BusinessTips

Continuously looking for ideas to save your tax dollars


Helping our Client's keep abreast of new tax laws and providing them with possible ideas on ways to reduce their tax burden is one of our goals.   We offer this through this continual update of new tax laws and providing some BUSINESS TIPS which may offer savings' ideas.  We present these ideas; however, please consider all facts in your case, and talk with your representative,  before implementing any of these these ideas.

       LOOK AT YOUR FINANCIAL INFORMATION FOR ANSWERS

Look at financial information of similar businesses to determine if you’re meeting your true financial goals.  Good sources of this type of information are: Trade Associations, your accountant, your stockbroker, vendors and their representatives, and many others.  There are several sources of financial data for comparison by industry. 

Establish a budget each year to compare to your actual operating results.  The best way to evaluate your success is to compare actual to anticipated results. 

If you send out invoices or monthly statements, stuff a sales message in the envelope.  This has minimal costs and lets your customers know of special promotions available to them.

Continually evaluate the reasons that attract customers (especially new ones).  You must have something that attracts customers to your business.  What attracts customers to your business?  Take a few minutes to determine this and set a marketing plan around this theme!

Delegation of duties helps you maximize your profitability to the business.  Evaluate your value to the business and evaluate the expected costs to do a task.  Make sure that the costs of your performing a task do not exceed the benefits associated with that task.  When costs exceed benefits---delegate!!!

               EMPLOYEES ARE NOT A LIABILITY TO YOUR COMPANY

Remember,employees are an asset to your business.  Through their efforts, you become successful.  Consider an employee rewards program.  Through your efforts to show them hat they are valuable, they become part of your business.

                             DO YOU HAVE A SAFETY PLAN IN PLACE?

Safety is a serious concern in today's work environment.  Make sure you and your employees are safe.  Establish a Safety Plan to protect everyone and your valuable assets.

 

     Copyright ©  1987 - 2010 A. Harold Davis, CPA