Month: December 2019

7 Start-up Mistakes You Should Never Make

Start-up Mistakes : Starting a business is difficult and making it successful in the long run is even more challenging. Due to a lack of experience, incredibly awesome business ideas tend to fail! 

Be smart and take help from professionals. If you’re planning on starting a new business in New Jersey, then you’re lucky. ThomasRoss Financial Group has introduced specialized business start-up services New Jersey, where certified accounting professionals will help you prepare your business plan, marketing plan, management, and financial plans. 

Statistics show that around 70% of the start-ups fail and the reasons are generally different. Don’t let this discourage you. Business startup services New Jersey will easily solve this problem. 

It’s not easy to build a business alone. If you want to be the one within the list of the budding entrepreneurs, then take advice from professionals. Don’t panic and be patient. Remember, that most of the mistakes are done by the entrepreneurs because they jump ahead before planning.

If you want to avoid the common set of mistakes that all entrepreneurs make, then read the following list. Here are 7 start-up mistakes that need to be avoided at any cost.

Skipping the business plan

A business plan is the most vital part of a start-up business. But what’s the use of preparing a plan if you don’t abide by it! The moment you skip the business plan you’ll deviate from your business goal, mission, purpose, and direction. 

You need to prepare the plan before you start the venture. Stick to the plan. If you have applied for a bank loan, then the bank has reviewed your business plan before sanctioning the money. This means you have prepared a full-proof plan. Then why would you stop following the same? 

With our top-class business start-up services New Jersey, you can now be assured to get a professional business plan. Follow the same and ensure positive business growth.

Forgetting about the customer’s choice

What is the main motive of your business? It is the maximum level of customer satisfaction. You might be absorbed in product development and trying to add more features to make the customers happy.

But did you bother asking the customers about their preferences? It’s the most common mistake that every businessman makes. You can’t make a perfect product unless you know their choice.

Talk to your customers while making the product. For more help contact ThomasRoss Financial Group and get your business planned strategically.

Trying to handle alone

It is not possible to handle a business alone. You’ll need advisors, co-workers, and partners. Most of the budding entrepreneurs are stubborn and feel that they can conquer the world alone! 

Moreover, if you are from a non-business family, then starting, managing and making a business successful alone, is a dream! Professional business guidance is available at ThomasRoss Financial Group. Dial our number and book our consultant.

Wrong estimation of financial requirements

If you make a wrong financial forecast before starting the business, then you’re making a deadly mistake. Make a detailed study of your target market and product. 

Don’t take too much load of overhead expenses from the beginning. List down your expenses against probable incomes. Then plan accordingly. 

The consultants at business startup services New Jersey are experienced in this field. They will prepare a professional income statement for your business. Follow the same and you’ll end up getting high profits at the end of the financial year.

Hiring the wrong people

Don’t hire thousands of people just to show that you have a huge employee base. Rather hire less people with skills and expertise that suits your business needs. 

Wrong people will be liabilities to your company. They just want the paycheck and are least bothered about your vision, mission or business goals. 

For the finance department, we have suitable certified accountants at ThomasRoss Financial Group. Hire the right person for the right job and get the maximum productivity.

Sticking to the wrong idea

Just because you’ve conceived an idea, that doesn’t mean that you need to stick to it! Be flexible and be open to changes. If while speaking to the customers, you get some different opinions and ideas, then make changes in your business objectives.

You may also require making changes in the later part of your business operations. Plan your strategies accordingly.

Improper handling of money

Let’s say you have lots of cash in hand when you’re planning to start a business. Don’t waste all the money for petty expenses. In the case of start-ups, there can be many expenses that might crop up in the middle of the business. 

So, spent money wisely. If you need help with budgets and money control techniques, hire accountants from ThomasRoss Financial Group. It is the one-stop destination for all accounting related problems.

5 Mistakes That Can Give Wrong Business Value

When you’re doing business, finding the correct business valuation should be your primary goal. However, while checking the business value if you feel that it is not making sense, then there’s some mistake in the calculation process. 

That’s when you need an expert professional to check and compute the right business value for you. If you’re in New Jersey, then ThomasRoss Financial Group is the best company for you to approach. 

From our business valuation services New Jersey, you can now get your business valued during buyouts, divorce, mergers and acquisitions, giftings and estate planning. 

Along with sales, marketing, and product development, if you’re also required to analyze financial statements and find business value, then, it will become hectic for you.  therefore, it’s better to entrust professionals like ThomasRoss Financial Group with the task.

Small or big – whatever might be the size of your business, if there are miscalculations in business valuation, then you may face financial instability in the long run.

Are you planning on selling your business? Then, with an inflated business value, you may lose a potential buyer. To help you, we have listed some common mistakes that give the wrong business value.

Using wrong business valuation methods

If you get an absurd and unreasonable business value, then be sure that a wrong method has been used for calculation. Financial experts generally use 3 major approaches – income approach, market approach and, the asset approach. 

But how will you select the suitable method? Leave it to the experts. They’ll select the method that will give the true economic value of your business. Make sure that your financial consultant calculates the value of non-operating assets and off-balance sheet liabilities. Without these items, your business valuation is not possible.

At ThomasRoss Financial Group, you’ll get the best accounting professionals for business valuation services New Jersey.

Failing to assess the potential risks

No business valuation method can help you get the correct result if you’re not able to assess the probable business risks. If you’re a non-finance person, then you’ll not know about the terms like a risk-free investment, discount rates, and market capitalization.

Remember that the capitalization and discount rates are unique for every business depending on the business risks. It’s better if you don’t try calculating the same. 

