Comments on: Next Generation Business Planning http://bestbizpractices.org/2010/02/02/next-generation-business-planning/ Because America runs on small business! Sat, 31 Jul 2010 14:04:49 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Tim Sernett http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1079 Tim Sernett Sat, 06 Feb 2010 15:33:37 +0000 http://bestbizpractices.org/?p=1369#comment-1079 Thanks Mike. I'll use this article with my clients as a "second opinion" to my harping on updating the plans. I push to help them manintain a rolling 12 month financial projection, and they need to update plans in all areas of the business. Appreciate your insights. Thanks Mike. I’ll use this article with my clients as a “second opinion” to my harping on updating the plans. I push to help them manintain a rolling 12 month financial projection, and they need to update plans in all areas of the business.
Appreciate your insights.

]]> By: Kelly Damron, CPA, MBA http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1074 Kelly Damron, CPA, MBA Fri, 05 Feb 2010 18:01:38 +0000 http://bestbizpractices.org/?p=1369#comment-1074 Most entrepreneurs think a business plan is a necessary evil to gain financing. They truly miss the point of the plan to use it as a guide for their business. I love Brenda's comments about the "other CPA" as I totally agree with her the small business owner really needs that additional adviser. Most entrepreneurs think a business plan is a necessary evil to gain financing. They truly miss the point of the plan to use it as a guide for their business.

I love Brenda’s comments about the “other CPA” as I totally agree with her the small business owner really needs that additional adviser.

]]> By: Brenda Richter, CPA http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1066 Brenda Richter, CPA Thu, 04 Feb 2010 00:43:11 +0000 http://bestbizpractices.org/?p=1369#comment-1066 Some of the best trade associations conduct management surveys that provide some wonderful benchmarking information for a business owner. It makes my job so much easier when my customers belong to such associations. Every other year I conduct an extensive practice survey for a local association of bookkeepers. Visit: http://www.keepandshare.com/doc/view.php?id=1381988&da=y Some of the best trade associations conduct management surveys that provide some wonderful benchmarking information for a business owner. It makes my job so much easier when my customers belong to such associations.

Every other year I conduct an extensive practice survey for a local association of bookkeepers.
Visit:
http://www.keepandshare.com/doc/view.php?id=1381988&da=y

]]> By: Mike Clough http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1065 Mike Clough Wed, 03 Feb 2010 18:39:16 +0000 http://bestbizpractices.org/?p=1369#comment-1065 Tim, I agree. And there are even industry specific groups on LinkedIn you can join. Thanks for your comment. Tim, I agree. And there are even industry specific groups on LinkedIn you can join. Thanks for your comment.

]]> By: Tim Negris http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1064 Tim Negris Wed, 03 Feb 2010 17:45:31 +0000 http://bestbizpractices.org/?p=1369#comment-1064 Great practical advice. In the area of keeping track of what is happening in one's industry, I would add a point about trade associations. Just about every industry has one or more organizations devoted to advancing the interests of companies in that industry through education, advocacy, publicity, and networking programs. You may think that these are just for big companies or that they cost a lot to join, but very often this is not the case. Many have great interactive websites and sponsor local and regional events where even small businesses can get actionable information and guidance, and forge beneficial relationships with other people and organizations in their industry segment. Great practical advice. In the area of keeping track of what is happening in one’s industry, I would add a point about trade associations. Just about every industry has one or more organizations devoted to advancing the interests of companies in that industry through education, advocacy, publicity, and networking programs. You may think that these are just for big companies or that they cost a lot to join, but very often this is not the case. Many have great interactive websites and sponsor local and regional events where even small businesses can get actionable information and guidance, and forge beneficial relationships with other people and organizations in their industry segment.

]]> By: Mike Clough http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1063 Mike Clough Wed, 03 Feb 2010 17:19:18 +0000 http://bestbizpractices.org/?p=1369#comment-1063 Thank you Brenda and of course, you are correct. :-) Thank you Brenda and of course, you are correct. :-)

]]> By: Brenda Richter, CPA http://bestbizpractices.org/2010/02/02/next-generation-business-planning/comment-page-1/#comment-1062 Brenda Richter, CPA Wed, 03 Feb 2010 16:55:56 +0000 http://bestbizpractices.org/?p=1369#comment-1062 As usual Mike, you've hit the nail on the head with this one. I would like to add the importance of small businesses developing a C team for their business. Since most small businesses don't have the need for or resources for full time managers/directors/officers in these areas they often neglect their importance. All communities have groups of independent consultants that specialize in working with small businesses to help with marketing, HR, IT and finances. Business owners should develop relationships with these professionals so they have someone they can turn to on an as need basis. Although the most important role is what I like to call "The Other CPA". Businesses have a CPA to do their taxes and prepare financial statements as needed. But they don't have to have the other CPA serving as their controller/CFO. As usual Mike, you’ve hit the nail on the head with this one.

I would like to add the importance of small businesses developing a C team for their business. Since most small businesses don’t have the need for or resources for full time managers/directors/officers in these areas they often neglect their importance.

All communities have groups of independent consultants that specialize in working with small businesses to help with marketing, HR, IT and finances. Business owners should develop relationships with these professionals so they have someone they can turn to on an as need basis.

Although the most important role is what I like to call “The Other CPA”. Businesses have a CPA to do their taxes and prepare financial statements as needed. But they don’t have to have the other CPA serving as their controller/CFO.

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