How to Succeed as a Franchisee

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So, you have an interest in owning and operating a franchise? Or maybe you know someone, such as a family member, who shares your interest? Hopefully, this information is getting to you before you’ve completed your acquisition because many of the following points should ideally be addressed and prepared for prior to making any commitments to purchasing a franchise. The following are some of the higher priority points of relevance.

Entrepreneur notes the following points that are some of the characteristics or skills you will need to increase your chances of success.

1. Risk aversion: Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk. Successful franchisees do their homework.

2. System orientation: Don't shy away from franchising because you assume you need a burning entrepreneurial spirit to become a franchisee. That's simply not true. Entrepreneurs want to reinvent the wheel based on their incredible confidence in their ability to figure out how things should be done. Successful franchisees, on the other hand, want proven systems. They don't want to have to figure out the best way to do something. 

3. Coachability: The motto of franchising is "In business for yourself, not by yourself." Successful franchisees look for opportunities to learn from others in their franchise system. They understand that they don't know all the answers and are willing to ask for help when they need it.

4. Hard-work affinity: No matter what franchise you're interested in, you can be sure it's going to take work to make it successful. The best franchisees know and accept that fact.Tax And Advisory Services Arizona

5. Strong people skills: Successful franchisees always have excellent interpersonal skills and can effectively interact with their employees and customers. They use these skills to create loyalty, value and trust.

The International Franchise Association provides the following perspective on what some of the keys to franchise success are.

1. Make sure you have enough money.  

• Determine how much you have to invest, how much you're willing to risk and how much you will need to live on for at least 12 months.   
• Listen to your attorney and accountant and do not be pressured by the franchise salesperson.

2. Follow the system.  

• Franchisees often get their business up and running and then begin to change, add or modify existing products, advertising, hours, services, and even the quality and consistency they are licensed to deliver.  This violates the franchise agreement and puts you in jeopardy of having your franchise terminated!  
• By following the system, you:
  • preserve the brand 
  • protect your investment and that of your fellow franchisees

3. Don't neglect your family and friends.

• Be prepared to work long hours, but also make sure to budget time for your family and friends.   
• Don't forget to acknowledge the sacrifices your family makes.   
  • Allow your family and friends to share in your new life.

4. Be an enthusiastic franchisee. 

• The success of any business is linked to the level of enthusiasm you bring to the job.   
• Enthusiasm brings a level of excitement and energy to the operation that everyone can feel-including your customers and staff. 

5. Recruit the best and treat them with respect.  

• Good help is hard to find-great help is essential.   
• To keep the good staff you've hired:  
  • Rotate routine and boring jobs.   
  • Don't show favoritism.   
  • Keep employees informed of new marketing and other promotions.   
  • Provide timely performance reviews and wage salary increases.

6. Teach your employees.  

• In franchising, training should be continuous.  Employees are your front line. 
• Training classes are a good way to show your employees that they matter to you.  
• Get all the training you can from the franchisor.   
• Alert your franchisor when you need additional training.  
  • Take advantage of every training opportunity, whether it's offered by the franchisor or by local schools, trade associations and other sources.

7. Give customers great service.  

• The most important thing you can do is to get everyone to smile! 

Read complete post here : https://www.compasspointcpa.com/blog/how-succeed-franchisee

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How to Create a Winning Project Plan

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If you’re contemplating executing a business project and want to be as prepared as you can be then we highly recommend you dig your teeth into the following information.

As Technopedia defines it, a project plan is a formal document that is intended to serve as a roadmap from start to finish of a contemplated project. The plan is made up of elements such as resources used, milestones, and timing to name a few.

The plan is designed to guide the control and execution of a project, and it is the key to a successful project and is the most important document that needs to be created when starting any business project.

It is used for the following purposes:

• To document and communicate stakeholder products and project expectations
• To control schedule and delivery
• To calculate and manage associated risks

The plan answers the essential questions about the project, including the following, also noted by Technopedia:

• Why? - What is the task related to the project?
• What? - What are the activities required to successfully complete the project? What are the main products or deliverables?
• Who? - Who will take part in the project and what are their responsibilities during the project? How can they be organized?
• When? - What exactly is the project schedule and when can the milestones be completed?

