I spent the last couple of weeks getting organized to have taxes done for the sweet shop. Who knew that putting all receipts of EVERYTHING in a box was not a great idea. I knew it. I hope it is a lesson learned for me. So I spent hours, and hours, and hours......you get it, organizing. I had to look at every single receipt. I also had to have an inventory of Coco's complete. Can we say nightmare? I like to play more in the abstract idea arena. Accounting is not my thing.
So after hours and hours, I had every area complete. I put my end figures on two pages for the accountant. Now our accountant does the taxes while you sit there. My hours spent equaled less than 10 minutes of time for the accountant. I mentioned it would have made me feel better if it took him longer.
The best part of the meeting. I had all the information he needed. He did not ask for one additional item. That is how thorough I am. When I get around to actually doing it.
Several good things came out of all my hard work. I realized that Coco's is doing better than I think. We did not come close to a profit. That is to be expected. Seeing where my money went in black and white really helped. There are times I feel like, what the heck? Where is all my money. Well, quite a bit of it is inventory. Too much went to remodeling the shop. In the next year, I will not have so many expenses.
Hubby was like, why are we getting this money back? I said, you are welcome. Thanks to my losing money, we get money back. He did not thank me. He is starting to see there is potential in Coco's. That is good news.
I have made a couple of changes that are helping the shop. I will be making a few more in the next month. I think I am on the right track. I have a bakery that is supplying me with baked goods. Every Saturday they make Fried Cinnamon rolls for me. I sell about 7 dozen a Saturday. The rolls were something the bakery we had in town while I was growing up carried. Three generations of our town grew up loving fried cinnamons. They still do. It is bringing all kinds of new people into the shop. Saturday mornings are very busy. I love it. I have a new person making cake pops for Coco's. She is amazing. Her cake pops are like art. She has a HUGE group of friends. Her cake pops bring people in the door. Two changes that are really turning things around for the shop.
The next thing I am doing is putting up wall shelves. I need more floor space. With floor space I can start having more things for children. I want the children to be able to play while their parents sit and have coffee. Think Chuckie Cheese without the Cheese and chaos.
I will also be carrying more gift items. The toys I sell are doing well. The gift line I have is also very nice. Yesterday I ordered organic lotions. I like to use organic items. I found an affordable place to buy wholesale. Starting small. Will see how it goes.
It is all about evolving. Finding the right mix of things to be successful. Fingers crossed I am on the right track.
I knew that stuff you sell on the side at Coco's would finally pay off..............OL
ReplyDeleteYay! So glad to hear that Coco's is on the right track! I can hear the happiness in this post! Keep up the good work candy lady! I miss not being in the same state :/
ReplyDelete- Easy Rider
If there's one good thing you can get out of doing taxes, it's finding out where you stand. Good thing you were thorough in keeping receipts, cheques, and other money-related stuff. Made cross-checking information much easier. This is one area that is usually neglected in businesses, so it's good to see you're also focused on this front.
ReplyDeleteAngel Richards @ PerfectAccountingService.com