of-date. There are timeless marketing and sales principles which got that way because they work…again, and again, and again.

Now, of course you want your company to stand out from the crowd. Of course you need a unique selling proposition. But, you don’t have to discover on your own how to run a business.In other words, don’t reinvent the wheel. Just find what others have done (and succeeded at) and then try it in your own business.

The great thing about being a business owner today is: the sales and marketing gurus have already tried most everything, and they’ve revealed ALL their secrets with us! To help you along, here is my suggested reading list for improving your business, sales, and marketing. (I know you don’t have a lot of time, so I will keep the list short and powerful.

  • The E-Myth by Michael Gerber
  • Magnetic Marketing by Dan Kennedy
  • Meatball Sundae by Seth Godin
  • Duct Tape Marketing by John Jantsch

This is great reading that will help you improve and manage your business!