How to Build a Strategic Plan and Engage Employees for Business Success

Saturday, February 29th, 2020

Building success requires both a plan and engaged participants — like your employees and staff. Crafting a success plan begins with a few fundamentals in business that foster success and encourage unity among those under your leadership.

Make Prudent Investments

Consider your time and energy to be your most valuable commodity; don’t invest your time just anyplace. Look for important and meaningful outlets toward your business goals that are worth your efforts. Prioritization is key in making prudent investments of your own time at work.

Become a Delegator

Learn to delegate effectively and, as a leader, hand-off tasks that are high effort and low benefit to the team’s goals, overall. While you may not be able to skip these tasks altogether, don’t waste your time on them. Give these projects to team members that are industrious and looking for additional challenges during the workday. Delegating also sends the message to the team that you trust them and need them, which can improve morale and overall success, subsequently.

Start the Day with a Plan

Make a tactile plan each-and-every day. Start the day by reviewing the list, that you have started the day before. Break larger jobs down into manageable tasks and give yourself some of these chores daily to work toward getting the larger project accomplished. Be realistic though about time restrictions and your busy schedule.

Foster Focus

If you want to make progress toward your priorities and goals, eliminate the din and distractions that can waste valuable time throughout the day. Give yourself uninterrupted time to work on these projects and review the team’s progress toward goals by setting a timer and avoiding calls and online detours during the exercise. This can be tough but setting 30-minute time periods can result in a lot of progress toward outlined goals by the end of the week, month, and year. Without the added energy of multi-tasking, you will fly through tasks and activities.

Take Your Time

Always take the time to review and evaluate the progress that you and your team are making toward goals. Never be too busy to reflect and revisit instances that may be vital to meeting certain milestones or markers. Provide positive affirmation and honest feedback to your team so that individuals may find ways to improve performance, while also making their own job easier in many instances.

Give Yourself Room to Improve 

Nobody is perfect and even the best-laid plans can sometimes falter. A good leader understands that there is always room to improve and it pays to continually come up with fresh strategies for success, whether this is new marketing campaigns, inventive incentive programs, or innovative tactics to find talent for the company. Give yourself measurable goals including priorities and accomplishments on a daily calendar or planner.

When it comes to small business accounting, rely on the industry experts at BMH Accounting, with multiple locations in South Florida. The team of qualified accounting professionals at BMH provide monthly accounting, bookkeeping, tax planning, and payroll services for businesses, brands, and entrepreneurs in the area. Call to learn more today.

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Discover the Perfect Client

Saturday, February 15th, 2020

Who is your company’s perfect client? Tapping into the demographic that your product or service best-serve can help create a loyal consumer base that provides potential patrons for years to come. Not to mention, satisfied clients and customers are the best kind of advertising with positive reviews and word of mouth. Narrowing in on your loyal target audience will involve profiling and finding the perfect fit for what you offer, which takes research and marketing strategies.

Discover the perfect clients for your company, business, or brand, with these tips:

Know What you Do

Before you can recognize your ideal consumer and target audience, you need a full understanding of what you are selling. Watch, listen and observe to determine how your product or service is being used by your customers and measure changes in buying habits or patterns over time. Be an expert when it comes to conveying what you do.

Obtain Honest Feedback

In order to determine who and how your product is being used, you need to get feedback from your buying audience. This may be achieved with surveys or other tools and through offering promotions and rewards for participation. Follow-through will be impeded if there are technical issues or glitches so make sure that you choose a platform that will work smoothly for your reviews. Know that preferences, interests, and opinions can change over the course of time so survey and engage your buyers regularly. Social media is another platform that makes it easy for customers to reach you and share their experiences. This inside information can better help you find the client that is perfect for your product or service.

Stay Relevant and Current

Always update information pertaining to your consumers and keep your contact list of clients current. Maintain a simple spreadsheet or database with contacts, promotions, and campaigns- as well as the outcome and conversion rates of these efforts. A thorough and accurate customer contact list is gold; maintain and protect it.

Find your Audience

Go a little deeper to differentiate potential patrons from perfect clients by finding out a bit more about them. For instance, information pertaining to gender, job, and interests can help point to whether they are a good fit for what you offer. The more information you can elicit, the more streamlined and accurate you can make marketing efforts in an attempt to lure them from rivals or competitors offering similar goods or messages.

Target your marketing efforts toward your perfect clients with these tips. Got other business-related questions? Rely on the industry experts at BMH Accounting, with locations across South Florida. BMH Accounting specializes in serving the needs of small businesses with monthly accounting, bookkeeping, tax planning, and payroll services.  Call to learn more today.

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5 Financial Variables to Improve your Business or Brand’s Bottom Line

Tuesday, December 31st, 2019

Want to see improvement in your business or brand’s bottom line? Pay attention to your company’s Financial Variables and discuss these influences with a qualified accounting professional to determine if your revenues can be improved, or to learn more.

Five financial variables that can improve your bottom line are:

1) Look at your Profit & Loss Statement  

When was the last time you looked at your Profit and Loss (P&L) statement? This document lays out your revenues, expenses, and costs during a determined period of time. 

All public companies are responsible for issuing these statements quarterly, as well as at the end of the fiscal year. Reviewing and understanding a P&L statement can help you evaluate your business’ fiscal health.

2) Know the Shape of your Finances  

Over half of small businesses are negatively impacted by late payments; how are your finances? Make a resolution to pay invoices on time and save late fees and charges. These expenses impact your cash flow and bottom line, over time.

