Accounting for Growth
Planning for growth requires a detailed budget and long-term strategy.
Over the course of more than 30 years, we at Burke & Schindler have frequently been asked by business owners about the the best way to grow a business. If you’re asking that question today, you’ve come to the right place. Burke & Schindler has decades’ worth of accounting strategy experience assisting business owners like you by improving their understanding of financial affairs, uncovering opportunities to improve operations, and building tangible plans for the long-term growth they have envisioned.
At Burke & Schindler, we understand the needs of business owners and how businesses function. Our approach to growth advisory services can be summarized as Ready. Set. Grow.
The Ready stage marks the formative years of the business where the business owner is actively working at all levels of the business. The planning timeline is generally short, frequently measured in days or weeks. The business owner frequently performs tasks that he or she is not comfortable performing, including accounting, HR, IT, and more due to cost constraints. During the Ready stage, business owners focus on establishing the initial foundation of the company and begin to refine their vision for the company. Through this time period, business owners develop and identify their competitive advantage.
At Burke & Schindler, we understand that every situation is different, which means we customize our approach to fit your needs. For instance, some business owners are capable of developing their own business plans. We assist these owners by reviewing their business plans and providing appropriate feedback. Other business owners may need more hands-on assistance in completing a business plan. When it comes to business plans, we are capable of completing the business plan with your input reviewing the plan and providing you with appropriate feedback. During this stage, we begin to teach the business owner how to read and interpret financial information and adjust operations accordingly.
During the Set stage, we assist the business owner with establishing processes throughout their organization to support growth. Oftentimes, establishing processes includes hiring personnel. It is important during the Set stage to have the right people and processes in place as both are required in order to support growth. This also means business owners will begin to work “on” their business, rather than “in” their business. Examples of strategic and accounting processes that generally need to be developed during this stage include processes to support budgeting, strategic planning, cash projections, timely financial reporting and interpretation, enhancing banking relationships, the communication of key performance indicators, hiring practices, personnel evaluations, and compensation methodologies/plans. It is at this stage where concrete plans are made to leverage the company’s competitive advantage uncovered during the previous stage.
Finally, the Grow stage involves implementing the objectives necessary to achieve the near-term (budgeted) goals and the long-term (strategic) goals. Our partnership with business owners continues through this stage as we assist in monitoring progress toward achieving strategic and financial objectives and provide meaningful feedback and alternatives to unanticipated issues that arise. As we review monthly, quarterly, or annual financial growth results with our clients, we frequently apply the experience learned from other clients and industries to solve complex issues and assist the business owner in making any necessary adjustments to strategic and financial operations in order to assist them in achieving their overall objectives.
Burke & Schindler has years of experience assisting business owners like you meet their strategic and financial objectives. If you are interested in a relationship where your certified professional accountant is a trusted business partner and advisor, we would appreciate hearing from you and assisting you in achieving your financial objectives. Contact us today.