PLAN. Survive the first year (most businesses fail). Of the businesses that do survive, many of those are out of business by the third year. WORK YOUR PLAN.
Today’s business must apply old-fashioned service and operating standards while learning new technology, mandatory electronic applications, and global trends that could
potentially crunch the bottom line.
The Goal: Passive income. If there is no business without you, the owner, you are an employee of your company.
Understand the relationship between your Income Statement and Balance Sheet. These two papers will determine your success; one affects the other.
Simplify your in-house accounting system – we use Quickbooks Pro which coordinates all monthly, quarterly and yearly records and tax-related paperwork.
Projections: Provide a detailed loan and promotional analysis for a profitable future.
Evaluate: How will a great accountant – an Enrolled Agent – handle your daily accounting needs and analysis in the
most productive time frame (including State and Federal filing and tax deadlines) while you service your clients, build your business structure and
stay on target towards passive income?
Megatrends and Reinventing the Corporation
Megachallenges are in store for megatrends in business. As outlined in John Naisbitt’s prophetic book, Megatrends, business owners should
evaluate the future and then proceed with a great business plan.
A Collection of Advice from Successful Entrepreneurs found in Megatrends:
Research your market but do not take too long to act.
Start your business when you have a customer.
Try your new venture as a sideline first.
Plan your objectives within specific time frames.
Surround yourself with people who are smarter than yourself, including an outside Board of Directors.