Hey 👋 – Michael here.
Happy Friday to our community of growth-minded businesses and individuals.
Here’s one growth tip for you and your firm that takes less than 2 minutes to read.
A Fresh Perspective for Your Business
Business failure statistics reveal roughly 20% of new businesses close within their first year.
By the end of the fifth year, about half have failed.
With only around 30% of businesses remaining operational after a decade, these numbers underscore the importance of strategic planning and adaptability to beat the odds.
WHY DO THEY FAIL?
The reasons for failure vary, but 82% of businesses close due to cash flow issues, often stemming from inconsistent revenue or poor financial management.
Nearly 30% of business failures result from operational and financial mismanagement—a combination of inefficiencies, excessive expenses, or poor pricing strategies.
What if you could flip the narrative?
Envision your business thriving on its 50th anniversary, with you looking back at today as a pivotal moment.
Instead of focusing on past mistakes or missed opportunities, consider this as your chance to harness what you know now to propel your company forward. Think of this mental exercise as a “reset” button, allowing you to focus not on what has been but on the incredible potential still ahead.
Business owners who work on their business and not just in their business are uniquely positioned to leverage stability, experience, and resources.
Consider this moment a fresh start, a chance to plan for the future and drive your business toward strategic growth.
Consider the future of your business. You’ve built a foundation that can withstand challenges and allow for strategic growth. Use this perspective to drive your vision, tackle inefficiencies, and shore up your cash flow strategies. Plan for the next 10, 20, or 30 years with purpose, pushing beyond mere survival to a thriving, sustainable legacy.
Ready for the Next Level?
How do you answer these critical questions about your business?
- Can you use your accounting system-created financial statements to effectively manage your business?
- Is your accounting system cloud-based?
- Are you nearly paperless?
- Do you have a clear cash flow and spending plan in place?
- Is your entity structured correctly to minimize taxes?
- Have you considered succession for your business?
You and I need to talk now if you answered NO to any of these.
Tannery Company is here to work with you, making your accounting a vital part of your management toolkit.
One final question – “Does my CPA make me money?”
If your answer is no or I don’t know, it’s time to rethink your professional relationship.
Tannery Company doesn’t just crunch numbers; we help you leverage every opportunity to reduce taxes and reinvest savings into your business. Connect with us to discover how intelligent financial planning can elevate your business to the next level.
Don’t just plan—let’s make your business vision a profitable reality.
Schedule an introductory 45-minute meeting today.
Remember, business success isn’t just measured in years but in the progress, passion, and purpose you bring to each one.