“Top 10” Smart Things for 2013

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Top 10 Smart Things for 2013. Presented By Alan M. Friedman, CPA and Daniel Jobe Friedman, Kannenberg & Company, P.C. Session Objectives. Provide 10 suggestions & ideas to improve the financial health of your business Q&A Along the Way. 1. Find a Niche and Exploit It. - PowerPoint PPT Presentation

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Top 10 Smart Things for 2013Presented ByAlan M. Friedman, CPA and Daniel JobeFriedman, Kannenberg & Company, P.C.

Provide 10 suggestions & ideas to improve the financial health of your businessQ&A Along the WaySession Objectives1. Find a Niche and Exploit It

Product NicheService NicheCustomer/ Industry NicheKnowledge NicheCreating a Niche Means Exploiting a

2. Diversify Revenues

Typical / Core Music Store RevenuesSalesB&O RentalsMusic Education

Diversify RevenuesPotential Music Store RevenuesRepairs, tunings, deliveryPiano and Sound Reinforcement RentalsOther (i.e. long-term piano storage)

3. Break-up With Your Old Inventory

Remember.its all about turns and lost opportunity costs!!Track Aging Inventory and Try Something NewRe-merchandiseSpiffs to Sales StaffBlow-Out in Store or OnlineDonationInventory4. Get Real with Rentals

Account For Them Properly book monthly income, depreciate them, and only show a receivable for past due rent Obtain Adequate Financing finance them over the same time (or longer) as it takes to recoup your cost on the instrumentTrack the Productivity of the PoolCollections watch your bad debt stats!Unrented Units get them ready to goor change the mix!

Rentals5. Pay Down Debt

6. Be Your Own Landlord

7. Streamline Your Technology

Data StorageDocument retention policiesElectronic computing policiesAccounting SoftwareMultiple solutions with no monthly financial dataTechnologyHardware trends (virtualize)Back-up (test often; off-site is best!)

Streamline Your Technology8. Safeguard Assets

Reconcile bank accountsReconcile inventory discrepanciesReconcile payroll recordsSegregate incompatible dutiesCreate systems of checks & balances

Security9. Save ForTheRainy Day

10. Invest in Education

Review Your Business PlanInvolve OthersDream, but Create ActionDo Something!!

In summary

Need more help?Contact Shaun Conrad after this seminarto set up a meeting time