Where Do We Grow from Here?

Posted on July 25th, 2018

The goal for just about every business out there is growth. If you’re not growing, you’re falling behind.

The thing is, with growth comes a lot of hurdles and challenges that many entrepreneurs simply can’t predict. From newfound staffing problems to issues meeting demand, expansion can be a complicated process to navigate if you don’t know what to expect.

So how can the owner of an up-and-coming business prepare themselves for the road ahead?

Keeping Up with Demand

The problem many businesses face during growth periods is maintaining the level of service and production as before, but on a larger scale.

Scalability is the single most important factor to consider during an expansion. Without the back end to support the new demand you face, you’re unlikely to keep up. Having the best food in the world won’t sustain a five-star restaurant if you can’t cook enough for all your customers.

Before you attempt to grow, take stock of your current output, and ensure that it can be scaled up to meet your future needs.

Have a Strong Growth Strategy

Planning is key to any business, no matter what stage you have reached. Whether you are just starting up or you’re thinking of possible succession plans, having a well thought out strategy is crucial to your success.

This roadmap will act as your guide as you navigate the intricacies of expansion. Over time, you’ll be able to compare the actual performance of your business against the projections you’ve laid out in your plan. This has the benefit of keeping you informed of where you’re hitting the mark and where your strategy needs to be adjusted.

A good growth strategy should include the following items:

  • Marketing aims and objectives, such as projected customer base size.
  • Operational information, like location, suppliers, and equipment needed to operate.
  • Financial information, including sales, cash flow, and profit/loss forecasts

The Right Team for the Job

When it comes down to it, you can control every aspect of your business from top to bottom, but your employees are who keep your company running. The right team can keep everything operating smoothly, but the wrong team can bring the wheels to a grinding halt.

Take the time to hire the right people for the job, and then incentivize them to perform their very best. A big part of having an efficient, productive team is strong leadership. If you or your managers can’t effectively lead your teams, productivity will ultimately suffer.

Bad managers are the number one reason that top-performing workers depart for other opportunities. Don’t let this happen at your business. Having to replace even one skilled employee can have costly repercussions.

Get Help with Your Growth Strategy

For help planning your expansion, contact The Back Office! Our nationwide team of financial professionals are here to help you achieve your business goals, and our phone lines are open 24/7.

Schedule your free consultation today!

When to Hire and When to Fire

Posted on June 25th, 2018

Very few businesses are able to operate with no employees. No matter how amazing of an owner you are, you’re still human and have limitations. Eventually, you are going to need to hire a team to help you run your company.

The first thing you should do is perform an audit of your venture’s needs, strengths, and weaknesses. You can’t hire anybody without first knowing what roles need to be filled, and what qualifications your prospective employees will need for those roles.

Many entrepreneurs opt to bring in a professional advisor or consultant to help with this task. An outside perspective may reveal needs or oversights that you missed.

When to Hire

There’s an old business adage that says, “hire slow, fire fast”. This may work for some, but by and large, this is not good advice to follow in today’s market.

We live in a fast-paced world. While it’s important that you take the time to make an informed decision, there is no reason to delay your hiring process.

Dragging out a hiring phase can impact the performance of your business in several ways, not all of which are obvious. To start, the longer the process takes, the longer the crucial functions you’re hiring for aren’t being performed. This can lead to low morale as the workload is distributed to the employees you already have, whose quality of work will likely suffer as a result.

Furthermore, by taking a long time to choose the right candidate, you’re losing your best prospects. The people most qualified for your positions don’t exist in a vacuum. The qualities that make them desirable to you make them just as attractive to other companies who may hire quicker.

Try to develop a method that keeps your hiring process thorough without being bogged down.

When to Fire

“Fast to fire”, on its own, is not terrible advice for a businessperson. There are certainly good reasons to swiftly remove unproductive or toxic workers from your work environment.

However, many business owners can take this to mean that employees are expendable and easily replaced. This type of management will only breed fear and resentment, potentially plummeting morale and productivity.

