Feel free to visit my website at http://www.davidasnydercpa.com and call me at 928-445-0104 x9 with any business or tax issues. Remember if you or someone you know needs any type of tax return, an audit, review or compilation or you are about to retire or change your vocation or expand and need a business valuation; please see me so that I can do those engagements for you. Here are some basic business tips for 2017:
1. Have a Clear Plan
What do you want to achieve and how are you going to get there? If you’re not clear on that, then all paths will lead somewhere but not necessarily where you actually want to be longer term. The plan should also have measurable goals. Hold yourself to account to achieving it.
2. Focus on Cash Flow
Unless your cash flow is strong, your business growth will be inhibited. Cash is king!!! Many small businesses don’t have decent systems in place to manage their cash flow
3. Identify Your Customer
Most small businesses want to grow their customer base, yet many do not have strategies in place to attract new customers. Get all this right and you’ll have a constant funnel of customers coming your way.
4. Be Clear on Your Niche
Businesses have to have a strategy in place to differentiate their product and service offerings to make big profits.
5. Understand Your Product and Service Profitability
Work out which products or services are your most profitable, and sell more of those. That strategy alone will have a measureable impact on your business’s profitability.
6. Identify Profitable Customers
Learning how to work out customer profitability is critical to making more profit in your business.
7. Consider Raising Your Prices
Studies have shown that only 9 percent of customers move away from a supplier due to price increases, yet 82 percent will move away to a new supplier due to perceived indifference and unresolved conflict with the original supplier. It comes down to value. What is your value?
8. Systemize Your Business
McDonald’s doesn’t make the best hamburgers in the world, but they developed arguably the best systems in the world to deliver their products to their customers.
9. Remember That Your People are Your No. 1 Asset
No man or woman is an island. Recruit and train the best people to your team — whether they’re full-time, part-time or outsourced members. Your team is critical to your success. They’re your number one support in effectively growing your business and delivering excellence to your customers.
Team these top tips with a serious amount of hard work, confidence and determination and I know 2017 will be good for you and your business.
Please come and see us for all your accounting and tax needs.
If you need further information on these tax tips, please call me at 928-445-0104 x9 or contact me at firstname.lastname@example.org.
David A. Snyder CPA, PLLC
325 Montezuma Street, Prescott, AZ 86303
(928)445-0104 Ext. 9 Fax (928) 717-1076