Business Planning & Problem Solving in El Paso
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Approximately one million new businesses are started every year in the United States.
About 80 percent of all new businesses will fail within five years. To avoid this, you need to team up with a reliable CPA that understands the common pitfalls. This is where Clifford, Ross, Raudenbush & Cooper, LLC comes into play. We’ve been helping businesses in the El Paso region thrive since 1978. To learn more about our business planning and problem-solving services, give us a call.
How to Improve Your Business’s Profits
As the manager of a small business, you must wear several hats. Never stop investigating new ideas to improve all areas of your business. The astute manager will gather information to assist him or her in making the changes necessary to stay profitable in a competitive business world.
Below are a few important strategies business owners can implement to improve their profits:
Listen to your customers
You are not really selling products or services; you are selling customer satisfaction. Satisfied customers return to spend more money and are likely to refer new customers to you. It is estimated to cost ten times as much to acquire a new customer as it does to retain a current customer through good customer service.
Implement a succession plan
If your company runs well now in your absence, it will run well in the event of your disability or death. If you are currently indispensable, start training people now. One of the most rewarding forms of retirement is to own your own company and to be absent as much as you like.
Have reliable professionals to back you up
The word ability spelled “A.B.I.L.-ity” stands for Accountant, Banker, Insurance Agent, and Lawyer. These professionals handle a variety of business problems every day. They make excellent sounding boards for proposed transactions. Consulting with them before you conclude any deals can save you many problems.
Visit similar businesses outside of your trade area
You can be your own best business troubleshooter. Consider arranging a trip to visit a half dozen businesses just like yours, but outside your trade area. Discuss products or services, customer relations, vendors, physical plant and equipment, and financial statement information with these non-competing colleagues. Arrange a five- to ten-day trip. Take your financial statements, a copy of your floor plan, your camera, and a long list of questions. When you return, you will be able to inform your staff of all you learned. This trip is especially beneficial if you are not affiliated with a franchise business.
Cement a proper budget for the following year
Every business should operate from a budget. Your last year’s financial reports serve as an excellent guide to setting this year’s budget. Since it is designed with the best information you have available at the outset, the variances from the budget figures may give you valuable information in preparing the next year’s game plan.
Ensure your community can support your new business
Before you start a new business, be sure the community can support such a business. Some areas are not large enough to warrant certain specialty shops. A bicycle shop, for example, may take a population base of 50,000 people to make it profitable. A grocery store, on the other hand, can be profitable in a town of only a few thousand.
Find out if having Accounts Receivable will be beneficial
Is it necessary or profitable to have accounts receivable? Credit is necessary to attract some business, and it is profitable if properly managed. For example, a construction company finds it impractical to issue credit cards to all its employees and inconvenient to use a check for every purchase. In exchange for the courtesy of an open account, such a customer should be willing to pay immediately upon receipt of a billing statement.
Does that business deal sound too good to be true? We can help
Business deals and special franchises which sound too good to be true usually are. We will gladly assist you in reviewing any new purchase or business proposal.
Business partnerships (marriages) seldom have the same courtship afforded most marriages. In the absence of this courtship, you should have your attorney draft a well-written partnership agreement. It is also important for family partnerships.
Check tax and non-tax considerations before incorporating your business
Don’t incorporate your business without first checking the long-range tax and non-tax considerations. There are many small corporations that would have been better off operating in some other legal form.
Avoid payroll tax deposit penalties
Some businesses receive penalties for late payroll tax deposits. To avoid such problems, don’t sign payroll checks unless the first check in the stack is the payroll deposit to your bank. This may have you paying deposits earlier than required, but you will not be receiving penalties.
What makes a business successful?
Business problems and their solutions are as varied as are different businesses. There are some universal truths, however, in managing any business.
Whether you are starting a business or operating a going concern, we can help you select the proper organizational structure and help you secure adequate financing. We will work with you and your banker, lawyer, insurance agent, and other advisors to solve your business problems.
Through our business planning services, we will assist you with loan applications, pricing, credit policies, cash flow needs, cost controls, and other management issues. We will gladly assist you in reviewing your operations to see what you might do to be more profitable.
Contact Clifford, Ross, Raudenbush & Cooper, LLC Today!
Need business planning assistance? Give us a call for a no-charge initial conference. You should interview us, as you would any professional, to determine if we will be a good long-term match for you and your business. If we don’t have the answer to your problems, we will assist you in locating someone who does.