What a Startup Business Needs

There are many reasons why a new, small business requires more than just an experienced professional - although that's a good start!

Managing a start-up is not an easy task, especially if you are not trained or experienced in business management. You can easily become overwhelmed with budgets, resources and decisions. You don't have time to waste because every move you make affects the growth of your new business and delays its success. Yet, wrong decisions can be catastrophic to your business. If you find it difficult to reach your goals quickly and effectively, here are some main factors that your fledgling business may need.

A well-written, thought-out, and comprehensive business plan

As a start-up business, you have several operations to take care of including bookkeeping, filing your tax returns, business management, payroll, marketing, supplies management, overhead management, employees, and business finance operations. As such, many business owners are stuck working in their business, rather than working on their business.

It can quickly seem too much to handle, and a slight mistake can bring your business down completely. A consultant or business service like SCORE can assist you to develop a business strategy and a concrete marketing plan that your business requires for success.

Focus on profits while minimizing costs

It is the intent of every business owner to excel profits. You will therefore benefit from a seasoned business consultant who understands the secrets to successful business management. Top consultants have many years of experience in managing businesses from taxes to finance management and business management to marketing. A plumber who wants to build his own plumbing business may be an excellent plumber, but may lack the other, necessary skill sets or experience to actually manage his business and employees effectively. Business consultants know which operations to prioritize and which ones to get rid of in the business, and provide key insight to overall business management. Some small tweaks can make the difference between profitability and failure.

Spread the Word

Advertising and spreading the word about your business has never been easier. With social media and a well-made website, your online marketing reach can be vast and inexpensive. Also, consider local networking with other business owners. Openly send referrals to other business owners, and they will most likely reciprocate. Also, ask your happy customers for 5-star online reviews. Reputation matters to most consumers.

So, make a detailed plan before you start your business. Calculate your outgoing costs against your expected income. Add how much time you think you may need to just manage your business, and then double it.  Ask for help from a seasoned consultant who understands your market. With a bit of luck and a lot of hard work and endurance, you can create an amazingly successful start-up business.

Best of luck to your Success!

Accelerated Accounting

Tucson Accounting, Bookkeeping, and Tucson Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005

Understanding Business Development

Business development is one of the most important agendas that businesses and large organizations try to understand and utilize its full potential. In some cases, businesses may fail to comprehend business development and its scopes or strategies. To clarify, business development entails ideas and activities that help a business realize its full potential and make it better, stronger, and more profitable. Business developers for that matter, are being sought after by companies to help guide them to achieve the long-term goals in relation to its markets, customer base, and growth opportunities.

To understand business development and what it encompasses, below is a list of business development functions and how each of which strategically helps the development process;

·      Sales and marketing

In every organized business, there is a sales and marketing department which is aimed at offering advice and direction to the business for it to be fruitful. Business development similarly taps into the same idea. The business development team assesses a certain market or clientele, and estimates a target revenue to be gained by the market. If the target is potentially enriching to the business, the team provides ideas for promotion and advertising which are within the marketing budget.

·      Business planning

Business developers evaluate the businesses projects and their impact on cost, time and other factors. Business development also determines whether new resources or facilities are needed and the most suitable location for new offices or manufacturing facilities.

·      Strategic initiatives

Partnerships are considered as part of strategic initiatives. In the case of penetrating a new market, businesses may build partnerships with the local or national firms. The business development team analyses and then lists the most suitable firms to be in partnership with. In addition, it highlights the pros and cons of the potential partner companies. This helps the business or organization to make an informed decision as to who is the right partner to best meet their goals.

·      Business expansion and cost savings

Business development, as stated earlier, is all about making businesses better. Often, businesses feel the need to expand their boundaries and stretch their limits - a good thing.  However in doing so, there may be additional incurred costs, and the expansion may do more harm than good. A team of business developers can determine a more effective way to expand the business while cutting the related costs, while helping to direct the expansion toward a better path of success.

·      Product and vendor management

Different countries have different regulatory standards pertaining to certain products. Business development plan covers the legal approvals, cost considerations to be made in order to meet the standards, and governing regulations. Seasoned business developers can also help consign quality vendors to meet the product / service needs of the company.

Companies should consider hiring a good business development team if they are looking to make their business more efficient, more cost-effective, or if they are looking to expand their operation.

Accelerated Accounting

Tucson Accounting, Bookkeeping, and Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005

Why Using Professional Accounting Services Is Important To Your Business

Maintaining books of accounts with a solid financial management service is very important to any business whether big or small. With the help of a good accountant, looking after your daily accounts is vital, and will be beneficial to the business both in the short and long run. Some people may disregard the need for hiring an accountant and instead resort to using any individual to carry out the entire financial and accounting obligations of the company. This decision may end up costing the company much more in inaccuracies than what it saves with an internal resource running its books. The following are reasons why hiring a professional accounting service can be highly beneficial to your business.

Helps in the management and accuracy of your financial reporting and bookkeeping

Most accounting service providers use a comprehensive and proven accounting software for the effective and efficient management of the the client's financial books. This helps to greatly alleviate wasted time and inaccuracies in calculations and evaluations. This also helps in facilitating easier and more accurate reviews of stock, income and expenditures. Additionally, a professional tax accountant or bookkeeper stays educated regarding the ever-changing tax laws and regulations. Try to do that on your own.

Helps in eliminating unnecessary costs

An experienced accounting professional can be essential in providing you with correct information about all the unnecessary costs incurred in the running of your business. This allows you to understand and come up with necessary measures on how to reduce these costs, and run your operation more efficiently. It is also important in making financial decisions about your business. A good tax service provider will help you in filing for your tax returns amongst addressing other financial issues that you may be facing in your business. 

Give you vital financial advice

Accountants are like financial advisors. They can help you identify business opportunities that are viable and are cost effective. Additionally, they can give you advice on what to do to reduce costs and improve your revenue. The information accountants provide can be used by a business to strategize and improve their level of income, restructure the business to fit the current market and financial trends, and to even implement some policies within the organization to help improve the bottom line.  

In summary, for the smooth financial running and long-term viability of your business, it is important that you hire a qualified accountant who will help you in the management of your books, as well as identify both income and cost reduction opportunities.

Accelerated Accounting

Tucson Accounting, Bookkeeping, and Tax Preparation Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005