Fiducial | We help your business grow and be profitable.

by Stephen Parezo

September 14, 2004—Tired of working retail, Jim Crisafulli made up his mind. That's when he decided to make a career change and he's never looked back. After owning and operating three small grocery markets, he took the plunge.

Crisafulli knew he needed to make the right connections to put himself on a path to become a business consultant. After becoming associated with the Rhode Island Small Business Network and learning more about the organization, he realized that not only was there a market for business counseling but more importantly, he knew he had the skills to do it.

"I felt that a lot of my business experience from being in retail I took for granted, like how gross profit margins are calculated and how cost works. All of this is encompassed by an analysis of financial statements," said Crisafulli, who runs a Fiducial office in his native Woonsocket, RI.

Working retail, he knew that this wasn't a growth area in terms of either sales or profitability. Besides, the hours were long and the return on effort just didn't make it worthwhile. So he purchased a franchise and began transitioning his career. Now keep in mind that he did this while continuing to operate the grocery stores and pursuing his master's degree in business administration at night at Bryant University. It was a tough couple of years but Crisafulli was going to see things through.

"I'm a pretty determined person," he said. "I really saw that the opportunity was there to be successful being a business counselor so I just kept plugging away."

Gaining an edge

Pursuing his dream involved a lot of hard work on many fronts and stretched his already thin financial margins to the limit. His faith in the system of the business he was going into helped keep him on track. Perhaps it's his strong work ethic that served as an early indicator of his success to come. Since he had been a small business owner, Crisafulli understood everything that his entrepreneurial clients were going through. That's what gives him an edge on the competition.

"It is tough if you'd never had to earn your own paycheck or had to hold a stack of your own paychecks," he said. "But I did it."

Crisafulli acknowledges that things aren't getting any easier for small business owners yet there remains one constant: While they know the technical side of their chosen occupations, they don't have the time or expertise to plan a growth strategy for their operation. That's where an experienced professional like Crisafulli can step outside the business and provide a fresh perspective by looking through the eyes of a counselor.

"Many of these companies feel so much better having an individual that they can count on to bounce ideas off of, or share thoughts and plans with," he said. "Having somebody outside looking in has been quoted as a huge benefit that clients mention all the time. It forces them to sit down on a regular basis, look at the business model, do budgets and do financials—that's what my clients find truly valuable."

Delivering sound advice

Clients count on Crisafulli for his sound advice and counseling. Consider the case of the dental specialist who did not have a good pulse on his business when Jim first met him eight years ago. The client was not getting the type of business and tax services he needed.

Using his specialized skills, Crisafulli installed accounting software and trained the dentist's office manager on how to use it. Now the company was able to internally produce the monthly financial reports that were needed so desperately to analyze their performance and use as a tax planning tool. Jim also provided tax planning services which the client had not been receiving; reviewed the financial statements on a monthly basis; provided management counseling and recommendations on human resource issues; created an employee manual; steered the growth planning and even assisted with expansion to a new location, which involved the purchase of a new commercial building.

"The client feels better having a business advisor to discuss day-to-day business matters with," Crisafulli said.

Another client that has benefited greatly from his association with Crisafuilli was a studio owner whose business received a boost with regard to tax planning, organizational decisions and marketing. The client really needed additional staff to grow his business, which he agreed to do so after several counseling meetings with Jim. Crisafulli also assisted and encouraged him with recommendations on marketing ideas as well as implementation. After seeing the benefits, the client said he could not go back to the way he used to operate.

Having a representative in your corner that can quickly size up what a business needs to get back on track often makes all the difference.

"With a new direction on marketing, the studio updated the company logo and brand identity and got back into a direct mail program that has produced new business," he said. "The company changed from a sole proprietorship to an S Corporation and will ultimately provide more protection for the client's personal and business assets and save the client thousands of dollars in taxes."

Ahead of the pack

Marketing-wise, Crisafulli has been ahead of the pack when it comes to spreading the word about his services. Always looking for the maximum return on investment, he took the bull by the marketing horns at the Fiducial's annual convention in May by embracing the company's Strategic Management Learning System, a series of 12 workbooks that provide essential tools entrepreneurs need to know.

He felt the SMLS "was very strong material" that he wanted to put to good use for his business. "It's really a no-brainer," he said. "You can choose to use it as a counseling tool or a training tool."

Having already reaped dividends from using the SMLS, Crisafulli has landed several new clients during his two-hour presentations he regularly gives through a referral group he formed known as The Executive Success Club. It's part of the Northern Rhode Island Chamber of Commerce which has proven to be a great resource for client acquisition.

He encourages small business owners to join their local chamber as well as industry organizations. The yearly fees are a small price to pay for unlimited networking opportunities. "Chamber membership has been a good return on investment for me," he said.

Once again, Crisafulli plans to participate in the upcoming Northern Rhode Island Chamber of Commerce Small Business Expo in October.

The go-to guy

To those entrepreneurs who insist they can't afford to market their business, Crisafulli says "shame on you" because they are many cost-effective ways to market a business even on a shoestring budget. Though his two-person office is almost at full capacity in terms of accommodating clients, he continues to market his services.

"I feel like I've got a great reputation in the northern Rhode Island area," he said. "I've been here eight years. When I get phone calls that say 'I heard you're the guy to talk to,' whether it's a referral from a client or a business associate, that's certainly an affirmation of how important advertising is. We are doing great out there."

Asked if he will pick up more clients, add extra staff and move into a larger office, Crisafulli admits that he's certainly struggled with this issue.

"I'm sitting in a nice office," he said. "It's really what I envisioned back in the mid-1990s. I've achieved the goal that I've had. But I can also continue to tweak and refine this business and continue to educate myself and improve my knowledge."

Stephen Parezo is the Media Manager for Fiducial.

Whatever your small business needs, your Fiducial tax and financial professional can analyze your situation and recommend an appropriate action plan. To locate a Fiducial office nearest you on fiducial.com, see the Zip Code Locator located in the upper right hand corner of the page. Do you have a particular topic that we should be writing about that can help your business? Please send your suggestions to: stephen.parezo@fiducial.com.

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