From the time you have the idea to start your own business or to buy a going concern, we can help you to make informed and intelligent choices to reduce your risks and enhance your chances of success. Many of the choices you make at the start are critical to your success and many owners make bad choices because they do not know what questions to ask. In short, they don’t know what they don’t know. Selecting a form of business is one of the most important of those choices. Many businesses incorporate when they should not and others do not when they should do so. They may fail to accomplish some step needed to properly accomplish what they want to do, and their plan fails completely for lack of a single document not timely filed or not filed at all.

Every business needs a team of friends with special expertise to help them do the tasks that need to be done at the beginning and as they meet the challenges of the intensely competitive markets of today. Legal, risk management, credit and banking, accounting and tax professionals working as a team can make the hard decisions easier by providing independent, skillful advice, assistance and information to the business owner. Our firm specializes in forming teams to help business owners with problem solving.

Read the suggestions below and give us a call for a consultation on any items you want to know more about.

Here are the things successful businesses do.

Never quit asking questions about how to improve your business. Read, study and listen to sources of reliable information.

• Do your homework

Prepare and maintain a simple but complete business plan that critically examines the market, the goods or services you offer, your customer base, the local, regional and national economy and the performance of similar businesses in similar markets.

• Carefully study proposals

Deals franchises and sellers naturally are looking out for their own interests. Expect that. If the offer is too good to be true, it probably isn’t. In any case, test the information furnished you to make your decision against every thing objective you can learn and constantly ask yourself if you need any new information you do not have. Don’t be afraid to ask question and be sure you really understand the answers you get. Don’t let professional jargon or slang confuse you or deceive you. Remember, common terms may have special meanings in a particular business. Be sure you know the true meaning of terms you hear.

• Get help

Unless you have a background in law, accounting, insurance and tax, you need to get the advice of a qualified professional. They will help you interpret what you are given and give you objective advice you can use to make sound decisions. Consult with them about forms of business and their recommendations.

• Payroll is really important

Failure to properly handle payroll transactions and taxes is one of the biggest sources of trouble for small businesses. Making your tax deposits late or improperly will bring down the federal and state authorities on your neck immediately. The punishment is always expensive, and it can ruin you financially. Do not believe that a computer program will keep you out of trouble. It will only do what you tell it to do, and if you tell it to do the wrong thing it will do the wrong thing efficiently, every time. It is also time consuming to handle payroll preparations for more than a few employees. Give serious consideration to getting professional help. It will save you time, money and aggravation in the long run.

• Your customers pay your salary

Engage your customers and conduct surveys from time to time to check on your own performance. Give them anonymous mail back cards to grade you in critical areas and to identify problems in procedure and staff that need attention. Notice them and make the relationship a positive experience.

• Spread the knowledge

Train your employees to do the jobs of other employees so you do not have a single employee who is the only one who knows how to perform a critical task or a routine but high volume task. Have a plan and make sure every one knows how you want the business to run.

This is not an exhaustive list, but it does cover some of the most common problems we see.

Donald C Bowman CPA

Don has supported small businesses in Columbus and the surrounding area since 1979. He was graduated from the United States Military Academy were he was awarded a BS degree. He studied at the George Washington University in Washington, DC where he earned a Master of Science in Administration degree in Industrial Personnel Management. He received his accounting training at Columbus State University and was awarded his certificate to practice by the Georgia State Board of Accountancy in 1988. He provides accounting, payroll and tax services to a wide variety of small businesses and individuals in the area. He also serves as an expert witness in litigation engagements in Georgia and Alabama. He performs valuation services for small businesses and acts as a management consultant for the improvement of profitability. Don is admitted to practice in Georgia and Alabama. He is a member of the American Institute of Certified Public Accountants, the Georgia Society of CPAs and has served on boards or as an advisor to the boards of numerous businesses and organization in and around Columbus and the Valley.

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