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​In Pursuit of Profit

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2/27/2023

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55 Questions Every Business Should Be Able to Answer by The End of The Year

 
In today’s rapidly changing business environment business strategists from every industry and background have offered their input on what business owners should be doing to pivot, respond, reposition, and rethink their operations. And yet, what business owners are facing today looks an awfully lot like what they faced last year and 5 years ago and 10 years ago, although the specifics may vary. 
Questions Every Business Should Be Able to Answer
A stack of sticky notes with question marks on them.
We are in a time of change because that’s what the business world does – change. Whether innovation happens slowly or quickly and whether advancements are small or massive in scope, the world doesn’t stand still. 

Amid the ever sweeping winds of change business owners must return to the core of management – asking the right questions to keep their businesses moving along at the same pace. 

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2/21/2023

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How Can Your Accountant Help You Prepare for a Recession?

 
​It is no secret that a recession may be coming. Business news headlines are filled with analysts and business strategists talking about when a recession may occur and what kind of an impact to expect. As a result, the majority of small-to-medium sized businesses (SMBs) now expect that a recession will occur by the end of the year, though there does not appear to be consensus on the exact timing and severity.
How Can Your Accountant Help You Prepare for a Recession
Accountant standing in a downward trending graph looking ahead to see what is coming next.
Only time will tell if/when a recession will occur. Right now, business owners are collectively holding their breath as they wait to see how the economy will progress over the course of the next year, which begs the question: “What should your business be doing during this waiting period?”
​

Knowing what you will do during an economic downturn is an important part of any risk management strategy, especially when economists are warning that the nation may be headed for a recession in the near future. 

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2/13/2023

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Auditing your Accounting Functions to Improve Cash Flow

 
​Are your accounting activities hampering cash flow? When companies are looking for ways to improve their accounting department, they too often focus on the what and not the why. They decide to increase the frequency of bank reconciliations, look for cost cutting opportunities, and search out software that can streamline reporting. But what can get lost is why these activities are so important. 
Auditing your Accounting Functions to Improve Cash Flow
An accountant analyzing cash flow charts on a computer and clipboard.
It all comes down to cash flow management. Cash flow is the tie that binds. Everything your accounting and finance personnel do is centered around managing the company’s finances to ensure they can acquire customers, run daily operations, pay staff, meet financial obligations, make necessary expenditures, and reinvest into the company. Simply put, they ensure that cash will be there today and tomorrow to keep the business going (and hopefully growing as well!). 

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2/6/2023

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Playing Cupid – How Recruiting is like Matchmaking

 
I was recently thinking about the hit Netflix series, “Indian Matchmaking” and how much it reminds me of recruiting being like dating and finding the “right one.” In the series, Seema Auntie goes through her matchmaking process to bring together couples in matrimony. 
playing-cupid-how-recruiting-is-like-matchmaking
A magnifying glass centered over a heart.
Similarly, the recruiters at The ASP Team follow a process to help their clients find the right candidate who fits with their available accounting and finance position and culture – a work match!

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