Business Success: Why It Comes Easily To Some People and Not Others

Regardless of whether everyone opens and runs the same kind of business, the reality is that some businesses will do well and others not as much or even fail. As a matter of fact, this analogy applies to many other areas of life. If you line up a success and failure side by side, the one thing that stands out is the power of making decisions. Some decisions can be hard to make, especially those that could result in a big gain or loss. A decision is more than a thought; it involves mapping out your goals then working towards them with specific action.
Here is how to break down the concept of decision making;

1. View yourself as a success
Most people in business start out gung-ho, with a vision for what they want their business to be. The problem comes when they begin to make excuses and with an excuse, elements of the self-doubt crop in. “I would like to have an online store, but I am not tech savvy”. Every time you validate the existence of an obstacle, you begin to accept it as part of life. Be brave. You can accomplish anything!

2. Understand what success entails
This concept is best seen in employees; it so often happens that a newcomer gets promoted ahead of someone who has been around a longer time. It is easy for the stagnated party to feel discriminated against but emotions aside, thinking that you are working hard does not mean you are - or even effectively. Business managers need to understand the elements that keep a business in operation and those that propel it forward.

3. Find courage
A successful business is anchored on the reliability of its clients. Realistically, there are so many companies doing the same thing, that it is not just enough to sit and wait for business; assertiveness and success must go hand in hand. Have you seen a gap in the market that can be filled by what you do? So, hit the market hard with your valuable message. You might get more traction that you expect.

4. Focus on your strengths
No one is born an expert as far as running a business is concerned, but you might be a natural in a particular interest area. If people are willing to pay for your skills, the more reason for you to perfect them. The most successful business people are those who identify a need in the market, then become or pay the best talent to meet this need.

5. Invest in sales and marketing
If you have a business of any sorts, the aspect of sales and marketing cannot be overlooked. True, there may be products and services that seem to move themselves, but you first need to create awareness that they are there and then convince your target audience that they need them. All this costs money not to mention the cost of setting up a marketing strategy, online and otherwise.

6. Seek to build purposeful networks
The internet provides avenues for people to interact and socialize across borders. For a long time, businesses operated as monopolies, which meant that they did not always have to try too hard to penetrate new markets. Keep abreast of establish marketing trends, set up strong networking links, and use technology to help meet your company goals.

Accelerated Accounting

Tucson Accounting, Tucson Bookkeeping, and Tucson Tax Accounting Experts

145 E. University Blvd., Suite 1A
Tucson, AZ 85705

(800) 272-4005

Benefits of outsourcing a Bookkeeping Service

Every business starts at a specific place and grows at different rates. As your business grows, you may need the honest opinions from different professionals or consultants as to the pace and direction that your company is taking. Outsourcing a proven bookkeeping service could prove hugely beneficial to you as the business owner for a number of reasons as discussed below.

Unbiased information from accountants and bookkeepers

An external accountant can help your business to stay on path toward targeted profits, while your internal bookkeeper is emotionally attached to the business. However, hiring an external bookkeeper will be beneficial because their work and examination of the finances will be more objective. Thus, they will give crucial insight that can greatly change the financial situation of your business. It is important to get both positive and negative information.

Reduced costs

Outsourcing a bookkeeping service should save you money in different ways. To begin with, you do not have to pay for their payroll taxes. Since the bookkeeper is not your permanent employee, they do not have the right to paid vacations and other employee benefits that may apply in your company. Your permanently employed bookkeeper would have less work to do especially when your business is at the crucial growth stage and with hundreds of transactions, freeing up their time for more critical functions. Your external bookkeeper will also ensure that the business saves as much as possible by acting as a watchdog for the company - without being clouded by an emotional tie to the company.

It could easily be much cheaper for you to pay the bookkeeping service as compared to having a permanent accountant in your business. Similarly, a trained accountant gets the chance to work for more than one company hence growing their experience in the business practices they specialize in.

Reduced turnover risks

It is common for an internal bookkeeper to leave your business possibly because of a better opportunity in the market or to pursue personal interests. This can cause a financial mayhem in your business from un-captured business transactions to poor cash flows. Outsourcing a bookkeeping service ensures that business is not affected much once your internal book keeper leaves. It is highly uncommon for a bookkeeping service to drop your business as one of its clients since their interest in on long term business.

Your business and industry needs an expert

Notice the difference between general bookkeepers and expert bookkeepers. You need to be in a position to locate a bookkeeping expert to cater to your unique needs as a company and in the industry where you serve. Always ensure that the expert that serves you has worked with other companies with similar interests and size to yours. This means that they have market and industry experience to see your business grow as well.

Focus on your priorities

Your external bookkeeper gives you enough time to focus on other important issues concerning your business. Seeking to focus on your company sales? Do you have the relevant business reports? Your external bookkeeper should produce them for you so that you know where to base your focus. While they tackle specific business operations, your bookkeeping service can advise you when unforeseen costs arise or identify areas for higher profitability - which is why you are in business in the first place.

