The Building Blocks of a Successful Company
The Building Blocks of a Successful Company
The financials of your business, whether you are a start-up or Fortune 100 company are critical. Even if you don't make a lot of money, understanding and mastering your financials will help you to maximize what you do earn. Financials give you information about your current position as well as equip you with information to make future business decisions.
A good financial system is a critical success factor. According to a Small Business Administration study, “Financial Difficulties of Small Businesses and Reasons for their Failure,” over 28% of businesses that declared bankruptcy cited problems with the financial structure of the company as the main cause of failure! Clearly, Financials play an important part of any business, no matter what size.
If you are a small and growing business, you probably know that you need some kind of help to create and maintain strong financials, but it can be hard to know exactly what type of financial help you need. Do you hire a Bookkeeper, or an Accountant? You may need each type of professional at some stage of your business, but how do you know which type of professional you need?
Here are some guidelines to help you build your team of financial professionals to make sure that the Financial building blocks of your company are strong, ultimately improving the possibility of a successful business..
If you fall into one of these categories, your team of Financial professionals should include a bookkeeper:
If you fall into one of these categories, your team of Financial professionals should include an accountant:
Your team of financial professionals – which might include a bookkeeper and/or an accountant – is an investment into a sound business that is built firmly on a foundation of strong building blocks.
The Building Blocks of a Successful Company - To learn more about this author, visit 's Website.
Like this article? Share it with your friends
The Building Blocks of a Successful Company
The financials of your business, whether you are a start-up or Fortune 100 company are critical. Even if you don't make a lot of money, understanding and mastering your financials will help you to maximize what you do earn. Financials give you information about your current position as well as equip you with information to make future business decisions.
A good financial system is a critical success factor. According to a Small Business Administration study, “Financial Difficulties of Small Businesses and Reasons for their Failure,” over 28% of businesses that declared bankruptcy cited problems with the financial structure of the company as the main cause of failure! Clearly, Financials play an important part of any business, no matter what size.
If you are a small and growing business, you probably know that you need some kind of help to create and maintain strong financials, but it can be hard to know exactly what type of financial help you need. Do you hire a Bookkeeper, or an Accountant? You may need each type of professional at some stage of your business, but how do you know which type of professional you need?
Here are some guidelines to help you build your team of financial professionals to make sure that the Financial building blocks of your company are strong, ultimately improving the possibility of a successful business..
If you fall into one of these categories, your team of Financial professionals should include a bookkeeper:
- You're a new company. As a brand new company, a bookkeeper will be able to handle your needs. For many people the mere thought of profit and loss statements, balance sheets and cash flow planning can send them straight to the medicine cabinet. You will need help with setting up a good financial record keeping system, managing financial transactions, and producing financial statements. A bookkeeper can take the headache out of your financial management and help you to gain a better understanding of the financial aspects of running your business.
- You're a solopreneur. If you are a freelancer, solopreneur or someone running a home based business, it’s important to keep expenses low. Hiring an accountant on a monthly basis may not make sense. A bookkeeper can help you with ideas to improve your profits and provide advice on payroll and staffing costs.
If you fall into one of these categories, your team of Financial professionals should include an accountant:
- Your business is growing! When you begin to build a staff and are on your way to building an empire, an accountant can be a valued member of your financial team. The can assist with taxes, help you anticipate and mitigate problems, and can help you to grow in a way that makes sense.
- Your business is seeking outside financing. When your business pursues outside capital such as a bank loan, through selling stock, or from private investors, it’s wise to use the services of an auditor. An Accountant can put your financial statements in order which will facilitate the funding process.
- You’re changing your business structure. If you have made the decision to change your company’s ownership structure, you will need an Accountant. An Accountant can help you to avoid any financial or tax pitfalls that may result from changing from a sole proprietorship to a partnership, corporation or limited liability corporation.
- You have complex billing. Running out of money can be a risk, and it's an even greater risk if your billing cycles don't necessarily bring in money on a regular or predictable basis. If your business has a complex billing cycle, an Accountant has the expertise you need. An Accountant can help you manage the cash and billing to keep your company on good financial ground.
Your team of financial professionals – which might include a bookkeeper and/or an accountant – is an investment into a sound business that is built firmly on a foundation of strong building blocks.
The Building Blocks of a Successful Company - To learn more about this author, visit 's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
|||
Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
|||
Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
|||
Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to 's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
|
||
|
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 ACES Research Report Woman business success Workplace Culture Green Realestate CSS Template Strategic Plan |
|
 | ||
 |
The Top 10 Guy Kawasaki Posts
Best Posts for Entrepreneurs | |
 |
Write The PR
Press Release Builder | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||