The initiation of a project requires detailed and vital documentation to track project requirements, functionalities, scheduling and budget. Formal project plans establish detailed project requirements, including human and financial resources, communications, projected time lines and risk management.

The following seven steps, as noted by Wrike and Computer Weekly, show how to create a successful project plan:

Step 1: Identify and Meet with Stakeholders

A stakeholder is anyone who’s affected by the results of your project. That includes your customers and end users, too. Make sure you identify all stakeholders and keep their interests in mind when you create your project plan. Meet with the project sponsors and key stakeholders to discuss their needs and expectations, and establish baselines for project scope, budget, and timeline.Professional Tax And Accounting Services Arizona

Create a Scope Statement document to finalize and record the details of the project scope. The project scope statement is arguably the most important document in the project plan. It is used to get common agreement among the stakeholders about the project definition. It is the basis for getting the buy-in and agreement from the sponsor and other stakeholders and decreases the chances of miscommunication. This document will most likely grow and change with the life of the project. 

Step 2: Baselines

Components of the project plan include: 

• Baselines: These are sometimes called performance measures because the performance of the entire project is measured against them. These are used to determine whether or not the project is on track during execution

Step 3: Set & Prioritize Goals

Prioritize stakeholder needs and set specific project goals. These should outline the objectives of the project — the benefits you hope to accomplish.

Step 4: Define Deliverables

Identify the deliverables you need to produce in order to meet the project’s goals. What are the specific products you’re expected to complete? Estimate due dates for each deliverable in your project plan. (You can actually finalize dates when you sit down to define your project schedule in the next step.)

Step 5: Create the Project Schedule

Look at each deliverable and define the series of tasks that need to be completed in order to accomplish each one. Next, identify any dependencies. Do certain tasks need to be completed before others can begin? Input deliverables, dependencies, and milestones into an app similar to a Gantt chart. Involve your team in some of the planning process. The people doing the work have important insights into how tasks get done, how long they’ll take, and who’s the best person to tackle specific tasks.

Step 6: Identify Issues and Complete a Risk Assessment

Are there any issues that you know of upfront that will affect your project, like a key team member’s upcoming vacation? What unforeseen circumstances could create hiccups? (Think cold & flu season, backordered parts, or technical issues.) Consider the steps you could take to either prevent certain risks from happening, or limit their negative impact. Conduct a risk assessment and develop a risk management strategy to make sure you’re prepared.

Step 7: Present the Project Plan to Stakeholders

Explain how your plan addresses stakeholders’ expectations, and present your solutions to any conflicts. Determine roles: who needs to see which reports, and how often? Which decisions will need to be approved, and by whom? Make sure stakeholders know exactly what’s expected of them, and what actions they’re responsible for. Instead of telling stakeholders that their expectation or request is unrealistic, tell them what’s required to make it happen: how much time, money, or manpower? Let them decide if it’s worth dedicating the extra resources.

In short, project planning doesn’t need to be difficult or complicated. However, project planning does need to be thorough if it’s going to be a useful tool for tapping into its potential rewards.  Business Advisory Services Arizona

Moving to the CFO Position

The position of Chief Financial Officer (“CFO”) is typically the “top of the pyramid” in the career path for those seeking advancement within a finance career. The following information is provided to assist anyone seeking to pursue such a position.

1. What Does a CFO Do?

As the Your Future Blog notes, the CFO has complete oversight of an organization’s financial operations and has a significant amount of responsibility for the overall business strategy and performance. ‘The CFO role comes with wide-ranging responsibility and accountability, as well as a high level of job satisfaction,’ says Paul McDonald, Robert Half senior executive director. ‘Today's financial executives influence all areas of their organization, from operations to information technology to human resources.’

In addition, the blog observes that the CFO is responsible for ensuring and developing revenue streams and driving business strategy. They do this by determining risk controls and developing innovative funding and capital-raising strategies to drive expansion, modernization or product development. They need to be technologically competent and able to integrate technology strategy into the business. A CFO works closely with the CEO to influence and drive business strategy and will often be a board member responsible for corporate investment.

