Looking back, two situations come to mind that I would like to forget.
Recently, my oldest son recommended a couple videos to check out knowing I would love the music. He was right. I immediately became a raving fan of The Piano Guys.
On YouTube, more than 3 million raving fans have clicked 500 million-plus times on music videos by The Piano Guys.
Their story is not unlike any start-up I’ve worked with over the years. In a multi-part interview with the producer, performers, and crew, I felt like I was watching a Business 101 course in launching a new product.
That’s typically my pat answer when someone asks me about the difference between compilations, reviews, and audits, respectively. And I’m dead serious when I say it too.
But that’s typically not practical as the cost would be exorbitant out of the gate.
With multiple ERP implementations under my belt, you may be surprised at when I believe it’s time to move from QuickBooks™ to a newer system that can seemingly do anything with its eyes closed and both arms tied behind its back.
When I started my CFO and controllership practice back in 2001, I was in for a rude awakening in the world of small business finance. In larger sized businesses, we have the capital structure nailed down, which includes debt financing.
But in the the small business world, here’s what I quickly learned when I started working with CEOs:
- Small business owners view their bankers as investors
- Small business owners expect their bankers to be investors
- Small business owners expect their bankers to take care of their cash flow deficiencies regardless of the circumstances
- Small business owners expect unconditional love from their bankers at all times
Every growing business will ultimately outgrow their first CPA firm. I’ve closely watched some businesses plow through as many as three firms before finding the right fit for their tax and audit needs.