Tips to Managing Your Business In A PandemicPosted on March 8th, 2021
By Carolyn Rayner
This past year has been a difficult and trying time for individuals and businesses. So many businesses, especially in the Restaurant and Retail sectors have literally been shut down. Although the government has stepped in with many resources for businesses such as the Main Street loan and the Paycheck Protection Program, it is still a frustrating time to be running and maintaining a business. Here are a few tips to help you manage your business during these uncertain times.
- Keep a positive attitude. Try to focus on the positive sides of your business and what motivated you to start a business in the first place. Keep a positive vibe going with your employees and although many of them are working from home, try to have weekly zoom calls with your team to keep collaboration and comradery going.
- Keep in touch with your customers. Reach out to customers by touching base with a phone call, text or email. This is a time of isolation for many and by reaching out in some form, it shows your customers or clients that you are thinking of them.
- Keep working on getting new business. This is actually a great time to reach out to people you have met through networking or referrals. With so many people working from home, it is a great time to contact them.
- When it comes to marketing, get creative. Host a free webinar about your services or start blogging on your website and social media channels to position you and your company as an Industry expert.
- Focus heavily on your financial status. Although many individuals and businesses are suffering financially, this is a great time to review contracts you have with various services that you need for your business and access whether you are getting the most bang for your buck.
Lastly, this too shall pass and hopefully we have all learned how to adjust our business model during a stressful and crazy time.
Five Things To Think About When Hiring a CPA FirmPosted on January 11th, 2021
By Carolyn Rayner
Hiring a CPA firm for your business or your personal taxes can be a daunting task. After all, you are trusting virtual strangers with your very private information as well as taking a risk that they are experts in their field and are up to date with all of the latest professional rulings and guidance. Here are five things to keep in mind when interviewing a CPA Firm:
- How long has the firm been in business and who will you be working with on a day-to-day basis? Firm history is important because many businesses fail within their first 2 years of business, so you want a firm that has a strong history of surviving through good economies and bad. Also, who will you be assigned to work with on your taxes or audits? Many times, the Principals of the firm come to the initial meeting to “wow” you and then you are handed off to a Junior person. Make sure you meet the staff member that you will be working with.
- What is the size and capabilities of the firm? If you run a small-mid-sized business, you don’t need a Big 4 accounting firm. You need a firm that understands the challenges of running a small business. Learn about their specialties. If you need a firm to help with back office accounting and bookkeeping or to help with QuickBooks, ask about their strengths in those areas.
- What vertical market are you in? If you run a restaurant or retail store, it is good to have a firm with similar clients so that they understand your industry. If you run a non-profit, it is essential to hire a firm with non-profit experience and clients in the non-profit space. Does their client roster consist primarily of business-to-business clients or business to consumer clients?
- Do you have rapport with the firm? It is crucial to have rapport with the firms’ Principals and staff members. They should respect you and work with you as a partner, explaining things along the way and not try to intimidate you with “CPA” language.
- Lastly, Ask for references, don’t just rely on reviews and testimonials on their website. Get at least 3 client references that you can call and get personal feedback on their experience working with the firm. Have a list of pertinent questions available when you speak to them so you can address issues that might affect your business.
It is best to interview at least 3 firms before hiring one. Take your time, do your homework and you will find a firm most suited to your business or personal needs.(more…)