Tag: CPA Baton Rouge LA

Business management tools refer to the systems, applications, and methods used by businesses in their day to day operations. These tools are used to ensure that organizations can keep up with changing markets, ensure a competitive position within those markets, and improve their performance. Many of these tools can be used to help manage your operations and guide your business towards success.

Mission Statements

These are short statements that define what your business is and identifies your goals. According to Forbes magazine, a mission statement must answer these questions:

• “What do we do?”
• “How do we do it?”
• “Whom do we do it for?”
• “What value are we bringing?”

Mission statements provide a sense of direction that helps you make beneficial decisions and plan for the future. It also gives a clear, defined purpose, and acts a motivational tool to encourage your staff to work towards a common goal.

Strategic Planning

Strategic planning builds off of mission statements. It is the process of defining a direction for your business and making decisions that contribute towards that direction. A proper strategy describes how your goals can be achieved with the means you have.

Strategic planning can be simple and has a demonstrable impact on your business’s success. Write down your core values and create a vision of where you want to be within five years. Then determine what the steps are that will help you achieve that vision. Make sure to stress these goals and vision to your staff and explain how they tie into your mission statement. This will ensure they work towards them every day.

Customer Relationship Management

Customer Relationship Management (CRM) is the act of using data analysis to improve business relationships with your current and potential customers. CRM compiles data from a wide range of sources, including your business’ website, marketing materials, and social media. Using the CRM approach helps you learn about your customer base and how best to cater to their needs.

The best way to bring customer relationship management into your business is to invest in a CRM system. These are software programs that can store customer information, record information about transactions and meetings, and manage marketing campaigns all in one central location. There are many CRM systems designed specifically for certain industries, but some general-purpose softwares include Salesforce, Zoho, and HubSpot.  

Leadership

You’re more than just an owner of a business. You’re also the leader of your team. Having quality leadership skills is more than just being able to delegate and hire the right people for the job. It’s about staying in control emotionally and being consistent in leadership.

It can take a long time to reach a point where you’re consistent, and that’s perfectly fine- but don’t settle for half-measures. Communicate with your team and ask them for suggestions about what you can do to lead better.

All of these management tools and more can help improve the performance of your business. Our team has resources to help you learn more about business management tools and how to maximize your potential. Contact us to find out more.

Apple Guerin Company LLC
Phone: (225) 767-1020
Url: https://appleguerin.com/
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a business’ long-term performance. KPIs are used by every industry to measure progress towards tangible goals, such as increasing revenue by 20% in a year, or improving customer retention rates by 5%. Using KPIs to evaluate specific areas of your business will show you where you can improve in order to better your financial success.

The Different Types of KPIs

KPIs can be organized into several different types, depending on what area of a business they affect. There are five categories:

• Inputs – Inputs refer to the resources used in producing outputs (see below). For example, input KPIs for an office might include paper for printers and the cost of the electricity to power the computers.
• Process – Also called “activity,” these measure the processes used in producing outputs (see below.) This could refer to the amount of time spent with a customer or the amount of people working on a specific project.
• Outputs – Outputs refer to measurements that indicate the amount of work done and what was produced. In most businesses, outputs result in tangible products or hard data.
• Outcomes – These KPIs are a little more abstract, focusing on accomplishments and impacts. Customer satisfaction and positive retention rates are two outcome KPIs every business can benefit from.
• Project – Like outcomes, project KPIs are rather abstract. They are meant to answer questions related to milestone progress towards important initiatives. For example, adding a specific amount of new customers via a marketing campaign is a project KPI.

How Can I Use KPIs In My Business?

One important thing to keep in mind is that KPIs do not need to be tied to financial data. Outcome and project KPIs can help improve a business’ relationship with their customers and community. Every aspect of a business can be analyzed and improved through smart use of KPIs. Establishing them is an easy process:

1. Write a clear goal for your KPI. Tie the goal to a key business objective, something integral to the organization’s success. Make sure the goal is strategic, otherwise it will not translate into tangible outcomes.
2. Communicate the new KPIs to employees. Be sure to not only explain what the goal they’ll be working towards is, but why they’re working towards it. Someone on staff may just have an idea to improve the goal.
3. Review your KPIs regularly. Use records and hard numbers to track progress. For example, if a process KPI is set to add another employee to a project to complete it faster, compare the rate of project completion before and after the goal is introduced.
4. Evolve your KPIs if need be.  If the results fall short of expectations, fine tune the goals or change directions entirely. Change may bring about a new, more efficient way of getting to the same destination.

