April 2017 - Accounting X

5670 Wilshire Blvd. Suite 1800 Los Angeles, CA 90036

Los Angeles Business Coach: Don’t Become Another Statistic

Los Angeles Business Coach: Don’t Become Another Statistic

Deciding to hire a business coach is not always a simple decision.  It requires a much higher level of trust than hiring for other types of services and transparency that can at times be uncomfortable for many businesses.

Understandably so, but regardless of your business experience level, the benefits of hiring the right Los Angeles business coach will outweigh any downsides.  If a company is struggling to develop and grow or going backward, an investment in a business coach is exactly what is needed to turn the company around.

 

“According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months.”  Don’t become another Statistic!

 

So hiring a Los Angeles business coach has a multitude of benefits but the 5 most noteworthy are below.

 

Objectivity

When working every day within a business knowledge and understanding of the business is inevitable, making it difficult to maintain a certain degree of objectivity.

Being in business is about the bottom line, only the aspects of the business that help contribute to this in a positive way should always be made the priority and overall focus.  A business coach brings that level of objectivity that can be difficult for business owners and their managers to facilitate and help bring the focus back to what those priorities should be.

 

 Development and Structure

An aspect of a business that suffers is the proper setup of systems and structure that help a company run efficiently and smoothly.  It takes time to put these in place and watch them become a routine part of the businesses day-to-day running.  For just this reason, many businesses don’t take the time setting them up properly.  A Los Angeles business coach can help with the development and implementation of such systems and structures.

 

 Planning and Implementation

All businesses must have a strategy to be successful.  It is very difficult in today’s world to be successful without a strategy outlining objectives, goals and action steps.  There is no need for this to be a complicated or a large document.  In fact, many successful companies restrict their strategy plan to one page. But it must be done as there is no way of accomplishing anything if you don’t truly know what you actually want to accomplish.

 

Having a Mentor

Business coaches work with individuals or teams to help develop their skills.  Mentoring assists with business and personal development.  It can also be utilized in specialty areas if needed such as financial management, marketing, operations, or human resources. The benefits to companies from mentoring can be significant.  As team members develop their skills, results will improve the overall performance of the team.

 

Accountability

Once the company has been analyzed, systems put in place, planning has been implemented and mentoring has begun, it’s time for review and improvement.  It is vital that changes are made when required to guarantee the business moves towards its goals. Changes to staff, software, equipment and other resources may also be necessary.

It is during this time that the business coach offers a certain degree of objectivity and provides a clear level of accountability to keep the company on track.

Hiring a Los Angeles business coach is the best step a company can take, especially if it is currently struggling to reach its goals or make progress.  A business coach will help to improve performance and profitability, which is a good outcome for any company.

AccountingX offers business coaching to many types of businesses.  Contact us for more information and help your company soar.

 

Creating a Business Disaster Recovery Plan: Best Practices from a Los Angeles Accounting Services Firm

Best Practices from a Los Angeles Accounting Services Firm: What you need to do when disaster strikes

Los Angeles, our city of angels, is unfortunately on some massive fault lines that create a large risk for businesses of being hit with a major earthquake. Business continuity is critical so that operations, and revenues, don’t come to a screeching halt should a natural disaster hit. There are many pieces to creating a disaster recovery plan for your business, but one of the most critical steps is covering the financial management in advance.

Did you know that 40% of all businesses never reopen following a disaster? And another 25% fail within one year following. So your business has a 65% chance of failing if you do not have a business continuity plan in place!

Don’t be a statistic! As a Los Angeles accounting services firm, we know the risks and have considered them for ourselves as well. The words accounting and disaster don’t line up. So we have prepared some of the main components of your financial management to consider and prepare should a disaster hit. If all of this just seems like too much and the liability is too great, consider outsourcing your bookkeeping to a firm that specializes in the region.

Inventory loss

Having up to date inventory counts is critical for any insurance claims as well as tax write-offs for losses that may arise from a disaster.

Property damage

If you have any building damage or damage to equipment you will want a record of it. If the damage is substantial and causes a decrease in the asset’s value you can also be required to take what’s called an impairment loss. Back when the big earthquake hit and during the L.A. riots many Los Angeles accounting services took an impairment loss for their clients while reducing the value on the balance sheet.

Payroll Rules

FLSA (Fair Labor Standards Act) says you may be liable to pay exempt, salaried staff members. The nonexempt staff does not fall under this Act as they are paid hourly and the rule does not apply during the close of a business. It’s important to thoroughly review federal law when it comes to payroll to help determine if you’re legally obligated to pay staff when a business is closed due to a natural disaster. If the staff is required to stay on-site during such a time, then you must pay them for their time and any overtime they may be entitled too. If the disaster delays the process of payroll, you will want to make sure this is the first thing you take care of as it is a direct violation of the FLSA.

 

Tax Deadlines

The IRS will usually extend tax deadlines for businesses or individuals in the areas that were affected by the disaster. Extensions are usually based on the type of disaster and the severity of it. You can find this information on the IRS website in the event a disaster happens in your area.

Understanding the rules when it comes to accounting and natural disasters help you to account for the losses and obtain financial reimbursements through tax deductions, insurance, and any government relief programs available to businesses at the time.

Data Loss and Backups

When a disaster strikes one of the worst things to try and recover is your data. Often times your backups tend to be onsite so not only do you lose your data you lose your backups as well. The best way to avoid this is through virtual accounting services. Your data and your backups are in the cloud, which means no matter what happens your data is still intact and can be accessed from any location on any device as long as you have an internet connection or a mobile data plan.

 

Los Angeles accounting services like AccountingX know that you can never be too prepared for a disaster to strike, as the wildfires and earthquakes can be unpredictable in this area; the more prepared you are, the less you have to deal with if a disaster does hit in Southern California. For more information on how you can prepare for a disaster or hire an experienced accountant to deal with it all for you, contact us for a free consultation.

 

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