Have you watched any of the Rocky movies? If you have, then you’re familiar with the story line. In every film, Rocky Balboa, an underdog in the boxing world, faces a fierce opponent who always seems to get the better of him at the beginning. However, with the help of Mick, a steadfast team of supporters, iron determination, and maybe even a bit of luck, Rocky comes out a world champion. He is bruised and bloodied, but he leaves the ring a hero.
In many ways, this underdog story is a metaphor for the struggle every business owner undergoes.
With unmatched discipline and perseverance, Rocky fights his way from aspiring amateur to heavyweight champion. Every successful business owner we run into has a lot in common with Rocky. Every day is a fight. I totally get it as I too have been a business owner since 2003 when I started Patrick Accounting and Payroll.
I grew up watching my parents and uncles run the family nursery business in Florida. I witnessed both their incredible successes and their frustrating setbacks. They always continued to fight but I am not sure they had a team in their corner like Rocky had. I am not sure they always had the kick in the butt or the pat on the back they needed to empower them to be the champion owner they wanted to be.
What compelled me to start Patrick Accounting and Payroll was a genuine desire to help business owners be successful.
Statistics show that only half of small businesses survive the first five years. I think every business should have a fighting chance to thrive, not just survive.
Personally, I think that one of the critical differentiators between businesses that are successful and those that flounder is a trusted accounting team (a Mick!) that helps them feel ready to conquer anything, like Rocky.
Here are five things your accounting team should be doing for you to help you have the best chance of being the champion business owner you always wanted to be:
- They should not only provide you with reporting, but help you understand what the numbers are telling you about your business. Insight triggers action!
- Ask you a lot of questions. Most business owners I know would rather be doing something other than looking at numbers. That’s why it’s important for you to have someone who can help you think through them by asking you questions that you may not know to ask yourself.
- Identify areas where you could save money, especially when it comes to taxes.
- Understand your business goals. When your accounting team knows the goals you’re trying to achieve, they can help give guidance and input based on where you want to go, not just where you are.
- They should truly understand small business. There are some accountants who are great with numbers, but they don’t really know small business. You want an accountant and bookkeeper who fully gets the reality of running a small business. The ups and downs and the fight it takes to win so that they can give you the most useful information.
One of the things that inspires me most is hearing entrepreneurs’ stories. I love to hear why someone took the plunge to leave the seeming security of a nine-to-five job to pursue a dream. As an entrepreneur myself, I have that same entrepreneurial passion and my team and I love to play a supporting role in our clients’ success stories.
When the bell sounds, who will be in your corner?
We would love to talk to you more. Schedule an appointment and we’ll see how we can help you feel like Rocky.