As an Accountant in Mississauga, I’ve worked with many businesses in various industries. With this experience, I truly understand the causes of business success and business failure. You should read this blog post to make sure your business is on the right track.
Business Tip #1 – Work On Your Business, Accountant Mississauga
Many business owners get caught up in working in their business as opposed to working on their business. Those who work in their business are pre-occupied with the day-to-day activities of running their business that they forget to step back and address the most strategic issues affecting their business. Such strategic matters include: how to increase sales, improving customer satisfaction, controlling costs, expanding into new markets, etc.
As an Accountant in Mississauga, I highly recommend that you take 30 minutes each day to look at ways for improving your business for the better, and you’ll be sure to see results.
Business Tip #2 – Pay Attention to the Numbers
As a business owner, you should receive your company’s financial statements on a monthly or at least on a quarterly basis. When reviewing financial statements, focus on the following:
- % change in sales
- % change in cost of sales
- % change in gross margin
- Operating costs
- % change in net income
- Cash on hand
- Trends in accounts receivable and inventory
Reviewing your company’s financial statements regularly will allow you to assess the profitability of your business, and whether changes need to be made to increase the bottom line.
If you aren’t receiving regular financial reporting, you should speak with your Accountant Mississauga as soon as possible.
Business Tip #3 – What’s your Unique Selling Proposition?
Every successful company has a well defined Unique Selling Proposition (USP). A USP tells customers what makes your company different than your completion (i.e. unique) and why they should buy from you.
For example, Domino Pizza’s USP is “You get fresh, hot pizza delivered to your door in 30 minutes or less — or it’s free.”
As an Accountant Mississauga, I’ve observed that companies with compelling USP’s tend to do better than those that don’t.
Business Tip #4 – Internet Marketing
The internet is the world’s “yellow-pages.” When customers are looking to find a business, they often turn to the internet and specifically search engines such as Google and Yahoo to find what they’re looking for.
As such, your company should have an appealing and informative website. In addition, your website should be optimized to make it easy for potential customers to find on search engines.
As an Accountant in Mississauga, I have seen many success stories for companies that have invested in internet marketing.
Business Tip #5 – Delegate, Delegate, Delegate
Successful entrepreneurs have mastered the art of delegation. That is, rather than doing all of the work themselves, they’ve delegated certain business functions to a strong team of people that they’ve built.
Delegation coupled with proper oversight, allows you to focus on building the business rather than spending time on the nitty-gritty tasks in running your business.
If you’re having difficulty in delegation, you should seek the advice of your Accountant Mississauga.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.