The only way to assure continued profits for any business is through constant analysis of what’s happening in that business. Whether you are selling products or services, it’s important to periodically study sales and cost figures relating to your business. In them you will discover clues to what you must do to increase profits each year. Sometimes it means cutting expenses or increasing the price of certain products or services; sometimes it means adding something else to your line (which, incidentally, may have little effect on your overhead costs); and sometimes it means dropping a product or activity that clearly is proving to be unprofitable.
If you want to sustainably succeed in business, you must learn how to identify and diagnose the activities which are sabotaging your financial results and then know how to correct those mistakes so that the results you desire can be achieved. Never forget this: Measure Results, Change Activities.
My guest, Tim Nelson owner and manager of Evans Nelson & Company CPA’s, prides himself on being a CPA with a sense of humor. Under all the excel spreadsheets and payroll forms, Tim finds a way to make sense of the numbers for you. Be it IRS representation, individual and small business tax preparation, or small business financial consulting, he can help you because before starting his CPA practice he wore many hats from CFO to CEO in global companies that grossed well into the millions each year.