2. How can candidates best prepare themselves for the CFO role?

As CPAs consider their career paths, many aspire to become a CFO in industry. A limited number of these positions are available, and the competition is intense.

This analysis from Journal of Accountancy notes the following traits needed for a CFO role:

Skills and Knowledge

CPAs with designs on a CFO position need to distinguish themselves with skills that go far beyond the basic foundation of accounting competencies. The significance of these skills varies based on the company’s size and industry, but all of them should be considered in a self-assessment to prepare for a career move.

Business and Operational Experience

Some CPAs have strong accounting and finance backgrounds but no operational experience. To get it, aspiring CPAs can volunteer for projects outside of finance, take lateral positions in different areas, and seek out and visit others who work in operational areas such as manufacturing and sales. CPAs can broaden their perspectives by asking questions, even if it is uncomfortable; reading contracts from a business perspective; and attending and participating in meetings.

People Skills and Negotiation

Effectiveness in leadership roles requires being open with other employees. A positive attitude and enthusiasm are essential. Having an executive presence is critical, as you will be dealing with customers and shareholders, bankers and lawyers, partners, and boards of directors. But while it’s important to be able to speak the language of the boardroom, you must also be able to alter your behavior and learn different ways to communicate with all levels of an organization, and to build relationships with people with different levels of education and experience.

Leadership Skills: Creativity and Courage

To be a CFO, you must be tough and confident. You must be able to make difficult, reasoned decisions and explain complex accounting, financial, and business concepts to others in a way that they can understand. You must be a good storyteller to communicate the story behind the numbers to management or third parties. CFOs need to go beyond the numbers to be strategic partners to CEOs.

Strong Personal Values

While pursuing higher positions on the career ladder, it’s important to be true to yourself and not deviate from your values, CPAs say. Getting the job you want can leave you feeling empty if you sacrifice your beliefs to get there.

Networking and Mentoring

While having a large number of connections can be valuable, successful networking is more than just collecting contacts. It is important to assess your current network and to build quality contacts in targeted areas that can help you attain the role of CFO.

Next Steps

As you consider your strengths and areas for improvement against these recommendations, it is important to do a thorough self-analysis of your abilities and talents. Talk to friends, families, peers, and subordinates to get others’ perspectives. Assess what you are passionate about and what defines success for you (beyond compensation). No matter what steps you take in your career search, there is always an element of luck involved. Be open to opportunities presented at all times and always have your “antenna up.”

3. Robert Half Finance and Accounting provides the following additional tips for navigating the CFO career path:

• Gain broad financial experience
• Widen your customer service experience
• Broaden your understanding of technology
• Earn a CPA or MBA
• Consider controller and treasury positions
• Prepare to take on expanded roles

Although nothing guarantees success in a world of variables that you can’t always control, if you keep the principles above in mind and put them into practice, it will at least increase your odds.

Professional Tax And Accounting Services Arizona

Tax law is complicated and constantly changing. Through continuous professional education and participation in industry briefings we stay current with the tax laws and regulations that can benefit you. This enables us to offer a full range of tax services and for you to minimize your tax liabilities.

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Tax Planning

Proactive planning is the key to minimizing your tax liability. We work with individuals and businesses to help you pay the least amount of tax required by law. Your unique circumstances will determine the strategies that we can employ to maximize the amount of money you keep in your pocket.

Tax Preparation

Even simple tax returns require multiple forms, schedules, and worksheets. The instructions and guidance from the tax authorities can be confusing and often generate more questions than answers. While a computer software program may help, there is no substitute for the personalized quality of service and advice you will receive from our experienced tax professionals.

Tax Problems

If you are currently dealing with the tax authorities, we can help you assess the situation, advise you of your options, and resolve the issue at the lowest possible cost. We will also work with you to review your prior tax years to make sure that all of your tax filings have been submitted accurately and that you have taken full advantage of the tax laws. Then we will help you set up an easy system to keep your records current going forward.
We offer value-added guidance to help you structure and manage your business, capitalize on opportunities, and increase profitability. We help new businesses get off the ground and provide objective assessments of existing ones.

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New Business Formation

It seems like there are a million things that need to be taken care of when you start a new business. Whether that is submitting all the proper paperwork or selecting a business structure that suits your needs. We are eager to assist you on getting your business off the ground.