Key performance indicators are an effective strategy to get your business to where you want it to be. They are easy to define and act upon, making them reliable ways to track progress. For more information on KPIs and how they can be used to grow your business, contact our experienced accountants today for more information.

Apple Guerin Company LLC
Phone: (225) 767-1020
Url: https://appleguerin.com/
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

As the owner of your own business, you’re most likely also responsible for the financial health of your company. As the leader of your own business, this responsibility probably isn’t one that you would change, but it may be one that you can improve on. Here are a few ways that you can better understand your finances to help ensure your growth and continued success. 

Do you Have a Strong Billing Strategy?

Managing the finances of your business means collecting payments from your customers. Short of hiring an enforcer to collect payments like some kind of loan shark, a strong billing strategy can help you receive these payments in a timely and efficient manner. If you struggle to collect payment, take a look at what strategies you use and learn how to help improve the day-to-day functionality of your business. An accountant may be able to help you create a more powerful billing strategy.  

How Are You Spending, and What Returns Are You Seeing?

By knowing this information about your business’ finances, you’ll have a much clearer picture of your company. From this knowledge, you can make more informed decisions about which expenditures continue to make sense, and which you could most likely cut back on without seeing a large dip in productivity. Understanding your company’s finances and using that understanding to make better decisions is the main speciality of a CPA. If accounting and handling the finances of your business isn’t your strong suit, our team is here to help. 

Prepare For the Future, Whether it Holds Growth or Decline

You solve problems for your business every day. This won’t change in the future, but you can ensure that you’re equipped to handle even the most difficult of problems by preparing for the future with your finances. 

Setting aside a little money consistently can help you have a large fund when opportunities for growth pop up. This fund can also be used if you ever find yourself in an emergency. Either way, having a financial plan is essential for a thriving business and a stable financial future. 

If you’re ready to take your business to the next level, give our team of skilled accountants a call. We can help with more than just your taxes. Together, we can discuss the current financial health of your business and devise a plan for growth and a more secure financial situation. Whatever your needs, our expertise is here to help your business grow.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://appleguerin.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

As a business owner, you have a lot on your plate. With so many competing demands, you may find you struggle to find time for proper accounting. One consideration that can help streamline your business and give you more time for other priorities is hiring a professional accountant. Our team of experts can provide you with the expertise and knowledge you need when you don’t have time to do your own accounting. Of course, in addition to the time saving benefits, there are many reasons why a business owner might need an accountant, including: 

• Stay Compliant With Tax Laws. Accounting professionals will keep up on the trends in your industry. Our accountant will make sure your business doesn’t end up paying more annual taxes than you need to. Tax laws are always evolving, and staying compliant with all the various changes can be difficult if you aren’t an accountant. 

• Assisting With Retirement Planning. Whether you’re in the first year of your business or you can see retirement within the next couple years, it’s always a good idea to think about retirement and planning for the future. Having an accountant can help you set goals and plan for your future and the future of your business. 

• Opportunities to Grow. Eventually you’ll want to invest in new equipment for your business. As your business grows, you may consider moving to a bigger office. Our accountant will look at your financials and advise you to make the best decision for your company. 

When it comes to running a successful business, managing your finances is a key concern. If you’re looking to optimize how you spend your time and resources, consider speaking with a member of our team. Our accountants can offer you the expertise and support you need to manage this all-important area of your business so you can focus more on customers and even take your business to the next level. If you’re ready to learn more about how our team can help you, schedule your consultation today.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://appleguerin.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

Selling your dental practice can be quite an intimidating prospect. You may have numerous questions, such as: How do you make sure the business you’ve worked so hard to create, or the team you’ve come to love is properly taken care of after you’re gone? When is it too soon to make a decision, or has the time frame already passed? The good news is, the important decisions you’ll face when attempting to sell a business don’t have to be faced alone. Our team is here to help you with expert guidance and knowledge because we’ve helped many business owners just like you create successful transitions. With that in mind, here are a few things to consider when it comes time to sell.

Determine a “why”

It is important to understand why you’re considering selling the business in the first place. Is the business underperforming financially? Has it become too much work? It could also be more of a personal reason. Have you lost passion for the business? Are you considering retirement? Knowing why you’re selling is an important first step, especially if it is something that can be turned around or improved. 

