3 Cost-Control Ideas for Small Business. Fernando Gomez, CPA Jackson Heights, N.Y. fgomezcpa.com. 1. A business should have appropriate insurance coverage. Consider increasing the insurance deductible, where permitted, on all types of business insurance in order to reduce the premiums paid. 2. If the business has employees then it must maintain workers’ compensation insurance. Consider paying such insurance on a monthly basis throughout the year based upon actual payroll figures instead of paying based upon payroll estimates, which can be higher. 3. Consider the “Installment method” when selling a small business. Reporting the sale using this method can save significant amount of taxes, and can provide flexibility for both the seller and buyer.
Topic: growth strategy
15 Practical Ways for Small Business Owners to Cut and Contain Their Costs… …And 1 thing to NEVER compromise on. Alyssa Lebovic, CPA Partner Keller & Lebovic CPAs Fair Lawn, N.J. 1. Look over all your expenses with a fresh eye. Don’t accept “that’s just what it costs.” If costs in any area have been climbing or if something is a major expense, consider shopping around for less expensive, but reliable vendors. 2. Consider buying supplies or merchandise in greater quantities if prices are discounted and you’ll use it up in a reasonable period of time. 3. Consider joining forces with other businesses to buy in quantity for a discount.
And what should CPAs be doing about them? Sound Off: Take the poll. See the answers. by Rick Telberg/At Large Accountants are all too familiar with the succession issues faced by accounting firms. But accounting firms aren’t the only ones with succession issues. In fact, closely-held and family-owned businesses across the nation are facing a succession crisis of their own. CPAs are well aware of the problems their business clients face and are devising strategies to help.
First Economic Downturn for Law Firms since 1998 In its first downbeat client advisory in 10 years, law marketer Larry Bodine (left) says Hildebrandt researchers expect new kind of economic downturn for law firms — one without the usual surges in litigation, bankruptcy or reorganization. Bodine cites: The precipitous drop off in structured finance work triggered by the sub-prime mortgage crisis. A decline in M&A and transaction work. A drop-off in litigation, particularly in Texas and California, based on new federal court case filings in many areas of law. Work once thought to be complex, like project finance, is now viewed as routine and is priced accordingly. Corporate procurement departments are getting involved in hiring law firms, and demanding rate […]
.. are you? New data from small-business researchers Warrillow & Co. suggest that 45% of small business is now web-centric. They call it “The Facebook Factor.” Warrillow defines a web-centric small business as having an owner who considers their “Internet presence” (i.e., web site, eBay store, social network profile.) to be “important for driving business results.”The dramatic growth of the web-centric segment is being fuelled by a number of products that have come of age in the small business market over the past three years. So add these words to your client service vocabulary (almost half of your clients have)… Facebook Google Adwords Yahoo! Search Marketing LinkedIn Constant Contact eBay PayPal
Retirement planning takes on new urgency. Are Baby Boomers ready for retirement? Join the survey; get the answers. November 5, 2007 by Rick Telberg/At Large Americans excel at many things, from lawn care to rocket science, but perhaps our most common accomplishment is accumulation. If you don’t believe it, go look in your garage. If you don’t have a garage, well, you have a place somewhere — a certain closet, perhaps, or a kitchen drawer — that I’ll bet is almost too full to shut. The same goes for investments. For most Americans, accumulation includes a lot of home equity, an array of mutual funds, maybe some annuities, a stash of stocks and bonds, a pension fund or two, some […]
When all else fails… just tell them you’re moving to Yemen Clients are the lifeblood of any business. Without them, your firm simply doesn’t exist. On the other hand, some clients are so bad that your business, not to mention your personal sanity, is better off without them. So what do you do when you have a client that pushes you to the brink? You fire them! Here’s how to give 10 of the worst offenders the pink slip without burning bridges. 1. The bargain shopper: As a general rule, the client who pays the least will expect the most. The words “I need this done cheap” should strike fear in your heart, not because of profit margins, but because […]
Sure you send out cards. But do you have a plan? Law firm marketing consultant Larry Bodine is a big believer in maintaining year-round contact with clients and prospects. The holiday season is a perfect time to make another positive impression. Bodine reccommends charitycards.com, which send 10% of its revenue to a charity of your choice. It’s a win-win. Typical firms buy anywhere from 25 to 25,000 cards each season. There are five major techniques common to all firms that run a successful and timely greeting card program. These techniques â€“ plus valuable tips â€“ will increase your efficiency throughout the process. One of the keys is to treat this task as a project with all the planning, marketing timelines […]
Step 1: Donâ€™t delay. CPAs assess the Baby Boomer market. Join the study; get the benchmarks. by Rick Telberg Itâ€™s funny how CPAs can go to a client and discuss the intimacies of life and death, children and parents, bank accounts and bankruptcy, but when it comes time to talk about fees, the topic is buried, breezed over, or brushed off. Itâ€™s easy to understand why. The CPA financial planner is there to talk about making money, not spending it. The focus is on helping the client, not funding the financial planner. The fee almost feels like an insignificant afterthought, a voluntary tip for service well rendered or a topic too mercenary to talk about.