This past weekend, Ed Dwight — age 90, became the oldest person to travel to space. Six decades ago, he was on a trajectory to become the first Black astronaut in space, but ultimately was passed over. The space excursion certainly cements the old adage “It’s never too late to pursue your dream.” Dwight’s once-in-a-lifetime experience has birthed new dreams — he wants to orbit the whole earth now.
But Dwight’s dream wasn’t something he could make happen on his own. Blue Origin, Space for Humanity, and the Jaison and Jamie Robinson Family Foundation worked together to foot the bill and make the arrangements for him. Without them, it’s likely Dwight would never have gone on the space trip.
So, let me tell you why I bring up this story in relation to your Minnesota business. You are Ed Dwight.
You have dreams for your business. But getting them realized can be difficult without a little help.
That’s what my team and I do here at Daffin Financial LLC. We help businesses meet their goals and make their dreams reality.
So, what’s ahead for your business financially? What do you need to consider to forge the path to your dream becoming reality? Do you know?
Sure, accountants can handle the things you dread, but there is actual value in leaning on one for more than just that. Most small business owners wear a million hats, and finance often gets relegated to late nights and a whole lot of Googling.
Enter the year-round accountant for your small business.
A Good Accountant for Your Minneapolis Small Business Provides This
“The key is not to prioritize what’s on your schedule, but to schedule what’s your priority.” – Stephen Covey
You might feel too busy to deep-dive into your business financials, unsure of what you’d find there, and even more unsure about what to do with those findings.
Is hiring an accountant actually worth it? Well, a good Minneapolis accountant can provide a few things that you likely can’t — or don’t have time to — do for yourself.
Fix your financial blind spots.
Let’s face it: you’re not a financial expert. And that’s okay. Because 60 percent of other small business owners out there feel they don’t have adequate knowledge about finance and accounting, either.
A good accountant works year-round to decipher financial reports and translate them into actionable tasks. They’ll set up systems to track your cash flow, identify areas where you can tighten your belt (or loosen it strategically), and help you forecast future needs.
- Should you incorporate? What are the benefits and potential drawbacks?
- What are your options for employee benefits, and how will they impact your bottom line?
- Are you managing and reporting your payroll correctly?
An accountant for your small business will help you be proactive instead of reactive.
Make data-driven decisions for a change.
It’s one thing to have financial reports. But do you know how to interpret and act on them? We’ve talked about how accountants can identify financial trends, so here are some examples of actionable decisions for your small business:
- Are you unknowingly paying for subscriptions you don’t use?
- Is there a more cost-effective way to manage your inventory?
- Should you make that equipment investment now or later?
- Are there opportunities to expand profit margins in certain areas?
- Is your pricing competitive and also providing enough profit margin?
A small business accountant can analyze your spending and suggest areas for optimization. That kind of data-driven approach to your finances allows you to make strategic business decisions with way more confidence.
Future-proof your business.
A good accountant for your small business is a strategic partner who can help you develop a clear financial roadmap. They can work with you to set realistic goals and track your progress towards achieving those goals.
- Plan for future growth: Thinking about hiring new employees or expanding to a new location? An accountant can help you forecast your cash flow needs and create a financial plan.
- Optimize your pricing strategy: Are you leaving money on the table by undercharging? Or are you scaring away customers with inflated prices? An accountant can help you find the sweet spot that maximizes your profit margin.
- Get help preparing for your next opportunity: A good accountant can help you prepare financial statements and projections that lenders look for, making your small business loan application more attractive. They can also advise you on different financing options and help you choose the one that best suits your business needs.
You might have noticed that I’ve been saying “a good accountant” a lot. That’s because not all accountants are created equal. So ask questions and look for a financial partner, not just an accounting service. If you want to explore that kind of partnership, let’s talk:
calendly.com/gmdaffin
It’s worth it,
Grant Daffin