An Accountant Can Do What?

We all know that as a small business accountant we help you to keep your eyes on your business, employees, and customers while we provide regular financial reports and statements that help managers make informed decisions with the most up-to-date data. We help by overseeing payroll and estimating tax payments throughout the year, and make sure our clients are in compliance with all regulatory and reporting required by the government. 

accountant speeding through day at her desk

You hire us because you value strategic advice and want someone else to watch the finances so you can concentrate on your customers, employees, and strategies. 

But what else can we do? You might be surprised…

A. Want to expand or start a new business? We can help you prepare what you’ll need to convince investors and lenders to help with startup costs.

B. Too many moving parts in your business? We can help you figure out what’s important and where the revenue stream is sourced. We can help sort your key performance indicators (KPI’s) and suggest or provide all the tools needed to measure progress.

C. Need someone to listen and support you? Being a business owner is tough, and it can be lonely when things are hard. We can help by giving you a non-judgmental ear or help you cope with stress by breaking down big problems into smaller, more manageable parts.

We are more than good software. The most important thing we can do as your accountant is to make your business better! As your accountants, if we don’t have the answers, we know who does.

Small Biz Outlook 2023

Small Business Expo in Cincinnati is in the rear view mirror, but those who attended were determined to make this a healthy business year, in spite of recent dark clouds. There’s one thing small business does well —we’re nimble and very bullish about our businesses.

Since 1973, the National Federation of Independent Business (NFIB) has tracked and recorded Small Business Economic trends via questionnaires mailed to their members. We thought it would be helpful to share a few of the numbers.

Of note for 2023 is their Small Business Optimism Index that shows an overall Index of 89, after their 49-year average of 98. The reason for the dark clouds? Inflation!

Stressed businessman looking at laptop screen in modern office.

While the survey tracks labor markets, capital spending, sales and inventories, compensation and earnings, borrowing and credit markets, inflation was what hit small business owners the hardest. 

This Inflation information should be informative for our readers to measure their performance compared to the rest of the small business world:

The net percent of owners raising average selling prices decreased 4 points from March to a net 33% seasonally adjusted, the lowest since March 2021. Unadjusted, 12% (up 1 point) reported lower average selling prices and 48% (down 2 points) reported higher average prices. 

Price hikes were most frequent in construction (59% higher, 7% lower), retail (59% higher, 8% lower), wholesale (54% higher, 14% lower), and finance (52% higher, 5% lower). 

A net 21% of small business owners plan price hikes (down 5%).

Consumer spending increased, but consumers were purchasing product from inventory made in prior quarters. Those small bank failures that made the news were not due to bad loans but to poor risk management! Even as the Government was pouring massive Covid relief into the economy, banks allowed those deposits to be withdrawn in 24 hours.

For those who enjoy tracking where your small business stands compared to other small businesses, read the entire report (Copyright NFIB Research Center publication: NFIB Small Business Economic Trends, April 2023).

Keys to Successful Workplaces

If your business never faces challenges, congratulations. The rest of us entrepreneurial congratulate you! But if challenges are a way of life in your small business, we want to share a few ideas from the “pros who know.”

Embrace Growthkey to success: key bridging a chasm
Modern business challenges rely on a growth mindset. This doesn’t mean hiring more employees! It means adopting a growth mindset that views obstacles as opportunities for learning and growth, like these:

  • Maintain a positive attitude. 
  • Focus on the solutions rather than problems. 
  • Think of setbacks as temporary and necessary steps towards growth.

Always Be Learning
View challenges as opportunities to gain knowledge and experience. Embrace continuous learning and always be seeking new skills and insights to overcome obstacles.

Set Goals and Milestones
When times get tough, the tough set goals that are SMART goals. SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound. SMART goals are essential for small business. As circumstances change, your goals may need to be modified to remain relevant and achievable.

Track Progress
To stay motivated, monitor your progress regularly. Keep a record of achievements and take time to reflect on how far you’ve come and to reinforce your determination to overcome challenges.

Visualize Success
Imagine yourself overcoming the challenges and achieving your goals. Visualizing your desired outcome vividly serves as a source of motivation during difficult times.

Seek Inspiration
Read books, listen to podcasts, or watch interviews that showcase other small business owners’ keys to success. 

Celebrate Accomplishments
No matter how small they may seem, acknowledge every milestone you reach and reward yourself in some suitable way. This will keep you motivated and reinforce a positive mindset.

Build a Support Network
Surround yourself with the right people and mentors that can make a significant difference when tackling business challenges. 

Collaborate and Network
Engage with like-minded individuals in your industry. Join a Chamber of Commerce, a MasterMind group, networking groups, online forums, or a Business Roundtable near you. Sharing experiences, challenges, and successes can provide a fresh perspective and keep you motivated.

Remember, adopting a growth mindset, setting clear goals, building a support network, and prioritizing self-care are key to rising above any obstacles you encounter. You’ve got this!