Client INNOVAT is a graphic design studio. The business employs 20 talented people and is the brainchild of entrepreneur and owner, Richard Brown. Problem The business had a relationship with an Accountant but Richard wanted a fresh start. He approached a new Accountant to take on their work. The initial brief to the Accountant was to assist the business with a review of their systems and processes. In a nutshell, Richard felt they were inefficient. His team worked very hard but he wanted them to start working smart. The measurable outcome Richard wanted was an improvement in billable hours for [...]
A business advisor can help you take your business from where it is now to where you want to be. They have the advantage of looking at it from the outside without being tied down by the day-to-day running of your business. A business advisor can help you see what is holding your business back and put it back on the path to success. These are some common areas that your business advisor can step in to assist you with. Dwindling Profits: If your profits are inadequate, dwindling or stagnating, it may be time to get help. Your business advisor can [...]
Client Ann Marie owns a manufacturing business which makes a high-end product. She varies her design from time to time so there are many versions of her primary design. Problem Ann Marie did not have a cost accounting system that would determine the cost of producing each version. So she did not know which ones were cost-effective to produce and earn her more profit and which ones were not. Solution She engaged her Accountant to select an appropriate cloud-based cost accounting system to tailor to her needs. The Accountant analyzed the manufacturing process and determined the basic activities involved. The [...]
Cost accounting is about calculating the total cost involved in the process of production. In a nutshell: “What it costs to create one widget!” Estimating the accurate cost of products is critical for profitable operations. A business must know which products are profitable and which ones are not, and this can be ascertained only when it has estimated the correct cost of each product. Key Objectives of Cost Accounting Cost finding Cost planning and controlling Cost analysis for managerial decision Six Advantages of Cost Accounting Helps in cost control Helps in decision making Guides in price fixation Helps in cost reduction [...]
Stop doing things that are wasting 50% of your marketing dollars by establishing key performance indicators!
Client Working as a freelance Personal Training and Group Fitness Instructor sounds like it could be liberating, interesting and a good-paying job. But the truth is, like any independent contractor, there are business issues that have to be considered, before you take your first class or train a client. Dean Turner was a full-time chef and fitness enthusiast before he decided to take a chance and work for himself in an industry he loved. Problem Dean knew he needed to learn how to run a small business and decided to start by talking to his Accountant. It was a given that [...]
Request an appointment today! How a personal trainer transformed her business and increased her income. Claire is a personal trainer with 20 years of industry experience. Her personal training business was a great success. There were many gyms competing in the area; but she had the clever idea, many years ago, to focus on a niche market of training pre- and post-natal women. Problem Twelve months ago, Claire decided to take the leap and grow her business. She opened a second location. Since that decision, Claire has been working long hours and, despite her hard work, her net [...]
Running a business without a business plan is like rock climbing blindfolded. Your chances of making it successfully to the top are slim. And the process will surely be a death-defying one. A business plan is a step-by-step guide to running your business and creating a product or service that will make it successful in the marketplace. You and your business plan must be flexible. Your plan will need to be adjusted periodically depending on opportunities in the marketplace, the current health of your business etc. Every business should have a plan. It may be formal or informal, it does [...]
In any business there are three core activities. It is important to understand three areas of business operations Marketing Sales Servicing It is important to analyze the effect of budgeted dollars, and how it affects your net income. Putting all of your effort into one of the three legs of the stool means money rolls off the table.
n optometry practice had been trading for over 20 years under a previous owner’s name as their business brand. The business offered a broad range of optometry services in line with most mainstream optometry practices. CHALLENGE The business did not stand out in the marketplace. With increased competition, the business was seeing sales decline and the need for discounts to compete within the market. This strategy was not sustainable. The business sought the advice of its Accountant to see if they could reposition the business and enable them to escape the price-cutting cycle. ACCOUNTANT’S ROLE The Accountant surveyed existing customers [...]