Your Career as an Entrepreneur by Patty DeDominic and David Finkel

Are You an Entrepreneur at Heart?

Coaches to Super Stars Patty DeDominic & David Finkel want you to be even more successful!


My friend and client, David Finkel, is a brilliant business strategist, a coach, an investor in businesses, people and real estate. His bestselling books have helped over one million entrepreneurs grow their companies.

Recently, David sent a letter to his clients and new business prospects with some valuable advice. I have reprinted his advice here. -Patty DeDominic

Five Tips to Grow Your Company 

By David Finkel, CEO Maui Mastermind 

 1. Formalized referral systems. If you find that a lot of your business comes by "word of mouth" then FORMALIZE several referral systems so that you can consistently control and spark inbound referral leads. • One services firm we work with uses a "check in" form with 3 blanks for referrals ("we'll send them a complimentary...") • Another medical practice we work with hosts quarterly "Friends and Family Health Days". • One online retailer we work with offers a coupon code to give a friend of theirs $20 off their purchase.

 2. Create an "Expert System" to increase your production capacity, lower your real costs, increase your value offering, and control for consistency. An "Expert System" is a system that captures the "know how" for how you run a core process in your business into a standardized method. This allows you to staff down to less expensive staff, to automate steps, have checklists or controls in place, and to at the very least template the process. It also pushes you to rethink how you do what you do to increase the value at the same time. • One CPA firm we work with increased their margins by taking 30% of what they used to have to do their expensive "Tax Seniors" do, and turned that over to admin help who used a clear template. • One manufacturer we work with reduced their risk by getting the "know how" of their senior engineer into a concrete system just in case he ever got hurt.

 3. Tune up your collections system (A/R) to improve your cash flow and increase your operating profit. Generally most owner reliant businesses are lax with either the pace or consistency with which they collect on their receivables. Yet just about every business owner I ever talked with tells me this isn't a problem for them. Still our business coaching team consistently finds that the average new client we accept into the Business Coaching Client has a past track record of losing between 5-15% of their A/R to poor collection practices. This is wasted pure operating profit since they are already paying the all the expenses of the business. No wonder that they smile--we help them find the fees to work with us and then some, often within the first 120 days of beginning to work together! • One occupational therapy clinic we work with found $66,000 of missed billings after two focused coaching sessions on this part of their business! • An I.T. company we worked with found and collected on $48,000 of receivables that they had never even billed for!

 4. Implement a regular "Reactivation System". Most businesses never formally and systematically go back to their past customers to regularly ask them to come back and buy from them again. What a waste! It cost you so much to initially acquire them as a client, but unless you have a system to automatically prompt you to effectively work to reactivate former customers, you're missing out. • Implementing a Reactivation System helped one manufacturer we work with generate $80,000 of new orders in 60 days. • One dentist we work with got a 25% conversion with her Reactivation System (and grew her clinic by over 30% in the process.)

 5. Improve your Financial Pillar so that your financials are set up correctly to show you your true financial picture. One of the biggest point failures for most business owners is their lack of financial sophistication about fundamental financial concepts that are critical to running a successful business. How do you stack up on the "Big Three" warning signs that your Financial Pillar needs work? • Can you clearly see your "gross profit"?

 Your gross profit is the money you make after you subtract the direct costs of producing or acquiring your product or service. It is THE MOST IMPORTANT number for a business owner to track and review weekly (ideally) or monthly (at minimum).   

 Yet over 90% of small business owners can't give me their true numbers off the top of their heads! (OUCH!) • Can you easily look at your financials by product, or by sales channel--at the push of one button in your financial software? (If you can't, you simply haven't set up your Financial Pillar the right way!) • Can you clearly understand your cash flow situation over the next 90 days on a rolling basis within 5-10 minutes of pulling up the correct report? (Again, when you set up your Financial Pillar correctly, your accounting software can immediately process this into a simple report or dash board for you!)

David and I wish you greater success in 2013!  We are hoping that you will write or call us if you need help in growing your enterprise.   Or, better yet, you can  to get a complimentary copy of our latest 176-page bestseller, 

Build a Business, Not a Job

  Just go to www.MauiMastermind.com/custom/freebook to get

 your free copy today!