Internal Controls

Proper handling of your business and personal properties is necessary to guard against misappropriation of resources. We can help you establish policies and procedures to protect these vital assets and ensure the integrity of your records.

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Business Planning

We provide objective assessments of new and existing businesses and can discuss the best strategies to that apply throughout the life cycle of your business. With assistance in developing and refining your business plan you reap the benefit of increased efficiency, control, and insight.


Reach us at:

Compass Point Accounting, PLLC
2821 North 4th Street, Flagstaff AZ 86004
Phone: (928) 266-1982
Business Email: info@compasspointcpa.com
Website: https://www.compasspointcpa.com

Maintaining a Thriving Family Business

On many occasions, I’ve seen entrepreneurs embark on operating a family-owned business and thinking that it’s going to be easy to be successful or that there won’t be any of the problems typically encountered in an non-family scenario.

In many cases, however, these assumptions rarely turn out to be the case.

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Tax Services in Arizona

Many of the issues arising in a family business scenario are unique, and it is wise to plan for these accordingly. For example, working with loved ones can give rise to conflicts otherwise not encountered in a non-family scenario.

As Wells Fargo Advisers notes: “In a family business, every decision and policy has to be evaluated based both on how it works for the business and also how it will affect the family dynamic — and that adds an extra dimension,” says Daniel Prebish, Director of Life Event Services for Wells Fargo Advisors.

It’s worthwhile to note that getting into business with your loved ones might indeed be a dicey proposition, particularly when you look at the statistics. Roughly 70 percent of family-run businesses don't make it to the next generation.

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Note the following points which are some keys to running a family business, as observed by USA Today:

1. Decide who does which job. In a small business, typically everyone wears several hats and pitches in whenever a job needs to get done. But it’s still a good idea to make sure you spell out everyone’s primary role — whether sales, administration, financial management, whatever. If you’re trying to groom the next generation, you may want to rotate jobs from time-to-time, but give each person an area of responsibility, a job description, and title.
2. Make Sure Everyone Works. Everyone who works for the family business should actually work, not just get a paycheck. Even the teenagers.
3. Put it in writing. For example, your brother-in-law wants to end every workday at 2 p.m. to go surfing? If everyone agrees to it, that might be fine. Should he make as much money as you do, working 10-hour days, shouldering more of the burden of running the family small business? It depends. Perhaps he provided all the start-up money, brings in the biggest customers, has to travel 70% of the time. Whatever agreements you come to, make sure you put them in writing to reduce misunderstandings and conflict.
4. Decide how you’ll make decisions. Having a clear and fair decision-making process avoids lots of fights and bad feelings among family members. As the owner, you may want to retain all critically important decisions yourself — just be clear about what types of decisions others can make, and then let them make them.
5. Conduct performance reviews. Be objective and constructive about it. Leave anything that happened outside of the office out of performance reviews.
6. Keep family dynamics out of the workplace. Keep it professional when you walk through the office door. Try not to bring negative old patterns of family interaction into the workplace.
7. Work toward the best but plan for the worst.  Your business may fail, you may have to fire your sister, you may decide you’d enjoy working on your own, or you may divorce your business partner, who happens to be your husband. If you have a plan, you won’t be scrambling if a worse-case scenario comes to pass.
8. Come up with a succession plan. You may want your company to bear your name 100 years from now, but does the rest of your family? They might not want to continue running the business, they may not be capable of doing so, or on the flip side, some of them may fight over who gets control. Come up with a plan now.

It’s not all bad, as Entrepreneur points out: Trust is the foundation of any successful business relationship. When you combine the power of your different skills and channel your love for each other into your business, you’re setting up your company to win.

Besides the tips above, if you are currently in or are considering getting into a family-owned business, we highly recommend you seek the counsel of your CPA and attorney early in the process. Professional advice is more effective if obtained prior to something going amiss.

Visit us here: https://www.compasspointcpa.com

Tax And Accounting Services Arizona

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Tax And Accounting Services Arizona
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Professional Tax And Accounting Services Arizona
Tax Advisory Services Arizona

When you use our professional tax and accounting services you receive more than a collection of records and reports. You receive the personalised benefit of the skills, experience, and knowledge of the entire Compass Point Accounting team!

