Top 10 Business Resolutions for America Entrepreneurs for 2010 Provided by Atlanta CPA...A Financial Survivability Series

This is the Second of a Series of how you can look to the future by analyzing the present to help plan both short and long term for the future. Business Owners throughout Metro Atlanta will continue to be challenged as the U.S. economy strives to unlock itself from the economic frailties which still hold it down. Struggling with a Weakening Dollar, a High Jobless Rate, Limited Demand and Purchasing Power still have to overcome to get our economic steam engine back on track. Until prudence becomes a fore bearer in all economic decisions our economy will struggle and our government will continue to get bigger. Change happens, as in all issues; at the base level and it is therefore at this point that business owners need to focus their efforts to both streamline their business and to maximize profitability. These Top 10 Business Resolutions will enhance your business and help ensure your company's long-term survivability.

1. Manage Your Margins. Knowing what you make on every single product, line and in totality is perhaps the single biggest predictor of a company's total year profits. Managing Cost of Goods Sold is essential and is frequently the difference between an adequate economic return on goods and services on one end of the spectrum to dismal profits and losses on the other.

2. Have a Budget. Don't live by the old adage, aim at nothing and your will hit bit it, but rather strive to know and anticipate trends in the international and local economy, spending habits and economic variables. Though life is what happens, while one is busy making plans, the budgeting process itself, more so that then end result, will do much to help you gain added insight and information throughout the year in order to transcend individual decisions, while focusing on the bigger picture.

3. Prepare a Cash Flow. The adage Cash is King is prevalent and necessary in both a down economy and when managing a business. All too frequently I have watched as business owners spend what appears to be excess funds, while immediate and fiscal needs will soon deplete what appears to be an abundance. Preparing a cash flow statement each time a substantive expense is contemplated will do much to ensure that you company does not run out of cash when it needs it the most.

4. Utilize Your Financials. Knowing where you are is the best information one might have in order to get to where you are going. Just as a ship on the ocean determines where they are at by using the stars and a sextant, the financial statements of the business owner will help ensure that you are aware of your available cash, trends, overall debt, profitability and sales. This information is the single best source in which an entrepreneur can make wise and informed business decisions.

5. Have a Plan B Ready. No matter what one expects and plans for, contingencies will occur disrupting your solace and challenging your resolve. Therefore it is prudent and well advised to expect the unexpected and be ready no matter what occurs. It is advantageous to consistently keep alive in your planning variables the losing of your biggest client or your best employee going elsewhere. Business Owners who make such allowances will thrive and not just survive when financial variables rock their world.

6. Develop a Strong Web Presence. As the world continues to shrink with the advantages of technology and the Internet intertwine our world, having a web presence is becoming more essential that ever before. The world now does a large portion of its shopping on-line and is expected to grow yet larger still. It is not unheard uncommon to hear business owners remark that an increasingly larger portion of their business is being produce solely from marketing their business off of the World Wide Web. Many business owners and retail users alike will look first, predominantly and solely to your web presence in making their financial and purchasing decisions.

7. Developing a Sound Management Team. In the increasingly complexity of this world it is increasingly necessary to have sources for all of your most critical business needs. Having a CPA, a banker, an attorney, a financial planner and a good insurance agent are all components of a good management team, which will be required to take your business to the next level. Knowing when to call on them is much more of an art form than a science. Working most closely with your CPA and closest financial advisers will do much to ensure your business survives.

8. CPA: Never Underestimate the Value. I believe that this should be a category unto itself as a Good Business CPA will be well versed in the various tax issues, financial statements, budgeting, cash flow, and personnel issues. A Good CPA is worth their weight in gold to help you avoid the pitfalls and mistakes that imprudent owners will fall prey to, as they mistakenly make major financial decisions and commitments, while failing to contemplate the longer range impact of these decisions. A Business Owner who seeks wise counsel is indeed following Proverbs of the Old Testament.

9. Procure Lines of Credit in Advance. There is nothing more challenging nor sad than a business owner who fails to plan in good times, for the bad ones which are always to follow. Having a credit line, procuring needed sources of financing whether permanent in nature, leases or SBA loans is essential to overcoming financial challenges that will occur along the way.

10. The Devil is in the Details. Though a funny slogan, nothing could be more in line with the truth. Taxes, licenses, administrative details, income tax planning and all of the many varied payroll tax issues are all capable of derailing as well oiled train. Not taking care of these issues the first time correctly will ensure that your world and your business will not be the rosy place you once imagined. Taking care of all of the many tax, licensing, incorporating and trade marking issues are all essential pieces of a sound business model.

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/  (An Atlanta CPA firm) and for his latest book Overcoming Life's 9/11's: Job's Journey and to learn about his ministry visit http://www.john-dillard.com/  To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 Proudly serving Duluth, GA, Gwinnett County and Beyond.

"Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!" What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31 Why are these verses here? Learn how His CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.htm

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