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Practical Process

We offer full framework consultation or you may need assistance with just one area. Please contact us for information on how we may assist you with managing your practical business processes.

 

We offer additional support to help you maintain the processes that you have developed.  Please visit our Support page for more information.

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Financial Fridays: Positive Cash Flow

Leijun Campbell - Friday, May 19, 2017

 

We want to give you something to look forward to every week, so starting today, we are unleashing our Financial Friday series that will feature a mix of blogs, infographics and more. Keep reading for the first post!
 
The four practical processes we advocate at Campbell Business Services are financial management, operations management, talent management and sales and marketing management. Today, we want to delve a little deeper into that first process with a look at cash flow.

 


 
We'll define cash flow as "the net amount of money that comes and goes out of a business during a particular period." The positive cash flow occurs when a business has more cash at the end of a period than at the beginning. The flip side would be to have less cash at the end of a period, indicating a negative cash flow.
 
Obviously, all of us would love a positive cash at the end of each period. However, with your many responsibilities as a small business owner, you may have a tough time establishing and maintaining a positive cash flow.
 
Here are a few tips for achieving this financial management goal:
 
1. Find ways to cut, or at least reduce, your major expenses: It's hard to maintain this objective in our personal finances, let alone for our businesses. Though this process will always be easier said than done, you must figure out at least a few items to focus on that could greatly impact your cash flow. Budget as much as you can each month (of course, there will be emergencies here and there). If you find a similar vendor who can reliably provide you the same product or supplies at a more affordable, consider that option and weigh out the pros and cons on budget sheet. Results will be small when you first start this process; however, continue to refine your process until you begin seeing the impact on your cash flow that you need.
 
2. Get cash faster from customers, clients and receivables: No business wants to feel like they are a collection agency, but no business wants to be bankrupt either. Before entering agreements with customers and clients, be sure to define your payment requirements and deadlines by sending out invoices as soon as possible. You can even include a percentage discount, or incentive, for clients who pay off their debt early. This process will also keep you and your accountant from sweating at the end of the month because you won't have several unpaid invoices.
 
3. Take loans with manageable payment options: In addition to invoices to clients, your business will receive monthly billing statements if you take out loans. These payments can put a strain on expanding your cash flow because you have to always meet these obligations first to avoid strict penalties. When applying for loans, be sure to only take out the ones with reasonable terms that will give you at least a small cushion for increasing your cash flow. Though a few exceptions exist, most of these loans will come with interest after a specified time period. Paying them off early can save you money that can be put towards your cash flow.
 
We hope these tips help. Feel free to email us at leijun@campbellbusinessservices.com if you'd like more information on establishing positive cash flow. We look forward to hearing from you!

 

Administrative Professionals Day 2017

Leijun Campbell - Wednesday, April 26, 2017


April 26th, 2017 marks the occasion of National Administrative Professionals Day in the US! Administrative professionals include several different positions such as receptionists, secretaries, office managers, administrative assistants, executive assistants and plenty of other administrative support specialists all of which help run the day-to-day operations of a business. Be sure to use this day as a way to thank them for all the things they do for your company!

Three Things to Consider When Hiring A New Accountant

Leijun Campbell - Thursday, April 13, 2017

 


Tax season 2017 is finally coming to an end, and we hope you have been able to get everything correctly filed on deadline. Whether you are a detailed individual versed in important tax policies for your small business or you took the step of hiring an outside accountant, everyone can bring a sigh of relief knowing that another year of filing has passed. If you fell into the latter category and experienced a negative or slightly uncomfortable time with the accountant you hired for this past year, we can give you a few tips to make sure the next selection process is much more pleasant.

 

- Hire someone who communicates with you on a daily or weekly basis and has a quality reputation in your state: Reliability in financial management is crucial for any business, especially when you are running most of the operations by yourself or with a small staff. You want an accountant who you can trust with communicating with the right people, compiling the right documents and filing the right reports. Also be sure to check with your state's accounting board to make sure your new accountant will provide you the best experience.

 

- Hire someone who knows the rules of your industry and stays up-to-date with both the big and small changes: Knowing all of the tax and financial guidelines/rules related to your company makes an accountant a viable asset for your small business, especially if your focus is on a niche product or market. You also need an accountant who will keep a pulse on any changes to procedures that could directly affect your business, so that you can focus on making your company the best it can be.

 

- Hire someone who is willing to explain your financial statements fully and answer any questions you may have: Though you will want to spend most of your energy on your company's daily operations while delegating the important details and financial processes to an expert, make sure you hire an accountant who is willing to keep you informed on a regular basis, especially when a potential problem or issue arises. Make sure your accountant has an open door policy when it comes to questions about your company's financial health. No one enjoys shocking surprises when it comes to money.

 

For more information on how we can help you with your financial management, email us at leijun@campbellbusinessservices.com!

 

An Asset to Your Team - Why You Should Hire A Bookkeeper

Leijun Campbell - Wednesday, March 29, 2017



As a small business owner or solopreneur, you pride yourself on being able to handle a variety of tasks from sales to marketing to human resources. However, you occasionally find yourself in a situation that goes beyond your usual expertise such as financial management. Rather than try to push through and make some serious mistakes, consider hiring a bookkeeper who can work with you on a regular basis to make sure everything is in sync. Think of them as an asset to your team, a backup quarterback if you want to use a sports metaphor.

 

We'll give you some reasons below for bringing in a bookkeeper:

 

1. You can run your business and focus on the most crucial tasks - You have multiple customers and issues to deal with throughout the day. If you're being honest with yourself, sitting down to go over financial documents and more in-depth details at the end of every business day is nearly impossible. Even some of the best business owners and executives realize that delegation can be a lifesaver. Not only will hiring a bookkeeper save you time, they will also save you money.