Tax law is complicated and constantly changing. Through continuous professional education and participation in industry briefings, we stay current with the tax laws and regulations that can benefit you. This enables us to offer a full range of tax services and for you to minimise your tax liabilities.

Tax Planning
Proactive planning is the key to minimising your tax liability. We work with individuals and businesses to help you pay the least amount of tax required by law.

Tax Preparation
Even simple tax returns require multiple forms, schedules, and worksheets. The instructions and guidance from the tax authorities can be confusing and often generate more questions than answers.

Tax Problems
If you are currently dealing with the tax authorities, we can help you assess the situation, advise you of your options, and resolve the issue at the lowest possible cost.

Reach us at:
Compass Point Accounting, PLLC
2821 North 4th Street, Flagstaff AZ 86004
Phone: (928) 266-1982
Business Email: info@compasspointcpa.com
Website: https://www.compasspointcpa.com

Mistakes To Selling Your Business

Perhaps the most significant transaction faced by any business owner is the sale of his or her business. Inevitably, a variety of factors will play a role both before and after consummating the transaction. Most, if not all, of these factors will have a direct bearing on the success of the adopted exit strategy which will translate into the maximum possible return, or profit, to the seller.

As with many strategic decisions affecting the direction of a business’s “life,” the seller needs to follow a systematic approach to defining and executing the exit strategy. This will greatly help the seller achieve what he or she wishes to achieve from selling the business.

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Not Planning Ahead

As Next Avenue notes, a problem that frequently arises, however, is lack of planning. “Planning” translates into “preparation.” Many small business owners begin thinking about selling only a few months before they’re ready to retire. Instead, you should prepare well ahead of the nine to 12 months it typically takes to sell a business. That way, you’ll help ensure the business is ready to sell when you are. Start by defining your personal retirement goals. As you develop your plan, work backward from the date you want to sell, building in conservative, realistic timeframes for milestones between now and the ultimate transaction with a buyer.

Amazingly, nine out of ten business owners don’t have a written, up-to-date exit plan, according to the White Horse Advisors Survey of Closely-Held Business Owners. Lack of planning is the No. 1 reason private business sales fail to meet the owner's’ objectives.

Failing To Use Expert Advice

According to the Small Business Administration, closing a business is a delicate multi-step process. It is highly recommended that you enlist professional help. Expert advice may come from lawyers, accountants, business brokers, auctioneers, tax experts, bankers, and the IRS.

Failing to engage expert advice can easily turn into a disaster. This might be more forgivable in the case of a sale to a family member who has historically been close to the pulse of the business for many years.

But at the end of the day, when the sale is to a non-family member engaging experts is imperative. The seller may be a successful expert at manufacturing widgets, but that doesn’t necessarily translate into being a financial guru who is an expert accountant. Hiring a business broker introduces the expertise of someone who can provide an objective 3rd party viewpoint when it comes to assessing the value of the business. The seller may understandably view his or her business through a prejudiced perspective and assume that the business is worth more than it is. If the business is to be sold, then the valuation of the business has to be realistic.

Selling You, Not Your Business

As this article recommends, it’s about “selling you, not your business.” Next Avenue notes the following: the wealth of information that you’ve accumulated about running your business -- i.e. from the best day of the week to contact suppliers to the employee who trains your new sales associates the fastest -- is an essential part that needs to be transferred to your buyer.

In other words, prospective buyers are looking to buy your business, not you. It is a ruinous mistake to forget this. Do not cut your buyer off from all of the knowledge you have. The more you can transfer to the buyer your knowledge of what’s needed to run the business, the more you’ll get for your company. Most purchasers are looking for a sustainable future stream of income. To convince them of this probability, you need to provide prospects with documented processes and systems explaining how your business would work when you are not there.

And that means that if the documented processes, workflows, policies and procedures do not exist, then start creating them as soon as possible -- long before the anticipated sale date. The existence or non-existence of this information will have a crucial influence on what the business will sell for.

To know more visit: https://www.compasspointcpa.com