“top 10” smart things for 2013
DESCRIPTION
“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 PresentationTRANSCRIPT
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“Top 10” Smart Things
for 2013Presented By
Alan M. Friedman, CPA and Daniel Jobe
Friedman, Kannenberg & Company, P.C.
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• Provide 10 suggestions & ideas to improve the financial health of your business
• Q&A Along the Way
Session Objectives
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1. Find a Niche and
Exploit It
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• Product Niche• Service Niche• Customer/
Industry Niche• Knowledge
Niche
Creating a Niche Means Exploiting a…
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2. Diversify Revenues
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• Typical / Core Music Store Revenues– Sales– B&O Rentals– Music Education
Diversify Revenues
• Potential Music Store Revenues– Repairs, tunings, delivery– Piano and Sound Reinforcement
Rentals– Other (i.e. long-term piano storage)
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3. Break-up With Your Old Inventory
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• Remember….it’s all about “turns” and lost opportunity costs!!
• Track Aging Inventory and Try Something New…– Re-merchandise– Spiffs to Sales Staff– Blow-Out in Store or Online– Donation
Inventory
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4. Get Real with Rentals
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• 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 instrument
• Track the Productivity of the Pool– Collections – watch your bad debt stats!– Unrented Units – get them ready to go…or change the
mix!
Rentals
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5. Pay Down Debt
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6. Be Your Own
Landlord
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7. Streamline
Your Technology
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• Data Storage– Document retention policies– Electronic computing policies
• Accounting Software– Multiple solutions with no monthly financial data
• Technology– Hardware trends (virtualize)– Back-up (test often; off-site is best!)
Streamline Your Technology
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8. Safeguard
Assets
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• Reconcile bank accounts• Reconcile inventory discrepancies• Reconcile payroll records• Segregate incompatible duties• Create systems of checks & balances
Security
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9. Save ForThe
“Rainy Day”
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10. Invest in Education
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• Review Your Business Plan
• Involve Others• Dream, but
Create Action• Do Something!!
In summary…
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Need more help?
Contact Shaun Conrad after this seminar
to set up a meeting time