Your accountant plays a very important role in your life and business.
This is why it's so important to maintain a good business relationship with your accountant. Here are some things you can do to maintain a proper business relationship with your accountant and how to obtain the best service from them.
Make sure that he or she understands your needs from them. These needs not only include services but also the amount of attention you need and expect from the accountant themselves to ensure you receive the standard of service that you expect. By doing this, you will know what type of fees you'll be paying, and your accountant will know if they can fulfill the obligations that you expect from them.
Your accountant is there to help and assist you at all times. They're there to help you and won't mind you sending a request for extra services. Never be afraid to consult your accountant on what you should do in any financial circumstance as they are there to be your advisor for financial matters. Maintaining an open line of communication with your them will not only help you make the best decisions with your financial matters, but it will also help you avoid financial problems in the future.
Patience with your accountant is an absolute must. An accountant usually has multiple clients and especially around tax season, they are quite busy. It helps to give your accountant a reasonable amount of time to respond to your requests. An accountant can become unexpectedly busy, so it's good trust that they have your best interest at hand, and any delays may be because of government lag times.
By continually harassing your accountant about issues without giving them a reasonable amount of time to respond, will only decrease the communication and value of the relationship between you and them.
Having an automatic system set up with your accountant will save you a great deal of time. Setting up automatic updates for your accountant to send to you will provide you with the necessary information to see how all aspects of your financing are going while giving your accountant a deadline to have these updates ready for you. Automated payments for their fees (if ongoing) will help as well. This will eliminate stress or confusion regarding your finances for both you and your accountant and will be a mutual convenience.
The best way to continue to receive top notch services, is to properly pay them on time. By not paying your bill on time, you only guarantee that your accountant will not give any attention or regard to your requests. By paying them immediately or before the bill is due, you can expect the most attention and assistance from your accountant. By being loyal and fulfilling your obligations to your accountant, you can expect them to fulfill their obligations you.
By following these tips, you'll maintain a strong relationship with your accountant as well as maintain a good line of communication with them. These simple tips will also eliminate future problems that could arise.
Have you ever imagined how important the back office process is for the success of any organization?
All of us realize the importance of this, but the fact also remains that most of us are actually reluctant to do this work. Outsourcing is one source through which you can stop doing the work, yet your task will be completed in time.
Outsourcing is here to stay and more and more business processes are being outsourced. Back office outsourcing is the perfect solution to all your back office related work queries and worries.
Most business owners feel that, outsourcing the core process of their business is more beneficial than outsourcing the back office processes. Well this is entirely up to you. Think carefully and decide what will be profitable for your business. For many businesses back office outsourcing has provided to be a great way to maximize productivity. Outsourcing makes lots of sense; simply because it is beneficial is many ways for your business.
Most business undertakings, be it large or small scale, can be successfully outsourced and usually for less than hiring an employee. Cost reduction is one of the major driving forces behind this. Imagine a project for which you had to spend lots of money for getting the work done in-house. After undertaking back office outsourcing the same work and in most cases a better quality work will be done for you in less than half the amount. Imagine the money saved and benefits that you will earn for your business.
One reason why back office outsourcing is gaining prominence is due to the fact many business owners do not like the idea of doing burdensome paper work of their business. Simple tasks such as entering data for payroll, keeping track of the daily expenses and profits, entering data on information about employee insurance and many such things can be easily taken care of through outsourcing. Most already have on-boarding procedures and their own secure software to speed up the entire processes.
Obviously, back office outsourcing does have its own share of advantages. However, if you are actually thinking of undertaking the processes for your business, there are certain things which you must know first. The back office work is a vital element for your business. Check out the company that is providing the service to you. See what security measures they have in place to safeguard your data. Look to see if they have reviews and testimonials.
Keep yourself informed about the progress of the work done by the third party. This will actually let you know about the efficiency of your work done. If at anytime you feel that the work is not up to the mark, you can always either communicate this to them or find another source. It's always better to check out the work of the company you're outsourcing to before you actually hire them to do your work.
Back office work might seem at first to be time consuming, but can save you thousands every year. They could be the the back bone and key to freeing up your business processes. An outsourced solution for finances, such as The Bean Counters Bookkeeping, will not only save money, it will save you time. If you're ready to streamline, give us a call today.
The term "market analysis" is often confusing to small business owners, especially for people who focus on a specific niche or market segment.
In fact, many small business owners don't understand the process or complain that conducting a market analysis is too complicated or too expensive and wonder why or if it's even necessary.
What is market analysis?
In the most basic terms, a market analysis is an assessment of:
- A particular problem or opportunity in a market.
- The needs of the target market relating to the problem or opportunity.
- Ideas for marketing a particular product or service that fills the needs of the target market.
When should you conduct a market analysis?
- When you are starting a business.
- When you are entering a new market.
- When you are considering a new product or service.
Why should you conduct a market analysis?
- To minimize business risks.
- To understand the problems and opportunities.
- To identify sales opportunities.
- To plan your marketing/sales approach.
The process of conducting a market analysis can be divided into
Part 1 - Understanding Market Conditions
This gives you basic information about your entire market -- the size, the competition, the customers.
Part 2 - Identifying Market Opportunities
This gives you more targeted information about potential problems or opportunities in the potential market, and includes information about growth, current and future trends, outside factors and more information about specific competitors.
Part 3 - Developing Market-Driven Strategies
Here is where we get into what market research does for you. It helps you to pinpoint opportunities to grow your business. By understanding the market and knowing what opportunities are available you can create a marketing strategy that leaves your competitors in the dust!
Here are 10 questions that can help you get started:
1. What is the market I want to reach?
- Who are they? (Basic Demographics)
- What is their biggest problem in relation to this market?
- Are their needs being met by the products or services provided in this market?
2. Who is my competition in this market?
- Are they successful in this market?
- Are they marketing a similar product or service?
- What is the market share of the three biggest competitors in this market?
3. Is there room for growth in this market?
4. What is the size of this market?
- Is there room for growth?
- Is the industry growing? Stable? Saturated? Volatile? Declining?
5. How is my product or service different from the competition?
6. How can I reach this market?
- How is my competition currently reaching this market?
- Is it the most effective way?
- What are the alternative ways of reaching this market?
7. What are the business models of my competition in this market?
- Are they effective?
- Is there a way to do it differently or better?
8. What do customers expect from this type of product or service?
- What are the core competencies of this product or service?
- What would make the product "new" "different" or "better" for the customer?
9. How much are customers willing to pay for this product or service?
10. What is our competitive advantage in this market?
Knowing the answers to these questions will not only help you figure out if there is a need for your product or service, it will help you figure out the best ways to reach your customers, price your products or service and ultimately make more sales!