As a business owner, you probably have a love-hate relationship with numbers. You know they’re important, but keeping track of them can feel like a never-ending chore. That’s where your accountant comes in. But a good accountant does much more than just help you survive tax season. They can be your secret weapon for taking your business from merely surviving to absolutely thriving.
What Does “Surviving” Look Like?
A surviving business is one that’s just getting by. It might:
- Break even or barely make a profit: Revenue covers expenses, but there’s little left over.
- Struggle with cash flow: Paying bills on time is a constant juggle.
- Lack a clear financial strategy: Decisions are made reactively, not proactively.
- Miss growth opportunities: The focus is on the day-to-day, not the big picture.
What Does “Thriving” Look Like?
A thriving business, on the other hand, is one that’s flourishing. It might:
- Generate consistent profits: There’s a healthy margin to reinvest in the business.
- Maintain strong cash flow: Bills are paid on time, with funds available for growth.
- Have a solid financial plan: Decisions are made strategically, based on data and goals.
- Seize growth opportunities: The business is poised for expansion and innovation.
Your accountant can do so much more than just prepare your profit and loss sheet. We can be a financial mentor, a business strategist, and a valuable partner in your success. Here’s how they can help you thrive:
- Beyond the Books: Your accountant can analyse your financial data to uncover hidden trends, identify areas for improvement, and help you make informed decisions.
- Tax Optimization: They can help you minimize your tax liability legally, freeing up more cash flow for your business.
- Financial Forecasting: By modelling different scenarios, your accountant can help you plan for the future and make strategic investments.
- Business Advisory: They can offer valuable insights on pricing, cost control, cash flow management, and other key aspects of running a successful business.
- Growth Planning: Whether you’re looking to expand, raise capital, or acquire another company, your accountant can help you navigate the financial complexities.
What an individual business needs to move from surviving to thriving is as individual as the business itself. I’ve talked before about my role for clients as a fractional finance director. Unlike external consultants who may provide recommendations and then depart leaving you to apply their suggestions yourself, a Fractional Finance Directors typically become integrated members of the management team, actively implementing financial strategies and “rolling up their sleeves” to work on detailed financial matters. This model is particularly beneficial for SMEs and growing businesses that require sophisticated financial guidance but may not yet be ready for the financial commitment of a full-time finance director.
You may not be ready for that step yet, but Hydref can still be here to advise you on implementing new software and the processes to support it. If you’re ready to take your business to the next level, it’s time to partner with an accountant who can help you achieve your goals. Whatever your needs I can help you move your business from surviving to thriving. Get in touch on 03333 449270 or book an appointment through my Calendly link.
