The Importance of Maintaining a Clear Divide Between Your Business and Personal Affairs
The Undeniable Importance of Profit in Small Business
Unlocking Abundance: The Power of Gratitude and Profit First
Harvesting Success: How to Make the Most of Your Business in the Final Quarter
Fourth quarter is the perfect time to reassess and realign your business goals. Whether you've surpassed your annual targets or find yourself falling a bit short, remember, Q4 offers a rich ground for robust strategies and tactical pivots.
Navigating the Path to Profit with Intention
Embracing intentional profit prioritization isn’t just about profits; it’s about forging a path to success that’s imbued with purpose.
Are You Taking Your Profit First?
Why is it important to focus on PROFIT? Because as humans, we are programmed to place significance on what we see first. It’s called the Primacy Effect. Traditional accounting has taught us that Sales – Expenses = Profit. That’s fine and dandy for financial statements but not for business owners who live in the real world.
Brandi’s Profit First Success Story
Brandi came to us in November of 2020 for accounting and tax services for her retail business. Brandi was experiencing rapid growth and was having trouble calculating the amount she should spend every month on inventory. Her rapid growth came with some confusion. Brandi’s sales were growing, and she had a decent profit margin but couldn’t understand where her cash was going. She also wanted to open a new location but wasn't sure if she could afford it.
Why Profit First and What It Means To My Business
As a CPA I have witnessed many clients making boneheaded, expensive mistakes. In fact, I can only count on one hand the number of business clients that have made profitability their goal. Most clients I’ve had in the past were so focused on not paying taxes they let profitability fly out the window. They were shortsighted and misguided. My hope in writing this series of blogs is that I can help you avoid or stop making the same boneheaded (and sometimes costly) blunders that I made and encourage you to implement Profit First in your business. Put simply, Profit First is a cash flow system based on the national best-selling book Profit First by Mike Michalowicz. Note, I didn’t say accounting system. Profit First is most definitely not an accounting system. But more about that in future blogs.
Infrastructure & Equipment Purchases That Grow Farm Profits
You think it’s time to scale your flower or specialty farming operation. You’ve been growing flowers in the field for two, three or even more years now. You have increased production every year and your sales outlets are really starting to come together. You need to expand production on your farm and become more efficient. It’s time to add some infrastructure and large equipment to your flower farming enterprise. But these are big expenditures, right? You need to spend your money wisely and get the best bang for your buck. This blog will discuss some investments in your property and equipment that will boost efficiency, increase production, and grow revenue for your farm.
How Do I Prepare For A Recession?
Small businesses can be vulnerable to economic recession and disaster. If there is anything the Covid pandemic taught us, it’s that business owners need to be prepared to mitigate financial hardships. Sadly, we are now in a period of record-breaking inflation and the likelihood of recession is on the horizon according to some US economist. While you can’t control whether a recession will occur or not, there are some things you can do to increase the chance of your business surviving and possibly thriving.
Four Financial Mistakes New Flower Farmers Make in Their Business
There has never been a better time to start growing flowers on a commercial basis in the US. While 80% of flowers sold in the U.S. come from Africa and South America, local flowers are in greater demand due to continuing supply chain disruptions that are still happening in this post-pandemic world. Flower farming is not a low-risk endeavor, nor is it for the faint of heart. Your very livelihood can be affected by weather, pests, and disease. A lot is at stake for the flower farmer and this blog serves to help you navigate some of the financial mistakes that can be made by new flower farmers.
How to Calculate Estimated Taxes and Reduce Your Risk of Non-Compliance
Keep the IRS away. If you're self-employed, an entrepreneur or a small business owner, then it's important for you to understand how estimated taxes work and make sure you are compliant with the tax code. Even though none of us likes paying them, estimated taxes are a good way to cover your tax liability quarter-to-quarter.
The CFO’s Process of Developing Budget Plans & Forecasts
No one has a crystal ball. With that said, we can make educated guesses about the future and put together budget plans and forecasts to help us prepare for what may be coming our way. In this blog post I'll share with you our process of how we take all the information collected from various sources and turn it into something actionable so that we are always prepared!
How to Monitor Investory for Discrepancies
A good inventory management strategy is one of the keys to success for any business. The importance of knowing exactly how many products are on the shelf and replenishing inventory can't be overstated. In this post we'll discuss how best to monitor your inventory and what to do about discrepancies.
The New ERC: A Smart Tax Option to Consider
Small businesses have been struggling in this economy. One of the reasons is that they don't have as much money to spend on their employees, but now that the Consolidated Appropriations Act of 2021 has passed, small business owners like you may be eligible for an employee retention credit (ERC).
Summary of American Rescue Plan
The $1.9 trillion relief bill, known as the American Rescue Plan Act (ARPA), was signed by President Biden last week. Here is an executive summary of items that pertain to small business owners and tax filers in ARPA.
Mileage Log Best Practices
Don’t let an IRS audit go longer than it needs to because of your mileage logs. If you are a business owner, then there is no doubt that you must deal with tax compliance at some point in time. But what if we told you that the one thing that could cause an IRS audit of your company to continue longer than it has to is not how much money it makes but rather its mileage log?