| Being in the black can mean a lot of different things. | | | | This technique is based on another principal called the |
| Most business owners, it stands for being profitable. | | | | wisdom pyramid. This principal stresses the idea that |
| When a business owner sets out on a new venture, | | | | data is only useful if it becomes information. Information |
| establishing a profitable business is one, if not the only, | | | | is only valuable when it becomes knowledge. And, |
| primary driver. Unfortunately, too many entrepreneurs | | | | finally, the correct use of knowledge brings us wisdom. |
| get lost in the day-to-day chores of running the | | | | Here's just a short list of those things you will be able |
| business, and forget their main purpose. This short | | | | to do with the help of an accounting professional as |
| article is intended to help you remember that purpose | | | | they use The Wisdom Pyramid to ensure that you |
| and present a couple of ideas to keep this purpose | | | | improve your business's financial position:oYou will |
| fresh in your mind. | | | | know how your business stacks up against the |
| As an accounting professional and Profit and Growth | | | | competition with the information they provide you in a |
| Expert, we see our primary role as helping small | | | | professional business assessment.oYou will understand |
| business owners, like yourself, maximize the profitability | | | | the areas where your business is strong and where it |
| of your business. With financial skills in hand, combined | | | | can improve, and they will regularly provide you with |
| with access to a variety of analytical tools, each | | | | suggestions on how to do it. Consider this a Day with |
| month we focus our attention on our clients business's | | | | your CFO.oYou will be able to identify trends that |
| financial position and progress. | | | | expose the helps and hindrances to your |
| There is a model that one can use called the Universal | | | | business.oYou will take advantage of tax benefits |
| Business Model. This principal basically divides your | | | | through regular reviews of your tax position. |
| business into 3 separate divisions: sales, production, and | | | | By gathering the necessary information through the |
| accounting. In order for your business to stay in the | | | | bookkeeping and accounting process, an accounting |
| black, these 3 divisions need to work closely together, | | | | professional should be able to analyze the data and |
| passing information from one division to the other, so | | | | help you make the changes required to improve the |
| that you will be informed in all of your decision making. | | | | profitability of your business. Whether you require an |
| The closer these parts of your business work | | | | audit or a review of your finances, an accounting |
| together, the more in the black your business will be. | | | | professional can help move your business forward. |