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Don't Fly Solo Without Your Wingman
Equine Accounting
Wednesday 23rd of February 2011 10:30 AM

You ran with your dreams, and started your own equine business - and now are flying solo. It is great being your own boss and calling all the shots.  Most likely, you now wear many hats including marketing, sales, customer service, development and operations and last, but not least, accounting. Accounting is not only listed as last in this list, but is often the last thing that many business owners tackle.

For any sized company, including your equine business, the bookkeeping system is vital because it lets you know exactly where you stand in your business at any given time. A weekly cash flow report will keep you on the pulse of your business showing accounts receivable, operating costs, return on investment for advertising and other costs. However, this is one area that we often see business owners struggle with, because they frequently want to “do it themselves.”  That’s all well and good if you have an accounting background and plenty of time to keep up with the books.  

But if you are like most owners, you are not in the business to sit at your computer and do bookkeeping, are you?  And when you get busy with the part of the business you love , one of the first things that falls behind is keeping up the bookkeeping.  Before you know it, you’ve lost your handle on the money. You need the numbers now to make decisions today, but your record keeping is a mess and inaccurate. There is no one else to blame because you are all on your own.

It’s exhilarating to fly solo, but it’s also smart to have a wingman that will handle your bookkeeping and accounting. Before you get too far off the ground, find a professional that is experienced with the equine businesses. Your bookkeeper can provide you with on-demand statements and keep you on track.  Do this and you’ll always have a good pulse on your money and be ready to make the next decision.


New Year's Bookkeeping Resolutions #10: Get Help!
Equine Accounting
Wednesday 9th of February 2011 11:00 AM

All equine businesses, whether small or large, require bookkeeping. If you have a small equine business, you need an accurate, organized and chronological system that readily provides reliable information when needed. However, as a small business owner you may not have the background, know-how or time to operate such a system. Instead of letting your finances get out of hand in 2011, add the following resolution to your list: 

Resolution #10:  I will get help with my accounting if it is too much for me to handle. 

Don’t be afraid to ask for help. As a small equine business owner, you may feel that you are losing some control by having someone else perform your accounting functions, but what you are really gaining is valuable time for business growth activities. Outsourcing your bookkeeping system to an experienced professional will assure that your books are handled in the most efficient and productive way. More time will be available to focus on the core activities of running the business and the stress of managing the books will be removed. Cost savings are instantly realized when you outsource as you will not have the administrative burden of hiring and training accounting staff or paying fixed salaries, insurance and benefits. 

Accurate financial reporting is the key to knowing whether your equine business is successful or if changes need to be made. Any mistakes that are made can cost your company tremendously. Eliminate that fear and let an expert bookkeeper handle your accounting this year while you can focus worry-free on your business.


New Year's Bookkeeping Resolutions #9: Cut Your Losses
Equine Accounting
Wednesday 2nd of February 2011 11:00 AM

Most of us spend a great deal of energy and time to acquire new clients as that’s what makes our businesses grow. However, some clients are so bad that your equine businesses (and your sanity) are better off without them. I’m sure you know the type: constant complainers, slow payers, cheapskates and those who ignore advice. Deal with your problem clients this year and put an end to your headaches with this next resolution: 

Resolution #9:  I will fire my bad clients.

Start tracking your time for a couple weeks and see where your time consuming client activities are coming from. Do you have small clients monopolizing a great deal of your time with recurring complaints and questions? While every client comes with their own challenges, these are the ones whom you dread dealing with. They take up your time and energy and make you wonder why you ever got into running your equine business in the first place. When you see their name or number come up on caller ID or on an email message, do you automatically think “What’s wrong now?” 

Take back your time by politely firing your trouble clients. This will free up time each week you spend dealing with their drama. Depending on the particular issue with your bad client, you can pleasantly part ways by raising your rates (for that one client!), explaining that your business is going in a different direction, suggesting a competitor or colleague that might be better suited to their needs, or letting those advice ignorers know that if they are going to hire someone to advise them, it’s not a good use of their money not to listen. 

Parting ways with the troublesome clients will not only gain you time, but will make you happier. You’ll enjoy the clients you like and will be better able to serve them because you won’t be hassling with clients who aren’t a good fit.


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