Jim Business Facts

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What is accounting outsourcing exactly? Outsourcing also known as contracting out refers to delegation of operations or functions not forming part of core business to a subcontractor, normally specializing in the function or operation. Accounting outsourcing decisions are often made with lower cost or competency concentration in mind. The process will involve a substantial degree of information exchange from both the business and the subcontractor, co-operation and trust.

Advantages:

The greatest advantages businesses can expect from accounting outsourcing are undoubtedly reducing overhead expenses as related to employment, accessibility to experts in multiple fields and experience, better cost efficiency and an access to technology advancement and flexibility. With these, better focus and concentration is diverted to business growth.

Reliable accounting outsourcing service provider:

Your business will only reap the benefits if a reputable, reliable and expert outsourcing provider is chosen. Its absolutely imperative to do research on provider you looking to partner with. Get in touch with a couple of the company’s existing clients to get first hand knowledge on their experience, expertise and professionalism. Its recommended that you decide on a provider which is honest and precise in the services they provide. You will be giving your responsibility to communicate, measure and interpret your company’s finances to another company, it is thus essential that you’ll be able to trust the provider with the financial health and life of your business.

Outsourcing failure:

Outsourcing failure is a very real problem facing companies. The reason cannot be pin pointed to geographical distance or cultural gaps, but rather miscommunication in outsourcing functions. An organization, it’s employees and employers need to follow a strict communication code of conduct, to ensure work is assigned to and follows the right channel of communication, but the problem with outsourcing is, no such channel exists. The instructions are passed down a chain of people who may have no expert relation to job at hand which will lead to communication complexity resulting in all kinds of adverse effects.

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Once that wonderful idea you had over your cornflakes has developed into more than just a passing fancy; when it has grown from its origins as something you ran tentatively passed patient friends and family members into a fully formed business, then it is time to reach for the common sense.

So many great business ideas never grow into successful businesses purely because the obvious gets lost in the mix. There is a wealth of new business guidance available, so much clever, astute and thoughtful advice in fact that it can sometimes become a little overwhelming.

By the time you have purchased every recommended piece of software that crosses your Ts and dots every i, or worried about understanding the ins and outs of employment law (years before you’ll ever need to employ anyone), it can be easy to overlook the less glamorous, more commonsensical stuff.

Finding yourself a good accountant who is well suited to you and your business, for instance, is not something that should be left to the last minute; the right accountant, can be an invaluable source of information and certainly in your first year of business their advice can mean the difference between manageable and hefty tax bills. They can also be the gateway to a network of other indispensable professionals, from financial advisors to carpenters; the client bases of most practices give them a plethora of contacts, so don’t wait until your business has been running for a year or two before thinking about an accountant, get one on-board from the off-set.

No doubt at some time, back in the early days, you’ll have slaved over a business plan, most probably to present to your bank and/or potential investors in order to secure the finance to start your venture; although the temptation now to put this plan in a draw and never look at it again may be great, it is vital not to waste this important document; use the information it contains and review it regularly, keep it constantly updated; it will allow you to adjust and develop your business as it grows.

In general, the language in the coffee shop business plan should be factual and business like. You can use any prospectus of a listed company as a reference. You may say that you are not going for listing! You must realize that the investors are really looking for good deals and there is no better way to show them you mean business by having a world class business plan. Use graphs and government statistics to back up your research and this will give you instant credibility. A good business plan will basically cover two things, your business strategy and execution.

A. Strategy
A strategy is the goal you want to achieve in your business in the short run, which is the first one year and for the long run, which is 5 year. As this is a big topic by itself, I shall cover the few critical components briefly.

i) Target market
The first thing you must cover is your target market. This includes the demographics, where they eat and how affluent they are. Then you need to estimate the market size. This will depend on how big an area you think you can realistically cover.

ii) Competitions
No business exists by itself. If there really is none, that is a sign of no demand in the market. You must list down your nearest competitor in your chosen niche and their strengths and weaknesses. If you can, list down their revenue per month and estimated market share as well.

B. Operations
This part covers the detailed aspects of the day to day running of your coffee shop business. This is where the rubber meets the road and you must successfully execute to get your business off the ground.

i) Startup costs
These are the costs to get your business off the ground. These include renovation, coffee shop layout, cost of buying or leasing equipments and legal costs like license and permits. How much you need to spend depends on your USP you have targeted.

ii) Monthly revenue and expenses
After estimating the market size in your niche, you can estimate how many customers you can have as you monthly revenue. You can then estimate the monthly operating costs, which includes leasing, staff salaries and utilities. You must estimate how much cash you need to sustain for the slow months, especially in the early months of operations.

Conclusion:
After finishing the first draft, you may want to get someone experienced such as a lawyer or accountant to give a second opinion. It may take you a few more draft before it is ready to be presentable to the investors. You are advised to revise this at least yearly to see if it is still applicable.