Accelerated Accounting

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

(800) 272-4005

Best Business Practices for Building a Business

It is challenging for everyone to run and scale their businesses. However, those business starters equipped with solid foundation through best practices find it easier and smoother to make it a successful journey. You need to understand what it takes to build a business as well as how equipped you are to face arising challenges. Learn some of the business practices that help build a strong business.

Set team expectations

Try not to expect to start your business and run it all alone. You will need several other people to take up different roles in some of the crucial departments, along with potential outsourcing options. Setting these expectations as a team makes a key impact in building a business. As the company grows, you will have to add more staff, give management and executive roles to some of the people that you started with and schedule meetings - just to mention a few items that will need to be addressed.

Meetings conducted as a team are an important business practice that leads to a discussion of the challenges and accomplishments in every department. Departments also get a chance to give and get feedback from the top management.

Be a good manager, put ego aside

Most business owners, CEOs and executive managers have different methods of leadership and management that they find most applicable in their businesses. Many of them tend to forget that there are some personal characteristics and company dynamics that cannot just be ignored. Understand that you are dealing with people. Employees are an essential human component in your business and are your biggest asset. When you treat them well, they will be motivated to work for you. However, if you treat them as simple tools to help make the company money, the whole management system is bound to fail.

Have a clear process and protocol

Your business will thrive if you allow order, due process and protocol to take in. This is because each of the team members understands what is important to them and to the business. If a task should be completed, for instance, the team should understand the right funnel and order of operations depending on the level of management that should handle it. A good process reduces information fumbling, makes operations faster and easier, and also promotes efficiency in the business.

Promote a feedback program among team members

Once each department gets to work, it is not easy for the management to know the issues affecting it unless they speak out. This feedback system ensures that everything aligns well. It is essential to delegate and assign specific roles to specific individuals. This makes every team member responsible and accountable for their actions. Are you an efficient business owner? Do all the daily activities match your core competencies? If you answered NO to these questions, then you have a long way to go. You will need the feedback and opinion of your team. This is the only way the company will deal with uprising inefficiencies and personnel obstacles. Your business will grow and the team will consequently be happy working for you.

Keep operations transparent and the processes well-documented

Transparency is powerful in building strong business operations. You can perform quick cross-checks, and apply social collaboration tools to promote transparency in your processes. Keep your mission and goals communicated to the team, and your team will help you achieve them.

Accelerated Accounting

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

(800) 272-4005

How to Grow a Business

The corporate world has over the years been taken by storm by thousands of successful small businesses throughout the US. Emerging small businesses have invested in the secrets of becoming successful and their dedication and drive have paid off over and over again.

Business owners are true visionaries and are always trying to stay one step ahead to secure their success in an ever competitive market. Each day, businesses may come up with strategies to help them grow the extra mile. Unfortunately, these strategies don't always work as planned, leaving the business owners frustrated. To help avoid such situations, here are a few guidelines to assist in the growth of your business:

Hire the right people
The success of a business is not achieved overnight. Once business owners have set their plans in motion, they sometimes fail to adhere to factors such as their staff to bring their plans to life. No matter how promising the growth trajectory is, without a solid staff, the business is bound to fail. Having the right well-trained and motivated players paves the way for achieving the targeted growth trajectory.

Be adaptive
Nothing in the business world remains stagnant, especially with the rise of technology and its application in virtually all business sectors. Measures should be put in place to help businesses, large or small, to keep up with the emerging issues of the business industry. If there is no strategic and efficient measures, a business may fail to recover from the loss incurred due to a market shift. If the market demands the use of social media and other technological advancements, then business owners should embrace the change and incorporate it into their business.

Always plan ahead
There is no certainty of success in business strategies formulated to help grow a business. However, for businesses that are averse to risk or trying to keep up with changing markets, they can remain stagnant and eventually collapse. Planning ahead gives confidence to a business owner in the implementation of new strategies, while accounting for projected outcomes or trends. If there is a slight hint of failure in the implementation of business plans, then a counteractive plan is put in place to help redirect the business. Being agile is a key component to business success.

Reduce risks
In order to grow your business, you need to cut all unnecessary costs that could have been avoided, yet maintain control mechanisms to protect company data. Information such as personal employee data, product designs and customer records in the wrong hands could cause massive damage to the business. If there should be a situation compromising any of this information, business ought to have insurance coverage to cover investigations, and damage repairs. Growing a business can be stressful, but with adherence to the above information, it can become much more manageable. Businesses owners should be aggressive and smart in making the right choice to grow their business. If an owner does not have all the answers, which most do not, then hiring consultants or outside experts can help keep the business steering toward success.