Auditing is an increasingly important role and an entre to other trusted corporate functions. Patty DeDominic Coach to High Achievers in Finance and Business

Introduction to Auditing Introduction Is this really a gateway or just a bird's eye view? I say it depends on what you choose to do with the experience. You have a trusted role for the policy and governing body. This is important career fuel! Patty DeDominic, top banking coach and consultant to entrepreneurs and corporate governance executives and board members.

You are what you make of your opportunities! Accountants and auditors both play a significant role in the general preparation and examination of a corporation’s, business’, and/or individual’s financial records. These professions work to ensure the accuracy of financial records and taxes. In addition, accountants and auditors assess financial operations and offer consultation and advice on the ways in which financial transactions may run at a higher level of efficiency. The services and responsibilities of accountants and auditors are often intertwined, yet both fields are unique and distinct from one another. Specifically defined, accounting is the process of identifying, measuring, and communicating economic information for a variety of audiences. Accountants provide a company with reliable and comprehensive information about the company’s economic activities and the status of its assets and liabilities. This information is typically compiled in the forms of balance sheets, income statements, and equity statements. The services of accountants enable clients to understand key concepts such as financial stability and economic profitability. Auditing refers to an independent appraisal performed by an auditing expert. There are several types of audits; however, the most common type is the audit of financial statements. Audit of financial statements requires the examination of the financial statements and other relevant records of the company in order to ascertain whether or not the statements are fairly presented. The duties of auditors include the analysis and comparison of accounting reports as well as the verification of a company’s compliance with standards and regulations. Auditors Not all Auditors are Created Equal! External An external audit program requires an independent auditor to perform a comprehensive financial statement audit which offers information on internal controls over financial reporting. External auditors review accounting, payroll, and purchasing records. Common areas of concern for external auditors involve the classification and pay of a company’s employees. In some instances, external auditors are called in to perform a thorough investigation of a company whose shareholders doubt the accuracy or legitimacy of a company’s financial claims. Internal Internal Auditors check for any mismanagement of an organization’s funds. The primary role of Internal Auditors is to objectively review and evaluate financial activities in order to maintain or improve the efficiency and effectiveness of a company’s risk management, internal controls, and corporate governance. Internal Auditors evaluate the effectiveness of accounting operations, determine whether a company complies with laws and regulations, and investigates whether or not a company is taking the proper steps to address control deficiencies and audit report recommendations. Quality The Quality Auditor is a professional who understands the standards and principles of auditing. This type of auditor is knowledgeable about the auditing techniques of examining, investigating, evaluating and reporting in order to determine a company’s quality system adequacy and deficiencies. Quality audits are performed at fixed time intervals for the purpose of ensuring that the institution has clearly outlined internal system monitoring procedures. These types of audits determine the extent to which the organization complies with its defined quality system processes. Quality Auditors compiled reports, findings, and recommendations in order to provide the company with specific ways to improve. Opportunity is what YOU make of it. Not just a "bean counter."

http://accountingdegreeonline.net/ Types of Employment for Auditors Accountants and auditors held about 1.3 million jobs in 2008. Most accountants and auditors work in urban areas, where public accounting firms and central or regional offices of businesses are concentrated. According to the United States Bureau of Labor Statistics, a majority of accountants and auditors work in the offices of major corporations, although some are able to complete work from home. Nearly 24 percent of auditors work in accounting, tax preparation, bookkeeping and payroll services. Another 8 percent work for financial and insurance companies. Additional Resources http://accountingdegreeonline.net/ The Institute of Internal Auditors is the internal audit profession’s representation, leader, and advocate. Members of this organization work in the areas of internal auditing, risk management, governance, internal control, information technology audit, education, and security. Internal Audit Benchmarking Association is a free association of corporations with internal auditing departments. This Association conducts a variety of benchmarking studies in order to identify methods of obtaining improved operations within an organization. Association of Government Accountants is an organization dedicated to supporting the careers and professional development of government finance professionals working in federal, state and local governments as well as the private sector and academia. National Association of State Auditors, Comptrollers, and Treasurers is an organization for state officials who work within the financial management of state government. Association of Certified Fraud Examiners is the world’s largest anti-fraud organization and provider of anti-fraud training, professional development and education. The Path to IT Audit provides comprehensive information on the education, training, and experience needed to become an IT Auditor. Thank you Kacey Harris for this content in today's post.http://accountingdegreeonline.net/ Kacey Harris

