Well Put-Together Teams & Their Significance

Part of most businesses is having a team. It can be very beneficial to have a well built team and take care of them.

Why have a well put-together team?

Your team is a vital part of your business. Having a well put together team allows your business to learn new ideas as a whole and as individuals since there are likely to be many different individuals working together. Learning one another’s strengths (and weaknesses) can allow employees to blossom in their specialized areas and increase communication throughout all areas. According to a McKinsey report, communication increases productivity by up to 25%. Consistent feedback from team leaders and overall team involvement makes a huge difference. Furthermore, in a research study done by Gallup, companies with a high level of employee engagement are more profitable by 21%.

Navigating Difficult Employees & Team Incentives

Building an amazing team can have its challenges when one struggles with difficult employees. When handling difficult employees, consider the following to approach the situation better. First, always identify the problem and if you can, identify the cause before addressing it to the employee. There may be bigger issues that they may need to resolve out of work or something else. Furthermore, people aren’t always aware of how their behavior impacts the world around them. They may not realize exactly what they’re doing has a negative impact. Next, remember to critique behavior, not people. This isn’t about attacking someone as a person because you are not here to judge them. Remember to always be kind! After this, be open to feedback as the leader. Employees need their boss to actively listen and take into consideration what they’re saying. This doesn’t always mean changing/ doing everything they say but recognizing the issues they feel are important and what you can do to help make them feel more comfortable (if possible.) Finally, make sure to resolve any conflict with very clear expectations/directions and if needed, specific and clear consequences if not followed through correctly.

Although it’s inevitable to have to deal with difficult employees, there are plenty of amazing employees out there as well! Consider different types of incentives to motivate your employees. Having room to grow in a business is a major reason whether employees choose to stay or go. Additionally, in a Forbes study, about 50% of respondents said that flexibility is the most important factor when it comes to job searching. There are other smaller (and fun) ways to incentivize employees as well. If you work in an office, you could do a casual dress day or office parties. In general, you could host parties elsewhere, give gifts, or hand out awards. You could also just consider asking them what they would like to feel valued as well.

Impact of Client Relationships with a Good Team

Team togetherness also has an impact on clients/customers as well. For one, not having a well communicated team means a client can be frustrated when the team doesn’t know what’s going on either. Second, employees holding the same values as you (the boss) makes them more likely to carry them out when you are away. This means doing tasks that benefit customers greatly, leaving good impressions on your business. Third, catering to all your different employees can teach you how to better cater to different clients. Finally, how your employees feel inside your business will reflect outside the business. Social media has a huge presence in the modern world and employees who love their company are more likely to bring it up wherever they go and on their social media. In turn, this brings more attention to your business.

Importance of Good Teams

All in all, having a well- put together team benefits your business in many ways. It allows productivity, profits, creativity, and more to grow!

Benefits of having a CPA

As January approaches, end of the year financials are rolling out and tax season is closer than ever. This is the time of year accountants and CPAs are talked about again and again. CPAs can be very rumernative to your business and help with long-term success.

What is a CPA?

A CPA is Certified Public Accountant. All CPAs are accountants but not all accountants are CPAs. This is because becoming a CPA requires a license. (This license is achieved with a bachelor’s degree with a concentration in accounting. Other specifics change state to state.) About 50% of accountants are CPAs. Having a CPA alongside an accountant is beneficial because they can work together to help with monthly reporting and of year taxes to get the best financial influence for your business

Why have a CPA?

CPAs are typically more expensive than accountants so many businesses often require regular accountants help on a more regular basis. Accountants & CPAs can do a lot of similar things but there are some things that only CPAs are allowed to do. Only CPAs can prepare audited financials and represent clients in front of the IRS. Also, only CPAs can file reports with the Securities and Exchange Committee (SEC). Regular accountants often have more of a direct influence in a business as they typically monitor the client’s company reporting and help companies see the bigger picture through their financials. They do this (often with the help of bookkeepers) by coding and recording transactions as well as managing accounts payable/receivable. Although CPAs have this capability as well, CPAs are often hired to work with and handle yearly taxes since they are better tax experts.

Working with a CPA – Brandon Johnson, CPA

Having a consistent and personal CPA can be extremely beneficial to your business long term. Brandon Johnson, CPA is a CPA that does tax preparation and tax reduction planning for small business owners and self-employed individuals. It’s important to find the right accountant & CPA for you. Different accountants/firms specialize in different areas and price does not equate to best fit. Having the wrong services can cost you; often in the form of overpaying taxes. Furthermore, waiting until the end of the year is not useful in reducing your tax bill. Planning ahead is vital to making a real impact in your finances. “I am focused on small business owners and position myself to be proactive in my services instead of reactive. This is done through tax planning services where we project how much tax the business owner is expected to owe at the end of the year, and we brainstorm tax strategies to implement in order to reduce that tax. These services also include ongoing support through the year, a QuickBooks reviews, and help dealing with the IRS.” says Brandon Johnson. Brandon loves that he gets to advise and build relationships with clients instead of simply just crunching numbers. Knowing he can find different strategies for reducing taxes and bringing in more cash flows for his clients gives him a sense of purpose because this allows clients to stay in business & take care of themselves and their family. Having a CPA like this is valuable to the longevity of your business.

Significance of CPAs

CPAs play an important role in the world of business. They have an immense amount of knowledge and benefits that other financial advisors can’t help with. As the next year begins, remember to keep in mind the importance of a CPA!