Accelerated Accounting

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

(800) 272-4005

Best Business Practices for Employee Management

The best business leader or owner is one who motivates employees using positive business management practices. Business management good practices seek to get employees to perform at their best, and hence producing the best results with the available resources.

A great manager must learn what motivates employees to work well by assessing the best practices that match their needs and those of the company. Are you simply a business owner or an engaging / caring manager? The following best business practices can help you to motivate your staff and create a streamlined system of inspired employees. 

Engage your employees

Alienated employees generally care less about the duties and jobs assigned to them. Their only interest is on the outcome of their work, that is, their pay check. They may seek to advance their interests at the expense of the company. As a business manager, the first thing you should find out is how to make your employees care more about the business vision, and really become a part of it. Engaged employees are productive and enthusiastic. They tend to have an emotional connection towards the company. For this reason, they are more active, and take responsibility for their performance. They can remain to be valuable talents to your company for years.

Reward employee efforts

Everyone likes their work to be recognized. When you recognize the efforts of your employees, they feel valued and motivated. A simple word of ‘thank you’ or ‘job well done’ goes a long way in motivating your employees. Unfortunately, many managers ignore this appreciation bit of their management practices, and fail to understand how motivated employees feel when the company recognizes their hard work. Rewarding employees motivates them to achieve more and builds company loyalty.

Managers should be vulnerable

Do you consider yourself a good business manager? Be known to your employees and get to know them. Try not to be an anonymous figure to your staff. Rather, you need to know that your workers need you for their motivation, not unlike a good sports coach. Vulnerability is also fundamental in managing team dynamics. It is impossible for you to build trust across the team unless you learn to speak openly and share your ideas of the company direction. Employees feel confident when working with or for an open and interactive manager.

Maintain your commitment

As a manager, you should ensure that the team members trust each other. This ensures that they devote their time airing real opinions and working towards a common goal or solution. Less committed employees avoid conflicts by sweeping everything under the carpet instead of discussing their challenges with the rest of the team. The lack of commitment makes it difficult to manage team dynamics. Committed employees and business managers do not fear or avoid conflict. Rather, they welcome it. When the team members have differing, yet respectful, opinions, it brings them closer to the achieving company goals, and trust is built accordingly.

Focus on your team’s effort
Good business managers invest their energy and resources on ensuring that the team gets off on the right foot. They host retreats in effort to build solidarity and ideas. It is important for managers to clearly state their focus on current team dynamics so that individual activities do not distract team members. Try to reassess and realign team goals to help the team achieve maximum results.

Maintain high expectations for your employees, and give them the tools and motivation to achieve their goals.

Accelerated Accounting

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

(800) 272-4005

Advantages of Bookkeeping to your Business

Bookkeeping is an essential operation to your business, without which it is impossible to monitor the actual growth, failure or success of your business. You might not understand why there is not enough money to run your business even after injecting thousands in capital or generating record revenue. You need to accurately monitor and record all income and expenditures to tract the ongoing health of your business. Below are a few undeniable benefits of professional bookkeeping to any business.

Cash related benefits - Bookkeeping comes with numerous cash management benefits. For instance, it is easier for you to manage all your customer and supplier accounts when they are well arranged on paper ledgers or clearly tracked on a computer software such as QuickBooks. You will find it easier to prepare a business budget and track all your cash flows. Your business will be in a position to account for every coin that it earns and spends. It is important for you to have an accurate financial trail to better manage your cash.

Sound business decisions - Having proper bookkeeping records for your business helps to better qualify your decision making. It is easier for you and the stakeholders to highlight opportunities for increased business, reduce cash-flow problems, and control spending. This is only possible through proper bookkeeping. All the bookkeeping records are important depending on the size of your business. Your accountant should be in a position to explain what each of the records or business document means. Additionally, lenders also find it easier to give business loans to businesses with proper financials.

It reduces business risks - While it is important for every accountant to act with integrity and transparency, certain employees or business partners may not act appropriately. When your business has a proper bookkeeping system, it is possible and easier to detect fund embezzlement or internal fraud. Similarly, your accountant will find it easier to spot suspicious business transactions, hence potentially saving the company a lot of money. As a business owner, it is important to keep tabs on your finances to ensure that they are accurate and to help spot any suspicious activity.

Compliance related benefits - Do you understand the business and tax laws that govern the industry in which you operate? How much do you comply with them?  A professional Bookkeeper not only helps you to understand the laws, but makes it possible for you to monitor your payments and conformance. Bookkeeping allows you to pay your income, payroll and sales taxes as well as employee compensation, and audits can prove much less stressful.

Every smart business owner takes the accounting function seriously. This is because they understand the benefits of accounting for every transaction and every dollar spent in the business. It makes them better decision makers, especially on matters concerning money. It is also easier for them to conduct business analysis to understand the company’s strengths, weaknesses, opportunities and threats. Insist on understanding your company’s books and let your business thrive.

Accelerated Accounting

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

(800) 272-4005