Timing is key

If you’ve fully committed to selling your business and are happy with your “why”, it’s important to look at the timing. Do you have a hard sell-by date? Or will you take your time? Knowing how you want to time each step is an important part of the selling process, and can make or break a deal in the end. Having a date to sell by can increase pressure, and affect the results of the sale. Taking time and assessing when the best time to sell is can take more time, but may be more rewarding in the end. 

Consider partnering with outside experts

Personally handling every aspect of the sale of a business can be a full-time job itself. Using partners or contacting outside help can make the situation go much more smoothly. It may be helpful to consider contacting a broker to help with closing, or a marketing agency to help you find the right buyer for your business. Adding these resources can save you time and help with your totals in the end.

There are many factors to consider when selling a business. Make sure you take the time to think through all areas that may affect your situation. An important decision like closing a business can have many repercussions, and eliminating as many variables as possible will only make for a better sale in the end. If you’re looking for expert assistance in the sale of your business, call our team today and see how we can help you.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://appleguerin.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

At the core of any thriving business is an effective and powerful leader. When a team has direction, intention, and a clearly articulated purpose, they’re able to achieve the desired goals. With that in mind, it’s important to be the best leader you can possibly be. Whether you’re opening a brand new business for the first time, or have been leading a team for multiple years, there’s always room to grow. 

Effective leaders create a compelling direction. 

People work best when they have a set of goals they’re working to achieve, and your team is no different. When communicating, make sure you set concrete and attainable goals for your employees. Make sure they understand why these goals are important, not only to the success of your business, but to their own personal success. As they work to achieve these goals, it’s important to monitor their progress in order to make sure everyone is performing at an optimal level. 

Effective leaders create lasting solutions. 

When an issue inevitably arises in your business, how will you address it? If your solution is a temporary fix, it will only lead to more headaches and struggles for your team later. The difference between a leader and a follower is that a leader won’t settle for a quick fix when they know their team is capable of more. 

Effective leaders know when to be flexible, and when not to be. 

Many new leaders make one of two mistakes. They either allow their team to walk all over them, giving in to any demand or complaint, or they take the opposite approach and refuse to change anything. Both are disastrous and will derail the success of your business. There are times when you will have to go with the flow, making adjustments based on what your team and your practice needs. These changes can affect everything from your systems to your leadership style. However, there are also times when you must push your team and your business forward. 

Effective leaders understand when they need support. 

Oftentimes, leaders believe that they need to handle it all themselves, having the weight of the entire practice on their shoulders. This isn’t the case. When you lack the time or expertise to complete a project at a high level, it’s more than acceptable to ask for outside help. If your accounting skills are holding you back from a greater level of success, our team is here to help you with expert accounting services. We know how to leverage your finances to help you achieve your goals and stay on track. Contact our team for more information.

Apple Guerin Company LLC

Phone: (255) 767-1020

Url: https://appleguerin.com/

6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808

One of the core financial planning tenets is the need to establish an emergency fund. Having a financial safety net is essential, especially today when the economy and the world is facing so much uncertainty. Should an unexpected natural disaster, staffing upset, or other unplanned event interrupt your flow of business, are you prepared to ride out the difficulty?

Defining a financial emergency

The criteria for what constitutes a financial storm or emergency will be defined differently based on each practitioner’s unique circumstances. A large, financially stable business may barely notice if several staff members suddenly quit. That same scenario could wreak havoc on a small business. Of course, a fire, flood or other damaging event is likely to be disastrous for any business if you are unable to see patients and generate revenue for an extended period of time. This is why having a business emergency fund in place is so vital: to help you carry on, make payroll and pay bills until things return to normalcy.

How much should you set aside?

Most financial advisors recommend saving between 3 and 6 months salary in individual emergency funds. However, these amounts will likely be insufficient for even a small business. There are a number of variables, but here are some questions to consider as you calculate what makes sense for you:

·         What are your insurance limits?

·         How much time will you wait for insurance claims to be processed?

·         What risks are not covered by insurance?

·         How long can your business survive if you are unable to generate revenue?

·         What would it cost to arrange coverage for staff members who quit unexpectedly?

·         How much are replacement costs for essential equipment that is damaged and inoperable?

Knowing where to start

Many people don’t save for a rainy day because they don’t anticipate financial emergencies until it’s too late to prepare. If you have not begun shoring up your business against financial storms, now is the time to begin putting a plan in place. An excellent place to start is by scheduling a consultation with Apple Guerin Company LLC. We can assess your assets and your risk, and identify vital next steps to ensure your business is financially secure, no matter what the future holds.