Approach ThomasRoss Financial Group and avail our business valuation services New Jersey. Our financial advisors will assess the potential risks and determine the discount rates accordingly. Hire financial experts and avoid this nasty mistake!

Making mathematical errors

This is the most common mistake which you may make while calculating your business value. If you have made a mathematical error in the beginning, then the whole calculation process can go wrong.

Be careful while you make the calculations. Otherwise, all your efforts will go in vain. Moreover, it’s a near-impossible task to identify the mathematical mistake which you have made from those vast number of financial data. 

Be wise when you choose the accountant. If you hire our accountants from our business valuation services New Jersey, then we assure that there will be no mathematical errors. Our consultants have years of experience in business valuation; hence, they’ll provide you error-free results.

Hiding operating costs

If your income statement is showing high profits and low expenses, then there are definitely some hidden costs that you have not recorded in the income statement. You may feel that it’s good to show a profit in the financial statements, however, don’t forget that hiding costs will do no good to your business.

You can fool people with your statements, but you cannot fool yourself! Hidden or not – all costs need to be paid and accurate business value can be derived only by considering them. 

Get more guidance on these matters from our certified accounting experts.

Forgetting to calculate assets and liabilities

Every asset which comes into the business increases the business value and every liability decreases the same. What if you forget to include some of them while calculating the value? Simple, the business valuation will be either inflated or deflated! Both situations are harmful to your business.

Don’t panic if such a situation arises. Just dial the number of ThomasRoss Financial Group. Our accountants will immediately solve this problem and recalculate the amount for you.

If you’re in doubt about the accurate value of your business, seek help from our qualified financial experts. Business values are very important. Hence don’t mess with the numbers, rather take help from the professionals and get your business valued correctly.

Develop a Strategic Business Plan to Grow Successful Venture

Strategic Business Plan : Most entrepreneurs get overexcited as soon as they conceive the business idea. They jump into the market without any business plan, thinking that they’ll figure out everything along the way! 

But, do you have an idea about your business’s goals? Where you want your business to be in the next 10 years? You’ll have no answers to these questions if you don’t prepare a business plan. 

Business start-up services New Jersey is a specialized service offered by ThomasRoss Financial Group, where you can get professional help with the preparation of business plans. Our certified business consultants will make business plans for you in a jiffy!

What else can you get? We have a range of diversified services which include personal financing, restructuring, merger and acquisition service, payroll preparation and new business development service. 

To know the true worth of your business, avail our business valuation services new Jersey. We use modern business valuation methods and provide an accurate valuation to help you develop long term goals. 

Often entrepreneurs have this question in mind – why do we need a business plan? You’re already aware of the basic answer. Now, let’s have a look at some of the other reasons as well:

1. Check feasibility

You have an exceptionally brilliant idea – congratulations on that! But will the product or service be accepted in the market? Without a professional business plan, you won’t be able to determine the feasibility of your idea. 

Who is your potential target market? What are their needs? How much are they willing to pay? Your business plan will have an answer to all these questions. 

Don’t you have finance knowledge? Then, it’s difficult to prepare a business plan. Don’t worry, ThomasRoss Financial Group is here to help you.

2. Develop goals

No goals equal to no success! It is of utmost importance that your business should have realistic goals. If you have no clue about the destination, then you’ll have no idea where you’re going! What role does business plans play here? 

It helps you plan your business goals, develop strategies accordingly and increase sales of the products or services. 

If you’re still facing issues with strategic planning. Call ThomasRoss Financial Group. We offer comprehensive solutions for designing your strategic objectives.

3. List down the Priorities

You’re not a superhero. Hence, you can’t do everything at the same time. To avoid such messy situations, prepare a comprehensive business plan. List down the business milestones as per priority. Important things need to be attended first, otherwise, your business may slip into loss before you start making a profit. 

Hire financial consultants from ThomasRoss Financial Group. Ask them to prepare a project milestone along with the expected time required to cover each milestone.

4. Manage cashflow

What is the most important component of a business? The answer is cash. If you have slow-paying customers and have allowed huge credits to them, then you’ll face a cash crunch. Again, if you have spent a lot on overhead expenses then your short-term cash amounts will decrease. 

What to do in such cases? Prepare a projected budget or cash flow statement within the business plan and allocate the funds before starting the business. Try to manage within the set budget. Even if not possible, you can at least have an idea of the expenses and stay within the limits. 

We can proudly claim to have a group of financial consultants who can prepare cash flow statement for your business. No need to be afraid of numbers now. ThomasRoss Financial Group is here to make life easier for you.

5. Determine strengths and weaknesses

When you are launching a new product or service, it is essential to research the potential strengths and weaknesses of the same. While preparing the plan unidentified loopholes and unexpected benefits will be revealed. 

Once you are aware of the threats and the benefits, you can plan your strategies accordingly. If you find any weaknesses in your product or service, then immediately you can remove the problem. 

Do you still feel that the business plan is not important? If yes, then you need advice from our financial consultants on this matter.

6. Evaluate resource requirement

When you’re starting a business, you’ll need loads of people to run the same. But overstaffing or understaffing, both can be harmful to the business. When you prepare the business plan, you’ll be able to determine the human resource requirement as per each segment of operation.

If you’re having trouble in doing it, contact ThomasRoss Financial Group. We will plan out the required resources for your business. There’s an additional benefit as well! Our experts will also help you with payroll operations for your employees.

Don’t waste your business idea. Approach us and get a professional business plan. Watch your business attain success. 

Trust us, we will help your business grow! Call us on our toll-free number and hire financial experts.