Posts Tagged ‘newsletter’

Sponsel Takes Family Out to the Ballgame

Last week, the Sponsel team watched the Indianapolis Indians take on the Toledo Mud Hens. Friends and family joined us in our third-base party terrace. As you can see, it was fun for all ages!

Badger, Parson Join Firm

Sponsel CPA Group is pleased to welcome two new members to the team. Michelle Badger will serve as an administrator in the Tax Services department, preparing individual, corporation, partnership, fiduciary and other tax returns. With a business certificate from IUPUI and 15 years of experience in the field of accounting, Michelle brings a wealth of knowledge to the table. Karen Parson will provide support to the Audit & Assurance Services team, serving as an administrative assistant to Tom Sponsel, Jason Thompson and Mike Bedel. Karen also comes equipped with several years of experience in the financial field. Welcome to them both!

Be Intentional … Take a Vacation

By Brandon Cangany, CPA
Manager, Tax Services
bcangany@sponselcpagroup.com

As the summer sun peeks out of the clouds, now is perfect the time to plan a getaway! But are you hesitant to step away from the office and worried about leaving your work behind? With proper notice and planning, there’s no shame in taking a vacation. Just sit down with your manager to work out a schedule and determine who can take over your tasks while you’re gone. They’ll be grateful for the heads-up!

This also applies to you, Mr. or Ms. Business Owner!

It is not only important to reinforce to your workforce that vacations are important, but the business owner should take time away as well. For all the reasons stated below, everyone can benefit from some “R & R” to return renewed and refreshed!

Time away recharges your batteries and sharpens your focus. When you’re deep in the hustle and bustle of the business world, you can lose sight of larger goals and priorities — especially those personal goals and objectives that get lost in the daily press of responsibilities. Amid the rapid flurry of emails and daily tasks, you may forget what is truly important, and you should not allow immediate but less important tasks to take over your calendar! Slowing down helps you gain perspective on your career path as well as your life outside of work. These long-term perspectives grow clearer when you step away from your desk.

Fun with family soothes the soul. Spending time with loved ones is often the best escape from the stress of our workday lives. It’s important to reward yourself and have some fun with those you hold most dear. Time with them will remind you what you’re working for in the long run and the quality of life you’re striving to provide them and the REAL importance they provide to you.

You’ll return to work refreshed and ready to rock! Everyone needs time off. You shouldn’t feel guilty about it. In fact, you’ll be a stronger performer and your business will benefit if you give yourself a break every once in a while. So, kick back, take a load off and come back revitalized! Your respective stakeholders (employees, managers, customers, vendors, etc.) will appreciate your renewed energy and improved ATTITUDE!

If we can assist you with achieving success in your business or personal affairs, please contact Brandon Cangany at (317) 613-7899 or email bcangany@sponselcpagroup.com.

Are You Ready for Your Next Crisis?

By Lila Casper, CPA
Senior, Audit & Assurance Services
lcasper@sponselcpagroup.com 

As business slows down a bit this summer, now is an opportune time to focus on non-financial issues. Chief among them should be crisis management.

Even when business is booming, it’s important to prepare for the unexpected. As the old saying goes, “If you fail to plan, you plan to fail.”

Every company out there — big or small — should have a Disaster Recovery Plan in place with clear procedures to mitigate major disruptions to their business.

Examples of possible crises to consider include:

  • Natural or man-made disasters that damage or completely destroy the business building and its contents (including business records)
  • Cyber attack
  • Failure of IT technology and inadequate backup of stored data
  • Product recall
  • Employee misconduct
  • Loss of a key employee

During your down time this summer, you should collaborate with your staff in determining the risks you face and developing standard protocols to ensure that your business bounces back from these obstacles. You should not hesitate to bring in an outside risk management consultant. They will see the risks you miss on a day-to-day basis, and they can also share the horrible war stories of companies that incurred a loss and didn’t have a contingency plan to protect them. You should also conduct a review of your insurance coverage to minimize the financial loss exposure. The losses may be great but the physical and mental toll they take on the business owner and managers are much worse!

Here are some of the first steps you should take in the planning process:

  • Determine worst-case scenarios.
  • Calculate the likelihood of particular crises occurring. (This will help you prioritize and determine high and low-probability crises.)
  • Identify what is essential to day-to-day business operations and put systems in place that allow the company to continue running smoothly — such as a backup server for crucial data.
  • Compile contact information for those you would have to notify in the event of an emergency situation.
  • Assign crisis roles to particular departments or individual employees. (For example, you’ll need a spokesperson to gauge media interest and issue press statements in certain crisis situations that would likely garner attention from the public.)
  • Be ready for the worst. Having multiple backup plans is prudent.
  • Your plan should project how quickly you can be up and running, allowing you to recover from various disasters that could harm your livelihood.

In the business world, you should always hope for the best and prepare for the worst. It’s better to be safe than sorry. So, take some time this summer to make sure your business is as sturdy and resilient as it can possibly be.

If we can assist you with achieving success in your business or personal affairs, please contact Lila Casper at (317) 613-7840 or email lcasper@sponselcpagroup.com.

Does Your Enterprise Need to Pivot?

By Mike Bedel, CPA, MBA, CGMA
Partner, Director of Audit & Assurance Services
mbedel@sponselcpagroup.com

As the old adage goes, the definition of insanity is doing the same thing over and over again and expecting different results. People are hesitant to jump out of their comfort zones — especially when it comes to turning a profit — but pivoting in a different direction is sometimes the best way to improve your business.

Could your company use a boost? Let’s dive in and explore how you can switch things up and turn toward success!

Expand your market. Do you have a target audience in mind but can’t seem to reach it no matter how hard you try? Don’t get hung up on the same region or demographic. Broaden your horizons! Make your product or service available to a wider geographic area. Launch a virtual store on your website or try selling through different e-commerce channels. Now, in this digital age, there are countless ways to reach your audience. The sky is the limit!

Turn failure into success. One of the most compelling comeback stories in the history of business is the origin of Post-It Notes. This product, which became a staple of offices across the world, started as an accident. Spencer Silver, a researcher at 3M, was trying to create a form of permanent adhesive for airplanes, but he ended up producing a much weaker glue that easily peeled off. Silver’s determination to turn this failure into a success eventually led to the substance being used on those colorful pieces of paper we all love sticking to our desks and bulletin boards.

The lesson here is that if something doesn’t turn out as you intended or expected, don’t give up! Think of ways you can adapt your products or services to meet other demands, which leads to our third point …

Innovate, innovate, innovate! Don’t be afraid to reinvent your business. Whether you change your product line, delivery methods, messaging or the way you approach and interact with your customers and vendors, giving your company a makeover can make a massive impact in the marketplace. If you’re not hitting your stride, wipe the slate clean and make a fresh start. Get back to the drawing board and develop a new product or service. Don’t let setbacks get you down — think of them as opportunities for a comeback. Just get back up on the horse and ride toward a new frontier!

If we can assist you with achieving success in your business or personal affairs, please contact Mike Bedel at (317) 613-7852 or email mbedel@sponselcpagroup.com.

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