 

2. Bookkeepers can be hired for specific industries - Are you a real estate or insurance agency? Do you own a restaurant or retail store? Bookkeepers understand most industries on a general level, but each one can focus on something much more specialized. Since they work for multiple clients in an industry, they often understand current trends that should be followed and obscure rules that need to be observed.

 

3. You can hire them on a contract basis or full-time - Though you need to be aware of your company's budget and resources, some of the best bookkeepers start as a contract worker and then can join the team to make your business even stronger. These contractors bring in crucial knowledge and analysis for cash balances and expenditures every week or month, allowing you to build a relationship and trust that you may not have even expected. Regardless, you will gain a better understanding of your company's financial management and be able to start planning for five years ahead rather than just the end of the month.

 

For more information on how we can help you with your financial management, email us at leijun@campbellbusinessservices.com!

 

How to Exchange the Urgent for the Important

Leijun Campbell - Thursday, March 02, 2017

 


 

Earlier today, you walked into your job. Over the past few days, you’ve had to time to do a little bit of brainstorming on your next major project and are ready to finally get things started. You said good morning to your coworkers (or family if you work from home), sat down at your desk, fired up your computer and opened your email inbox.

 

You don't remember the last time you had seen so many red-flagged messages. "Emergency" after "emergency," you typed your fingers to the bone with an unrelenting ferocity as you sent requests for further information, emailed questions to people involved in the projects in jeopardy and set out researching and problem-solving the issues on your own. In between tasks, you attended meetings, some beneficial and some not so necessary. You continued until the 4 o’clock hour and breathe a sigh of relief when the last concern is resolved. You then realized you never started on the project that, until 8:30 a.m. that morning, was considered the most important item on your checklist. As much as our minds want to jump to solving the most urgent of problems, your productivity will suffer because you aren’t given full concentration to the projects and ideas that matter to you and your professional development.

 

With the inevitability of the urgent always looming, setting aside and blocking off time to work on the important is crucial. Campbell Business Services is here to help you make your professional ventures as effective as possible. For more information on how we can help YOU, email leijun@campbellbusinessservices.com!

 

Why Use Campbell Business Services for Your Accounting Needs

Leijun Campbell - Thursday, February 23, 2017

 

As tax season continues, you may need to consult with an accountant to make sure everything is correct for your business before you file.

Check out the ways Campbell Business can help you below and contact us if we can help you in any way!

 


 

Getting Ready for Tax Season 2017

Leijun Campbell - Friday, February 10, 2017

Campbell Business Services would like to offer you some #PracticalPoints for Tax Season 2017.

What are some tips that have helped you these past few tax seasons?


2017 Tax Season Checklist

Leijun Campbell - Tuesday, January 31, 2017

We’re several weeks into tax season 2017, and we hope you have been able to keep up with the various deadlines that we discussed in our previous post. We also mentioned talking to an accountant if necessary to help you get everything together.

 

If you are about to meet with your accountant, be sure to have the following items ready in your books for review:

  • 1. Any new equipment purchases
  • 2. Any new investment purchases
  • 3. Vehicular expenses that pertain to your business
  • 4. Home office expenses if relevant
  • 5. A list of any vendors that you are carrying
  •  

If you need any assistance in preparing these documents, don’t hesitate to reach out to Campbell Business Services with any questions! Contact leijun@campbellbusinessservices.com for more information.

Four Practical Points to Prepare for 2017 (Infographic

Leijun Campbell - Thursday, December 22, 2016

Practical Points to Prepare Your Small Business for 2017

Leijun Campbell - Friday, December 16, 2016

 

We have two weeks left in 2016. I don’t know about you, but this year has flown by. Now is the time to start building momentum for 2017. Before the holidays really take hold, I am looking over what all has happened over the last 12 months, and I want to give you some tips on how you as a small business owner can evaluate and improve your practical processes for the new year.

 

 

1. Analyze your day-to-day operations and procedures manual - Though surprises always reveal themselves in sometimes inconvenient ways, your business maintains a level of routine. If you run a small business, you may have an easier time adjusting this routine than a larger corporation. If you have hourly team members, evaluate your scheduling practices to see if you utilize their abilities efficiently (i.e. seeing if a shift requires two people or four people for optimal customer service). If you have more of an office environment, look at how you can improve your task management system or if you can implement a regular meeting format. Keep a monthly journal of how each change provides or detracts value, so you can have something to review at the end of next year.

 

 

2. Get all your financial statements prepared for tax season - The first of the year can be incredibly hectic and stressful as you try to navigate new procedures, new hires or new clients. In addition, you need to take care of your employees and provide them their tax documents by the end of the month. Instead of letting everything build up, why not start taking care of those responsibilities now? Enlist the help of your in-house accountant to verify everything is correct. If that option is not available, plenty of outside resources exist specifically for this purpose.

 

3. Know how you will expand your brand and profit in the next year - Hopefully, you set some marketing and sales objectives at the beginning of this year. If so, use these last few days to truthfully evaluate your successes and failures. Even if you missed some opportunities, include them in next year's list. Plan out your marketing budget and include a portion for digital strategy, website development, email marketing and social media. Develop a content calendar and stick to it. Set up quarterly meetings to check on the analytics and progress of these initiatives. If you have a customer or client mailing or email list, send them a Christmas card and include an end-of-the-year survey that asks for feedback on how to provide better service in 2017.

 

4. Discover more about  your team - Your team is the heartbeat of your company, so decide on ways to help them feel valued on a daily basis. Engage them with a year-end review, help them find and schedule professional development training or conferences for the new year, throw a Christmas or New Year's Eve party and if you can afford it, a Christmas bonus. January 1st marks a fresh start and you want to have everyone on the same page and buzzing with excitement.

 


 



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