MICAH FRAIM 01

#How to grow your online business#

How do you future-proof your business as a new decade approaches? Check out the show notes of this episode with Micah Fraim, founder and owner of an accounting firm servicing some of the biggest e-commerce businesses. He shares his insights on the difference between online and offline business accounting so that you can future-proof your company in this ever-changing digital landscape.

About Our Guest

Micah Fraim is the owner of Fraim, Cawley & Company, CPAs. Some of his clients are the biggest and most successful online businesses, including Adam Linkenauger from Authority Online, Rocky Ullah from I Love Basketball TV, and Justin Willman from Ultimate Baseball Training. He is also a thought leader on social media, with millions of subscribers on YouTube and Facebook. He has been featured in major publications such as Time, Forbes, and NASDAQ.

#How to grow your online business#

Micah’s Insights on Future-Proofing Your Business

Starting Out in the Industry

  • His dad, a financial advisor, influenced his philosophy in handling money. He inspired him to get business as a course and accounting as a major.
  • He looked for security after he saw his father’s trials during the 2008 economic crisis; hence, he got a corporate job as a financial analyst at a big firm.
  • He decided to leave after 3 years to set up his own firm despite the risk of losing a big chunk of his income.
  • He started out with small clients in his area until he stumbled on his first big clients.
  • Word spread of his great work among the bigwigs.
  • Understanding the core of his clients’ business operations and giving useful management advice were his edge.

Challenge of Online Businesses

  • All e-commerce has seasonality dictated by the market or the nature of the business, resulting in difficult tax issues related to state policies.

How Accounting Helps Your Online Business Grow

  • Invest in experts to solve your legal and tax issues to avoid catastrophic consequences.
  • Delegate these matters to experts so that you, as the head of the company, can focus on crafting strategies that will efficiently generate sales, get new customers, and retain existing customers.
  • Regardless of how big you are, get expert advice on your taxes once you’ve established a business model that you’re confident in.
  • Don’t try to keep your own books. Set up consultations with an accountant to discuss your business needs and determine the right plans bespoke to your business.
  • Get a bookkeeping program to make sure all things are logged.
  • Learn to understand basic income statements, balance sheets, and cash flow statements. This will enable you to spot opportunities and to assess your performance.

Common Mistakes of Business Leaders

  • It’s not about worrying over the smallest, day-to-day details. It’s about paying attention to reports and tracking your metrics and KPIs to reach sound business decisions and directives.
  • Don’t worry too much about the numbers. A leader’s mindset should be serving the public with their services and products. This way, you can have a stable base of customers and a source of income that will keep your business afloat for a long time.
  • It’s hard to face legal battles. Setting up preventative measures with the help of experts is critical to avoid your business losing too much from these battles.

For more insights, set a consultation with Micah through his company’s website https://fraimoba.com/.

#How to grow your online business#

How to grow your online business

 

Best business coach how can our business coaching services help your business.

My mission is to create 200 new multi-millionaire business owners. How? You’ll do better when you know better.

Would it help you have a mentor who can cut your learning curve by sharing their mistakes with you to avoid them?

Would it help you to talk to that mentor and learn how they shifted their mindset to allow success to happen in the first place?

Would it help you to hear them talk to other high-level entrepreneurs about their journeys, their mistakes, and how they overcame their challenges to create the lives and financial success they desire?

The Best Business Podcast was created for you to have all this in one place. If you like it, please subscribe, give an honest review and share with a friend you think will benefit so I may serve you both together.

“Your success is my success.” — Daryl Urbanski

#How to grow your online business#

CREDIBILITY RATING

GRADE Level Of evidence
Full 01 01 Randomized Controlled Trials
Full 01 Cohort Studies
Full 01 1 Case Studies
Full 01 2 Endorsements & Certifications
Full 01 3 Testimonials/Reviews
Full 01 4 Expert Opinions
CRITICAL SUCCESS FACTORS

 

LEVEL OF EVIDENCE

 

MAGNITUDE OF EFFECT

 

CONSISTENCY OF RESEARCH RESULTS

 

NOTES

 

Self-Efficacy

Full 01 2 Notable

Notable

High

Cell

Strategic Planning

Full 01 4 minor

Minor

Low

Cell

Sales Strategy & Skills

Full 01 4 minor

Minor

Low

Cell

Marketing Strategy

Full 01 4 minor

Minor

Low

Cell

Market Intelligence

Full 01 01 01

Zero

Zero

Cell

Money Management

Full 01 01 01

Zero

Zero

Cell

Business Operating Systems

Full 01 01 01

Zero

Zero

Cell

Business Intelligence

Full 01 01 01

Zero

Zero

Cell

>