Duluth/Gwinnett CPA: New Business Checklist for Atlanta Entrepreneurs
- Anticipate Sales
- Talk with people within your industry who are at the same level or have common experiences
- Discuss with bankers
- Be aware of changes within your industry (growing, shrinking, consolidations, price sensitivity)
- Plan for Expenses
- Allow for contingencies
- Expect the unexpected
- Have an accountant review your plan
"GOOD JUDGMENT COMES FROM EXPERIENCE. AND WHERE DOES EXPERIENCE COME FROM? EXPERIENCE COMES FROM BAD JUDGMENT."
- Know your target audience and what appeals to them
- Interview public relations and design specialists
- Read trade journals
- Attend Conventions
- Network with others in the same field
- Good source of leads
- Ability to complement each other's skills
- Test technical competence
- Monitor product quality
- Visionary vs. Reactionary
- Visionary - Plans, anticipates, monitors and re-plans
- Reactionary - Hopes, prays, and is surprised
- Visionary - Plans for cash needs
- Reactionary - Surprised when all cash is gone
- Visionary - Ability to see how things interact
- Reactionary - Always tweaks systems and relationships not anticipating ultimate result
II. Understanding Financials
- Interrelationships of financial data
- Some advertising dollars are better spent than others.
- For a telemarketing form, hope that telephone expense is high.
- Margins should be consistent given steady product mix.
- Some overheads are fixed.
- Know your break-even point / range.
- Resources to accomplish tasks
- Do we have enough cash to expand product line, open new office and hire additional personnel?
- Lines of credit are like insurance. Open secure line when you don't need to.
- Keep your banker and accountant informed / involved. The more you challenge your professionals, the better advice you will receive.
- Do we have enough rental space? Can our machines accomplish the tasks?
- Skill Level of Personnel
- Ability to sell may not mean ability to write a marketing plan.
- Peoples skill test. Are my people ready, or will they be ready in time?
- Attend specialized seminars. Doctors and lawyers have required tutorials.
- Critical hiring positions and dates.
- Recognize niche players. Utility players often win the game.
- Internal vs. Industry Data
- Track your results and know how and why it relates to your industry.
- Why are we better?
- Track individual and company performance
- Do changes in industry indexes affect us? Are we a niche player?
CHARLES COTTON: "WE OWE ALMOST ALL OF OUR KNOWLEDGE NOT TO THOSE WHO HAVE AGREED BUT TO THOSE WHO HAVE DIFFERED."
- Emphasize Strengths
- We are a small closely-knit group and have a team approach to handling problems.
- We have three specialists in your particular industry
- We are the leader in the industry in this particular type of approach / technique.
- We have done this numerous times in the past.
- Mitigate Weaknesses
- Due to our small size, we have several complementary firms that will work with us.
- We are broad based strong generalists who will call on expertise as needed.
- All firms have abilities and skills. Due to our size, we know ours is much faster than larger firms.
- I can do the job.
"FAILURE TO PREPARE IS PREPARING TO FAIL. BE QUICK, BUT DON'T BE IN A HURRY. DON'T MISTAKE ACTIVITY FOR ACHIEVEMENT. THE PURPOSE OF DISCIPLINE ISN'T TO PUNISH BUT TO CORRECT. THINGS TURN OUT BEST FOR THOSE WHO MADE THE BEST OF THE WAY THINGS TURN OUT."
By proper planning we have helped many business owners survive through the volatiles of our national economy as well as an ever-shrinking international marketplace. By leaning not on your own understanding you can obtain the added expertise of our education, training and wisdom by picking up the phone now.
HisCPA: A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Fulton, Johns Creek, Forsyth, Flowery Branch, Buford, Cumming, Hamilton Mill, Chateau Elan, Winder, Gainesville, Hart County, Dunwoody, Grayson, Alpharetta, Roswell, Sandy Springs and Tucker as an Award Winning CPA.