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www.negociosnow.com 14 Agosto 2019 NegociosNow NegociosNow Creating business solutions that promote growth and sustainability. Prado & renteria c e r t i fi e d P u b l i c a c c o u n t a n t s The accounting function is increasingly under the spotlight: increased scrutiny and the continuous introduction of new regulations have combined to increase the level of complexity. Prado & Renteria brings simplicity to complexity. Our professional staff is specialized by practice areas providing our clients specific expertise resulting in accurate reporting, the development of compliant infrastructures, and the identification of effective internal control mechanisms. If your business falls into one of our practice areas we invite you to call us bringing simplicity to complexity For More Information Contact www.pradorenteria.com Maria De J. Prado 312.788.1434 Hilda Renteria 312.788.1433 For nearly 30 years, Prado & Renteria has provided clear, reliable financial data for individuals and organizations to fulfill their purpose. MANAGERIAL ACCOUNTING CONSULTING • FINANCIAL ADVISORY SERVICES • BUSINESS STRATEGIC PLANNING • BUSINESS PROCESSES © 2019 Prado & Renteria, Certified Public Accountants, Prof. Corp. All Rights Reserved. Prado & renteria c e r t i f i e d P u b l i c a c c o u n t a n t s S mall businesses value rela- tionships for it is through relations that these busi- nesses excel. Being an entrepre- neur, whether beginning a start- up or leading as a small business owner comes with its challen- ges. Maria Prado from Prado & Renteria shares her experien- ce of the challenges she faced and overcame during the initial founding of the firm and current challenges prominent today. Early vs. Current Challenges In the early stages of Prado & Renteria, Maria found her- self confronted with demons- trating capacity and credibili- ty. The ability to hire qualified people which would ultimately support the growth of the firm and the capacity to supply pay- ment. During those years, P&R focused on retaining profitabi- lity in order to build capacity. Now as an established firm, current challenges concern attracting and retaining talent to fulfill the firm's contracts. The retention of talent is key in Prado & Renteria, evident OVERCOMING SMALL BUSINESS CHALLENGES NegociosNow NegociosNow Small business challenges in the firm's weekly talent retention program discus- sions. This program serves as a mechanism to explore team members' personal and pro- fessional growth and develo- pment opportunities. At P&R, we believe that the success of an organization or company comes from the talent within. A Notable Surmountable Threat A major feat Prado & Ren- teria accomplished dealt with large contracts involving the federal government, which allowed P&R to have national based teams in several states. While in the process of fulfi- lling on these contracts, P&R lost its financing relationship and ability to borrow from its bank. P&R's approach to this situation lead to communica- ting with family, trusted indi- viduals and even employees for support in overcoming this financial predicament. Finan- cial support varied in size, all which made the difference. Trusted employees accepted a delay of payment, an impact themselves and the firm felt. Business Expansion Strategies Demonstrating capacity is a question of knowing how to manage a business efficiently that in turn leads to sustainabi- lity. Prado & Renteria has grown by forming meaningful rela- tionships with clients. Fulfilling client expectations ensures a long-lasting client relationship. Certain strategies accounted for this profitability retention invol- ved evaluating competition and the firm's services. This evalua- tion at times called for termi- nating certain uncompetitive services. For Prado & Renteria, crea- ting and building credibili- ty calls for meeting contract commitments, being open and communicating with clients when an issue has risen. Spea- king with the client on issues is productive for it minimizes the impact on the client and creates trust. Approaching the client with the omnipresent saying, "The client/customer is always right", this perspec- tive supports the firm's cultu- re component of trust-based relationships. Valued Advice Ms. Prado's advice to other small business owners is to keep an open mind in learning a diverse set of skills that could influence your entrepreneur- ship decision-making. While also recognizing that there are some skills you will not be able to learn. Running a business then involves collaborating with those who can support you in areas where you need assistance, whether in marke- ting, human resources, or IT. Creating a team of people with the same goal in mind is essen- tial to the conception and management of a business. "K eep an open mind in learning a diverse set of skills that could influence your entrepreneurship decision-making." Maria Prado, co-founder of Prado & Rentería

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