27Apr 2018 by Fred Crooks
Business Exit Planning

Business Exit Planning

Business Advisory, Fundamentals, Small Business
Business Exit Planning - Planning with the End in Mind There comes a time for every small business owner to exit their business. Properly positioning your business to be sold can be one of the most rewarding aspects of being a business owner, but also one of the most challenging. Failing to plan for the sale or succession can lead to a disappointing, and sometimes catastrophic, ending to what has been an otherwise successful and fulfilling business career. When it comes to developing a business exit plan, those who have worked with some kind of business or strategic plan in the past are at an advantage. Regardless, putting together a workable exit plan is not an impossible task. Start with a self-evaluation of your personal and business needs, goals and…
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22Feb 2018 by Fred Crooks No Comments
How to judge your business success

How to judge your business success

Business Advisory, Fundamentals, Small Business
Once you’ve checked your business vitals (see our previous post, Why You Need to Regularly Check Your Business Vitals ) the next step in assessing the health and performance of your organization is to begin comparing your key business metrics with your competitors.Now, every industry has its own challenges, and its own means of measuring success, but there are a few universal standards that can be relied upon when making such comparisons.In particular, you should look at gross profit and break-even analysis.Gross profit is rather simple - it’s your sales minus the cost of goods sold (the direct cost of the production of goods sold or service provided).The break-even analysis, however, is a little more complex. It is designed to help you analyze the various aspects of your business to…
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22Jan 2018 by Fred Crooks No Comments
Tax Reform Changes

Tax Reform Changes

Business Advisory, Compliance, Tax, Uncategorized
Tax Reform Changes - How will they affect you? When you file your 2018 tax returns - about a year from now - your return will look very different.  Here are a few of the biggest changes that may affect you. Individual TaxIndividual tax rates will range from 10% to 37%.Standard deduction increases and personal and dependent exemptions eliminatedThe Child Tax Credit increased and a new Dependent Credit created.Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:State income tax and property taxes above $10,000 per year in total;Moving expenses (with an exception for certain military);Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;Mortgage interest beyond interest on $750,000 of acquisition debt (if…
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14Dec 2017 by Fred Crooks No Comments
Is your business ill?

Is your business ill?

Business Advisory, Small Business
When a doctor first examines a patient, they’ll typically check their vital signs. This includes the pulse or heart rate, body temperature, respiration rate, and blood pressure. Taken together, these help indicate the state of the patient’s essential body functions. If any - or all - offer some cause for concern, the doctor can start diagnosing the patient more thoroughly, before suggesting a course of action... And now we’ve arrived at the part where you’re wondering why we’re discussing basic medical practice. Well, this idea of ‘vital signs’ is something that can be comfortably extended to your business. Your company’s financial health should be examined regularly to make sure there are no underlying maladies that will only grow worse if left untreated. Knowing What to Look For These financial ‘vital…
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15Aug 2017 by Fred Crooks No Comments
Don’t Be Afraid to Work Together

Don’t Be Afraid to Work Together

Uncategorized
Owning and operating a small business can be a lonely endeavor. Long days, longer nights, and no-one to talk to when the going gets tough - it can feel isolating and demoralizing. But there is a solution: speak and share with other business owners. Many small business owners actively fear working with other businesses, worried that they may take advantage of them rather than offering guidance and advice. However, the rewards can be terrific. By tapping into your local network of fellow entrepreneurs, you have the opportunity to become more knowledgeable, understanding, and efficient. Why Should I Reach Out? There’s no two ways about it; being a small business owner is stressful. All the responsibility, all the decisions, the planning, strategy, and execution; it all falls squarely at your feet.…
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20Jun 2017 by Fred Crooks No Comments
The Four Biggest Questions You’ll Ask Yourself as a Business Owner

The Four Biggest Questions You’ll Ask Yourself as a Business Owner

Uncategorized
There are many reasons for starting a business.  Perhaps you’ve spotted a gap in the market. Maybe you’ve grown weary of working for someone else. Or it might just be the fulfilment of a lifelong dream to be your own boss. No matter your reason for taking the leap as an entrepreneur, you will encounter a number of concerns as you progress. It’s important that you know how to recognize and handle these concerns so as to avoid derailing your business. In dealing with many small and medium-sized businesses over the years, we have been able to distill some of these concerns down to four of the most common questions. At some point in your business journey, you will find yourself asking a variation of the following: How will I…
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29Nov 2014 by William Simi
10 Questions

10 Questions

Business Advisory
As with many situations in life, entering into a relationship with a financial advisor, is about asking the right questions.  Our guest blogger this week, Brad Harsch of Lighthouse Strategic Advisors, shares with us the 10 crucial questions investors should always ask - Choosing an advisor to help manage your money is one of the most important hiring decisions you'll make. But even those who hire competent individuals for their businesses struggle when it comes to selecting and retaining the right financial advisors to grow and protect their wealth. Even the most discerning investors often don't know which questions to ask or what the position actually entails. These 10 questions should help you identify those advisors best suited to properly guide you on a successful financial journey. 1. What is your educational and professional background? Look…
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21Dec 2013 by William Simi
SETTING THE TONE – WE ARE NOT THE “DECIDER” BUT THE “INQUIRER”

SETTING THE TONE – WE ARE NOT THE “DECIDER” BUT THE “INQUIRER”

Business Advisory
In doing the 3 Bottom Lines Blog we will be doing something we are not accustomed to and something that runs counter to what is a strong,  almost compulsive,  professional tendency for us as accountants…. to think we must  always have a clear answer to all our client’s questions,  a definitive solution to their every problem. We understand that there are frequently times when our clients rely on us to have answers and solutions.  They place their trust in our expertise and knowledge in helping them with their accounting, tax and financial statement issues.  In those situations, we are much more comfortable giving answers. But for many of the issues we want to discuss here in the 3 Bottom Lines Blog, there will be no definitive answer, no one solution…
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17Nov 2013 by William Simi
10 mistakes that can cost you your business

10 mistakes that can cost you your business

Business Advisory
Even the smartest small business owner can do dumb things now and then. Unfortunately, some mistakes can kill a company. Just ask Jeff Seifried, small business coordinator for the City of Aurora, Colo., and Peter Tourtellot, chairman of the Turnaround Management Association. They, along with other experts who prefer to keep their observations anonymous, have seen the best - and worst - of small-business operations. Here are 10 examples of common, but potentially deadly, errors committed by otherwise brilliant small-business owners. Don't make the same mistakes. Underestimating the importance of cash flow management Two woodworkers had a thriving business building interiors for retail stores. They did beautiful work and their customers were pleased, but it often took them 60 or even 90 days to pay the bill. Until the money…
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