With the cold weather finally behind us, it’s time to spring forward to put plans and strategies in place to grow our businesses. After all, it will be summer before we know it, and we’ll want to spend time with our kids or take that family vacation!
But before any of that fun, let’s focus on taking our businesses to the next level, so that we can feel comfortable taking some time for ourselves and our families.
At SBS Accounting & Advisors, we make it our mission to deliver you powerful solutions to your everyday needs. Our purpose is to take the stress and burden off your shoulders, make sure you’re happy and healthy, and help you realize your untapped potential for business growth through the services we offer.
Here is a breakdown of those services and how they can catapult you and your business. And if you want to discuss any of these services and strategize for your specific business, don’t hesitate to contact us today. We’re always here for you!
Getting your bookkeeping and accounting in order is the foundation (more on that below), but I want to start with advisory services because it gets me very excited. Providing you advisory services allow us to create actionable plans and strategies that truly take your business to the next level – helping you envision success.
Our advisory services division is all about helping you meet your goals and transform your business. It’s about helping you understand your numbers, turning your data into actionable plans for strategic growth and planning for the future. We will look at key performance indicators (KPIs) – the exact drivers that determine how we can help you prosper. We will then track these drivers, meet with you regularly, and make sure you have a complete and transparent understanding of your financials – all accessible at your fingertips anywhere, anytime.
Bookkeeping and Accounting Services
As I mentioned above, bookkeeping and accounting services provide the foundation that allow us to begin the advisory services process.
Regularly cleaning up your books, getting you more prepared come tax time, and getting your payroll and benefits in order are so important – and just a few of the key components of our bookkeeping and accounting services.
At SBS, our team has a deep understanding of what your business needs are, and we have the knowledge and experience needed to provide top-notch bookkeeping and accounting for you. To learn more, check out our page on these services, where you can click through the different components involved.
This is part of our advisory services offering, but it’s so important that it deserves its own section and page on our website.
As mentioned above, KPIs represent the data that are the key drivers for helping us bring you business growth. This data comes in two forms: financial metrics and non-financial metrics, or put another day, labor KPIs and non-labor KPIs.
Here are some labor KPIs we track:
- Utilization rate: This helps figure out if the billable time your staff spends on a client meets the hourly workweek, or if they’re spending too much time for what you’re billing.
- Revenue per hour: Are you pricing your services correctly? How well are you handling your sales? Tracking revenue per hour breaks down if the job takes you longer to complete that the hours you’re budgeting for. If so, you must charge your clients more. This is all about budgeting hours vs. actual hours.
- ROI on total labor cost: What’s the actual company profit you make on the total cost of your staff? This really shows how important your team is and what they are bringing to the table. A highly effective team justifies your investment in them, while a team that’s not producing means you’ll want to shift your focus to strategically improving the very foundation of your company.
Here are some non-labor KPIs we track:
- Gross Profit Percentage: How efficient is your business at delivering its services? Gross profit percentage looks at how much you are truly making on the work you do. We track this by client, job, team, location and many other areas to get transparent results, and see your strengths and weaknesses.
- Client retention rate and employee turnover rate: These can go hand-in-hand because while it’s critical to get new business and keep clients happy for the long run to stay with you, you’ll need a great staff to make this happen. Your team must be willing to go above and beyond for your customers, and your leadership and actions are key for making this possible. If you’re seeing frequent turnover in your clients or staff, you must work to see why and strategize what to do to fix the problem. We can help with this!
Cash Flow Management
Another component of advisory services, cash flow management, makes sure you have the cash flow you need to survive and thrive.
Too often, business owners overlook cash flow, or simply let it go over their heads and don’t take action. Many just look at their online bank balance when making purchasing decisions – something that can lead to consistent cash crunches. This is a very scary cycle that can cripple a business or at least keep it from growing.
Solutions to this and many other issues can be found in this blog on cash flow management. Check it out for more information!
Budgeting and Forecasting
As business owners, we’re so caught up in the day-to-day grind that we often don’t have, or take, the time to plan long-term. Budgeting and forecasting do just that.
Our SBS team is dedicated to helping you define your goals and translate those goals into numbers. We then provide next-level budgeting and reporting tools and strategies to help you understand how well you performed and what areas need more attention. Our business coaches will them meet with you regularly to run scenarios and implement strategies for growth.
QuickBooks is a powerful software that integrates with hundreds of apps that make your life easier and your business run smoother.
Our team will make sure you get the best apps for your specific business, and ensure you have the right version of QuickBooks as well. And, of course, we will implement everything and make sure you get the most out of all these tools and their benefits.
You can check out some of these benefits and other key information here.
Ready to Launch These Services or Have any Questions? We’re Here to Help!
Whether you’ve tapped into all these services, are currently using some of them, or are just getting started or interested in getting started, we’re here to help! No matter what stage you’re in, we can visit with you to determine growth strategies and plans to ignite business growth.
So if you’re ready to get started or discuss your current situation – or simply have some questions – contact us today. We’d love to hear from you and help you spring forward to success!