Auditor.... Friend or Foe? A Great entre for trusted corporate advisers by Patty DeDominic, Coach to High Achievers in Finance and Business

Introduction to Auditing Thank you to the good folks at Accounting Degree on line for this informative article. http://accountingdegreeonline.net/ Introduction Accountants and auditors both play a significant role in the general preparation and examination of a corporation’s, business’, and/or individual’s financial records. These professions work to ensure the accuracy of financial records and taxes. In addition, accountants and auditors assess financial operations and offer consultation and advice on the ways in which financial transactions may run at a higher level of efficiency. The services and responsibilities of accountants and auditors are often intertwined, yet both fields are unique and distinct from one another. Specifically defined, accounting is the process of identifying, measuring, and communicating economic information for a variety of audiences. Accountants provide a company with reliable and comprehensive information about the company’s economic activities and the status of its assets and liabilities. This information is typically compiled in the forms of balance sheets, income statements, and equity statements. The services of accountants enable clients to understand key concepts such as financial stability and economic profitability. Auditing refers to an independent appraisal performed by an auditing expert. There are several types of audits; however, the most common type is the audit of financial statements. Audit of financial statements requires the examination of the financial statements and other relevant records of the company in order to ascertain whether or not the statements are fairly presented. The duties of auditors include the analysis and comparison of accounting reports as well as the verification of a company’s compliance with standards and regulations. Auditors External An external audit program requires an independent auditor to perform a comprehensive financial statement audit which offers information on internal controls over financial reporting. External auditors review accounting, payroll, and purchasing records. Common areas of concern for external auditors involve the classification and pay of a company’s employees. In some instances, external auditors are called in to perform a thorough investigation of a company whose shareholders doubt the accuracy or legitimacy of a company’s financial claims. Internal Internal Auditors check for any mismanagement of an organization’s funds. The primary role of Internal Auditors is to objectively review and evaluate financial activities in order to maintain or improve the efficiency and effectiveness of a company’s risk management, internal controls, and corporate governance. Internal Auditors evaluate the effectiveness of accounting operations, determine whether a company complies with laws and regulations, and investigates whether or not a company is taking the proper steps to address control deficiencies and audit report recommendations. Quality The Quality Auditor is a professional who understands the standards and principles of auditing. This type of auditor is knowledgeable about the auditing techniques of examining, investigating, evaluating and reporting in order to determine a company’s quality system adequacy and deficiencies. Quality audits are performed at fixed time intervals for the purpose of ensuring that the institution has clearly outlined internal system monitoring procedures. These types of audits determine the extent to which the organization complies with its defined quality system processes. Quality Auditors compiled reports, findings, and recommendations in order to provide the company with specific ways to improve. Types of Employment for Auditors Accountants and auditors held about 1.3 million jobs in 2008. Most accountants and auditors work in urban areas, where public accounting firms and central or regional offices of businesses are concentrated. According to the United States Bureau of Labor Statistics, a majority of accountants and auditors work in the offices of major corporations, although some are able to complete work from home. Nearly 24 percent of auditors work in accounting, tax preparation, bookkeeping and payroll services. Another 8 percent work for financial and insurance companies. Additional Resources http://accountingdegreeonline.net/ The Institute of Internal Auditors is the internal audit profession’s representation, leader, and advocate. Members of this organization work in the areas of internal auditing, risk management, governance, internal control, information technology audit, education, and security. Internal Audit Benchmarking Association is a free association of corporations with internal auditing departments. This Association conducts a variety of benchmarking studies in order to identify methods of obtaining improved operations within an organization. Association of Government Accountants is an organization dedicated to supporting the careers and professional development of government finance professionals working in federal, state and local governments as well as the private sector and academia. National Association of State Auditors, Comptrollers, and Treasurers is an organization for state officials who work within the financial management of state government. Association of Certified Fraud Examiners is the world’s largest anti-fraud organization and provider of anti-fraud training, professional development and education. http://accountingdegreeonline.net/ The Path to IT Audit provides comprehensive information on the education, training, and experience needed to become an IT Auditor.