3) Get Familiar with Your Cash Conversion Cycle  

The cash conversion cycle (CCC) measures the amount of time that it takes to move inventory, get paid, and, in turn, pay your own creditors. This cash flow determines how long between payments as well as how quickly you can turn-over your product. 

A familiarity with your CCC can indicate if you have a healthy cash flow as well as how long your company can survive in tight times. 

4) Become More Aware  

Part of your business self-awareness comes from checking out your financials. Develop and revisit a cash flow forecast and business budget for your company. 

It makes good sense to set aside a time, such as the end of the fiscal year, to review all your management practices and financial habits with a reliable and reputable accountant. Don’t have an accountant? Make now the time to retain one.

5) Tally Cash on Hand  

Do you know how much cash and liquid assets you have on-hand? It may surprise you; sometimes, companies don’t have as much readily available capital as they think – and need- which could put you in a bind if business is slow. 

Don’t risk the fiscal health of your company; take time to count up what you have on hand for liquid assets, i.e. cash, and begin to think about setting up a rainy-day fund.

Making changes or deciphering financials for your business can be confusing; make sure to discuss your options further with your accountant before altering the way you operate your company. These industry experts may be able to help guide and advise you on the best ways to reach a better bottom line.

Want to learn more about these financial variables, or other ways to enhance the condition of your company? Talk to the accounting professionals at BMH Accounting; they are familiar with financial variables that can make a significant difference in the overall value of your business investment.

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How to Develop an Effective Strategic Plan to Reach Your Business Goals

Thursday, December 12th, 2019

Want the key to reaching your business and professional goals? A Business Strategic Plan helps develop and identify an effective strategy for attaining and reaching milestones that lead to the fruition of your goals. Here are some tips on how to create your own plan:

First, what is It?

A business strategic plan is a concrete plan that identifies your business goals as well as the steps for reaching them. Typically, these plans are comprised of five-year goals, but may even extend to 20-year objectives in some instances. These plans are detailed and specific.

Go Big or Go Home.

When you picture your company’s future, what do you see? Think about where you want it to be in the next five years- or longer. Identify these goals before you set about crafting your business strategic plan as you will need to outline the steps to reaching these very distinctive goals and dreams. 

Part of this process also involves identifying your personal goals and what you want your life to look like down the road. Think both short-term and long-term goals for yourself as a business professional. 

Make an Honest Assessment.

Be honest and asses how your company is doing right now. Compile your business plan, mission statement, and any vision boards or objectives together with data like your financial statements; put it together in a folder or file for easy access and safekeeping.

Put it in Writing

The best business strategies are tangible and written down. Make a list of your goals in writing and keep them close by. Outline- and write down- the steps that you will need to make to reach them, and number these steps. 

Be as detailed as possible and add details to different goals or objectives as they become clearer or closer. Cover all aspects and areas involved in making your goals happen, from soup to nuts.

Make It Measurable

You will need to measure your progress so make sure to be specific in goal setting with a way of measuring your success. Some indicators that measure your objectives may be increased exposure on social media, more followers, more ‘likes’, and increased online sales, for instance. 

Stay on Top of It

Measure and review your progress consistently, every three months to start. This allows you to quickly change or adjust your approach as needed based on the results. Keep up with industry trends and the market you’re involved with to keep your business plan fresh and relevant.

Ready to develop your own business strategic plan to reach your goals? Talk to the tax and accounting professionals at BMH Taxes; they are prepared to discuss the best ways for reaching your goals while maintaining a healthy and prosperous business. Call to consult with an expert today.

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Income Statement and Balance Sheet: Integral to a Successful Business

Friday, August 30th, 2019

If you want your company to succeed, you must maintain detailed financial records related to the operating of your business. Gaining a grasp on the more complicated aspects of accounting can help you garner a better understanding of your company’s finances, though hiring a professional accountant may be the most practical approach. Whether you learn as you go or hire a pro, two of the fundamental elements of business bookkeeping are your income statements and balance sheets.

Income Statements

When you want to track and analyze revenues and expenses over a period of time, an income statement offers the best glimpse. Usually, these reports are made monthly or quarterly and then integrated for yearly reports. An income statement gives a good look at a company’s performance and if you are a publicly-traded company, it is directly reported to the Securities and Exchange Commission (SEC). Income statements cover the basics: revenues, expenses, gains, and losses. From this tracking, periodic reports will show both short and long term growth, health, and future predictors for success. This information helps mold financial decisions for the next fiscal season, quarter, or year.

Balance Sheets

As important as the income statement reports is your balance sheet. Balance sheets aim to track the three fundamental areas of your business financials: assets, liabilities, and shareholder equity. Balance sheets don’t cover a range of time but rather a specific moment, which offers insight into shareholder equity at the drop of a dime. Balance sheets offer a quick view of the company assets, what is owed to other parties, and how much your shareholders have invested in you.

A balance sheet works with a formula that is used to track what your company has at any given point in time. That formulaic equation used by a balance sheet is Assets = Liabilities + Shareholder/Owner Equity.

Merging the Two

The two together- income statements and balance sheets- provide the perfect tool for gaining a look at the financial health of your business. Don’t wait for tax time or quarterly reports to run some numbers; generate reports anytime to gain perspective and see where you are going. If your company is big enough to employ analysts, they would use both reports, the income statement and balance sheet, to give you an overview of your company’s finances and offer predictions based on these reports.

Maintaining the income statement balance sheet is integral to the smooth operation- and subsequent success- of your business. Don’t have time to track your assets and liabilities? Call the professionals at BMH Accounting; they can provide you with a snapshot of your company’s financials and help you analyze data to improve daily function and overall operation.

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