You deserve more

Photo by Stephanie Schmidt

Companies deserve more out of their accountant than just tax prep. Business owners have been burdened with bills, demands, and deadlines only to fulfill their legal obligation to file their taxes. Due to similar demands and deadlines, CPAs rarely act as an advisor to the business owner beyond tax filing. Deadlines and compliance overrule everything. You know what? That blows.

What does success look like to you? Fat bottom line? Expansion? Exit strategy? More time off? Total passive participation? These are just some of the goals I help business owners achieve. For me and my fellow advisors at Breakaway, our job is much more than simply compliance. We want to dream with you and make those dreams a reality. 

If you’re a small business owner, here are some steps you can take to set yourself up for success:

1.  Start tracking by department (even if you don’t have departments)

Most companies have departments, even if they only sell widgets. Separating your administrative costs from other costs allows you to see margins more accurately. Our widget salesman will learn about her margins and how to improve by tracking the following departments: Production, Shipping, Warranties, and G&A.  By tracking both the revenue and expenses directly related to those departments, she can more accurately reach her own, very personal, definition of success.

2. Review your hours spent in departments and/or with certain employees

Most business owners don’t track their time. Upon reviewing how their week is spent, it is important to add up both the financial cost and opportunity cost by reviewing each departments’ margins. A project that might seem “easy” could actually be your biggest time waste, with little revenue, while a more complex project might take less time and make more money.

3. Consider outsourcing

Your time is valuable, period, and it’s worth mentioning that certain tasks suck the life out of us. For example, HR issues can be a real drain, if that’s not your jam. At Breakaway we’re more than just bookkeeping: our advising services include effective and efficient solutions to all kinds of business problems.

The passion and courage it takes to run your own business is something we greatly value. You deserve someone who wants to dream and build with you.

Michelle Lopez

Breakaway Founding Advisor