One more important factor is that firing an employee, no matter how stressful or awkward, can always be a learning experience. If one of your employees is stealing from you, absolutely fire them. But finding out how they were stealing and why may reveal valuable lessons for you.

Get a Professional Perspective

{company_name} is a full-service, nationwide accounting firm. As accountants and trusted advisors, we can help you make the right choice for your business.

Our regional managers are in major cities all across the country and our phone lines are open 24/7. Contact us today to schedule a free consultation.

To Grow or Not to Grow

Posted on May 25th, 2018

No matter the industry, product, or demographic, growth is the holy grail of every business. In the world of industry and enterprises, if you’re not growing, you’re falling behind.

However, the choice to expand your company is a big one, and shouldn’t be made lightly. There is a great deal of factors to take into consideration. Believe it or not, there are just as many reasons not to grow as there are to accelerate the process.

Let’s take a look at some of these reasons, and hopefully, bring you a little closer to making an informed decision.

The Case For

There are a variety of great reasons to expand your business. If there weren’t, people wouldn’t strive for it. Let’s Break down some of the most compelling arguments.

Responding to market demand is the best possible reason to expand. This means that you are growing because there is a demand for your product or services. Enough so that in order to keep up with that demand, growth is required.

Increasing profits is a standard motivator for expanding businesses. Seeing as profit is the driving force behind nearly all business, more profit is always desirable.

Bolstering stability is another great motivator. A small, one-person operation with a trickle of income is inherently less stable than a larger organization with multiple revenue streams. Diversified income is the best way to safeguard your business’ finances and future.

The Case Against

Just as there is a myriad of reasons to expand your company, there are some compelling arguments to maintain your current size and capacity. There is no shame in not taking risks on growth, and this can often be a beneficial decision.

Increased risk is one of the biggest reasons to hold off on your expansion. There is an inherent risk in branching out to new locations, demographics, or product lines. It’s just a part of doing business. However, if you can’t afford that risk, or don’t have a safety net in case the new venture sputters out, it’s in your best interest to bide your time until you’re ready.

Increased workload can have a domino effect on your personal life and stress levels. Owning a business is hard work, and can eat up more time than most people are prepared for. Expanding is guaranteed to pile extra work onto your plate. If you can’t spare the extra time or grey hairs, do yourself a favor and wait until you have the support you need.

Get the Help You Need

Being an entrepreneur is hard, but you don’t have to go it alone. {company_name} is a full-service, nationwide firm of CPAs and business advisors here to help you. Our phone lines are open 24/7, and our regional managers are located in major cities across America.

Contact us today for a free consultation, and let us help you make the hard decisions.

Welcome to The Back Office Blog!

Posted on May 21st, 2018

David Winters and his team are happy to welcome you to our blog, where we will be posting information about how to tackle tough accounting and financial concerns, answering frequently asked questions, and keeping you up-to-date on the latest in the field. While many clients understand the importance of proper tax and accounting, reaching out with new and useful information is part of developing knowledge and supporting confident financial decisions for a lifetime. This blog helps our firm meet this goal and better serve our valued clients.

The Back Office blog will also be home to updates from our firm and team, including information on community outreach events, continuing education, and new services provided based on our commitment to expanding our professional knowledge and service philosophy.

A Place to Learn about Accounting and Bookkeeping

We want you to enjoy all of the benefits of sound and organized finances. The first step in creating lasting financial stability is building knowledge of processes, proactive strategy, and understanding the value of visits to a financial professional. We hope this blog helps you feel informed about what you’ll need to minimize anxiety you may be feeling about important tax and accounting tasks. Dave encourages clients to read through any and all posts and to browse the remainder of our website for more informative content about best practices and available services.

If you’re interested in learning more about our firm, we hope this blog will serve as a way to help you understand our client service philosophy and what you can expect when you visit us.

Please check back periodically to stay updated with the most recent news from our firm. We’re excited to share this blog with new and prospective clients.

Here’s to your best financial health!

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