specific tips from your colleagues.
by 卡塔尔世界杯常规比赛时间 research
when the 2023 cpatrendlines busy season barometer asked practitioners what advice they’d give small businesses, most of the responses boiled down to two essential messages:
- don’t be afraid … but be careful … and ready.
- hang on to your cash.
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a little trepidation
looking at these early responses to the survey – which is still open for responses – we are sensing a little trepidation over the near future.
it’s far short of fear, but there’s a clear call for taking defensive positions. generally the tax pros who have their fingers on the pulses of clients are suggesting that small businesses keep going forward – improving, expanding – but stay alert and flexible.
“don’t lose faith in the future,” says him hechtman, of hechtman group fame. “down cycles always occur. what doesn’t kill you will make you stronger in the long run.”
the trick, of course, is to not get killed.
tread carefully
paula rhoden, with a a small firm in ohio, explains how.
“keep your inventory low, cut your spending wherever you can to maintain current activity scheduled,” she recommends. “identify and start shifting to other possible revenue streams, pay off debts, and save, save, save as much cash as possible.”
rick sager, head of sager cpa & advisors in eagle, idaho, backs rhoden up with “if you have cash, you have options.”
david kwiecinski offers similar defense advice with “cash flow, cash flow, cash flow! planning for expansion is more important than ever. tread carefully. guard your interests first; that’s the best thing you can do for your employees and loyal customers/clients.”
trey horton, at denver’s abacus accounting center, is also bullish on defense. “be very diligent about your expenses,” he advises. “it’s okay to invest for growth, but look for other ways to cut costs.”
jennifer b. wozny, head of cornerstone tax service in frankfort, ill., advises flexibility over fear. “do your homework!” she urges. “there are opportunities out there but you have to work for them. if something isn’t working, you need to reassess, do some homework and revise the plan.”
sonya graywolf, founder of a small and eponymous firm, takes a similar stance on cash and preparation.
“build business savings,” she cautions. “plan out expenses. work on making current clients happier. keep tabs on marketing and advertising roi.”
a host of other respondents offer crisp, compact guidance:
chuck fong: “stay with it!”
roy ackerman: “invest in infrastructure.”
terry guy: “keep an adequate reserve.”
frank stitely: “raise prices!!!”
bruce ekmanian: “keep good books.”
anonymous: “think/plan long and hard.”
anonymous: “be ready to pivot/adjust.”
“anonymous: “hold onto cash, cash is king.”
and finally, jeffery swank says, “good luck!”
what’s your advice for small businesses? the busy season barometer survey – it takes just five minutes – is your chance to share what you know.
one response to “tax pros offer advice for small businesses”
tex hooper
being careful instead of afraid does sound better. my wife and i are worried about filing this year. we’ll have to hire an accountant to help us through the paperwork.