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Smart Things To Do In 2012: Improve Your Business's Financial Health

In this session, Alan M. Friedman, CPA, and Daniel Jobe from Friedman, Kannenberg & Company, P.C., will provide 10 suggestions and ideas to enhance the financial well-being of your business. Learn how to properly account for rentals, pay down debt, diversify revenues, find niche revenue streams, streamline technology, safeguard assets, and invest in education. Don't miss this opportunity to improve your business's financial health.

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Smart Things To Do In 2012: Improve Your Business's Financial Health

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  1. “Top 10”Smart Things To Do In 2012 Presented By Alan M. Friedman, CPA and Daniel Jobe Friedman, Kannenberg & Company, P.C.

  2. Session Objectives • Provide 10 suggestions &ideas to improve the financial health of your business • Q&A Along the Way

  3. 1. Get Real with Rentals

  4. Rentals • Account For Them Properly – book monthly income, depreciate them, and only show a receivable for past due rent • Obtain Adequate Financing – finance them over the same time (or longer) as it takes to recoup your cost on the instrument • Track the Productivity of the Pool • Collections – watch your bad debt stats! • Unrented Units – get them ready to go…or change the mix!

  5. 2. Pay Down Debt

  6. 3. Break-up With Your Old Inventory

  7. Inventory • Remember….it’s all about “turns” and lost opportunity costs!! • Track Aging Inventory and Try Something New… • Re-merchandise • Spiffs to Sales Staff • Blow-Out in Store or Online • Donation

  8. 4. Save For The “Rainy Day”

  9. 5. Diversify Revenues

  10. Diversify Revenues • Potential Music Store Revenues • Repairs, tunings, delivery • Piano and Sound Reinforcement Rentals • Other (i.e. long-term piano storage) • Typical / Core Music Store Revenues • Sales • B&O Rentals • Music Education

  11. 6. Be Your Own Landlord

  12. 7. Find a Niche and Exploit It

  13. Niche Revenue Streams • Sales • Print Music • Service • Piano Tuning • Piano Delivery • Piano Storage • Repair Contracts • Education • Group Lessons • Classroom Learning • Fitness Classes

  14. 8. Streamline Your Technology

  15. Streamline Your Technology • Data Storage • Hard Files • Electronic Files (Company Policies and Procedures) • Accounting Software • Multiple Platforms, yet no monthly Financial Data • Technology • Hardware • Back-up (off-site is best!)

  16. 9. Safeguard Assets

  17. Security • Reconcile bank accounts • Reconcile inventory discrepancies • Reconcile payroll records • Segregate incompatible duties • Create systems of checks & balances

  18. 10. Invest in Education

  19. In summary… • Review Your Business Plan • Involve Others • Dream, but Create Action • Do Something!!

  20. Need more help? ContactJen Lowe after this seminar to set up a meeting time

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