Sometimes it is good to hear what small business trusted advisers are saying to each other in order to better understand where your business needs to focus. The American Institute of CPAs (AICPA) always has good short videos they post for other CPAs to watch and learn from, but I think many small business owners can benefit from many of them as well.
Here is a recent AICPA video discussing how one particular CPA firm is counseling their clients. The title is “Guiding Clients in Uncertain Times.” The CPA making the presentation is Brad Jones, a partner in the CPA firm of PBGH, LLC.
Jones makes a number of very good points about how his firm is counseling businesses. Small business owners should click on the link below and listen and imagine you are his client.
Here is a bullet list of Jones advice:
- Focus on short-term planning and cash flow
- Make sure you monitor inventory levels
- Don’t let accounts payable creep
- Resist the temptation to take on poor credit risks to generate additional revenue
- We are in a time period when businesses need to “manage through”
their short-term challenges
Position your business to take advantage of market conditions when they change
Here is a link to Jones’ video. Listen and learn.
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