If tax season has taken the wind out of your sails or the mere thought of your shop’s finances send shivers up your spine, you could use a getaway to Boston, Massachusetts, where floral accounting expert Derrick Myers, CPA, CFP, PFCI, will provide friendly — and easy-to-follow — advice during the Society of American Florists’ 1-Day Profit Blast, sponsored by Jacobson, on Sunday, March 31.
During his presentation, “Lost in Space: Where Are Your Profits?” the president of Crockett, Myers & Associates Inc. in Glen Burnie, Maryland, will demystify this often-intimidating aspect of running a business and suggest strategies to make life easier moving forward.
For example, you don’t have to rely on a standard financial statement; ask your accountant for a format that looks at the main cost centers of your business and includes target percentages to get a crystal-clear snapshot of what’s going on in your shop.
“Having your financial statements broken down and accurately recorded in the major categories such as sales, cost of goods sold, payroll and delivery is the first step you can take to increase profitability,” Myers said.
Paying attention to this information can save you from nasty surprises when it’s time to file taxes. Despite the introduction of tax laws that are favorable to most small businesses, many florists owed taxes this year, Myers said — some for unexpectedly high amounts.
“I think a lot of this surprise comes from not speaking with their accountants and going over the financial numbers throughout the year,” he explained. “It’s very hard to plan or be proactive if you only look at your books when it is time to file taxes.”
Worse than winding up with a bigger-than-anticipated tax bill? Ending the year with no profit — or a net loss. “In both of these cases the florist needs a better and more communicative relationship with their accountant,” Myers said. “Together they can plan and make changes that move the florist forward.”
Myers’ straightforward talk was a draw for a number of florists registered for the program, including Missy Battista, of Kingston Florist in Kingston, Massachusetts.
“As the shop owner I am very interested in Derrick Myers’ presentation,” she said. “My background is managing businesses with effective cost of goods sold and profits. Any explanation or vision I can learn from or apply will be huge.”
She’s bringing along three employees, whom, she knows will also benefit from his information.
“They, too, want us to be profitable,” she said. “There are many times we pull a basket or vase and say ‘Is this good for a $100 designer choice?’ They want to be sure they are going the right direction as well. Coaching a staff on the importance of staying with in the COGS on each item will result in a win-win for all of us.”
The following experts will join Myers on the Profit Blast stage in Boston:
- Jody McLeod, AIFD, CFD, NCCPF, owner of Annie V’s Floral Design Studio in Clayton, North Carolina, presenting, “Design Hacks and Smart Services to Delight Consumers,” sponsored by Syndicate Sales
- Sam Bowles FSC, of FloralStrategies and Allen’s Flowers in San Diego, presenting, “Extraordinary Service in Your Shop Every Day,” sponsored by FloristWare,
- Crystal Vilkaitis, of Crystal Media, presenting, “Six Steps to a Profitable Social Media Strategy”
In addition to the educational lineup, 1-Day Profit Blast in Boston includes breakfast and lunch sponsored by Hortica, a Supplier Showcase and networking breaks.
There’s still time to register online. Registration for SAF members is just $199 ($249 for non-members). Save when you bring the whole team with $99 tickets for each coworker you register.
Anne Holub is a contributing writer for the Society of American Florists.