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WEALTH MANAGEMENT BACKGROUND: Urban is president and CEO of On the Money, an accounting and bookkeeping firm in Phoenix. The company’s mission is to help businesses take control of finances. As a certified Profit First professional, she serves as a trusted advisor to clients, helping them build highly profitable businesses.

Ruth Urban President and CEO

On the Money onthemoneyaz.com

TREND TO WATCH: “Predictions of an upcoming recession may ring true or not. Nevertheless, in my casual conversations with businesspeople, I am hearing we are getting prepared by being more conservative with our financial decisions. Some of us are just recovering from the Great Recession and have learned from experience. No one expects the same level of severity; however, we are fearful of just a little pinch of that pain. We are spending differently than in the past. While retail spending, vehicle purchases and housing (owned) expense shows a downward trend, contributions to pensions and personal insurance is rising. Consumers and businesses are being strategic about their spending.” ADVICE FOR 2020: “Address profitability in your businesses. Business owners tend to pay themselves last, if at all. Let’s change our traditional method of driving up revenue and concentrate instead on driving up profitability. Building up a reserve from those profits gives businesses an edge when sales slow. Set aside a chunk of revenue for owner’s compensation. Focusing on profitability and owner’s compensation forces businesses to carefully analyze every expense and look at each client or revenue stream to make sure they are feasible and have a healthy profit margin. Small shifts in mindset create huge benefits – recession proof businesses and happy owners in times good or bad.”

Industry trends to watch MARK FELDMAN, CEO and managing partner, MRA Associates:

“The people in our industry continue to fight for talented employees and building closer, more meaningful relationships with our clients. In a rapidly upward trending stock market, we need to be smart and prudent with these two key stakeholders.” STEPHEN TADDIE, managing partner, Stellar Capital Management:

“The industry outlook is solid, as quality financial advice and investment management doesn’t go out of style. With riskfree rates of return barely exceeding inflation, finding trusted advisers to navigate investments in ‘risk assets’ is important for any serious investor.”

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AB | November-December 2019

Profile for AZ Big Media

AZBusiness November/December 2019  

Inside this issue of Az Business magazine, we celebrate Arizona Forward and its 50 years of impact. We look at some of the milestones in the...

AZBusiness November/December 2019  

Inside this issue of Az Business magazine, we celebrate Arizona Forward and its 50 years of impact. We look at some of the milestones in the...