Thinking Big About Small Business
Last week, I had the opportunity to catch an awesome documentary called #SheDidThat. The film chronicled the journeys of Black women entrepreneurs, highlighting their struggles and their success. The film is great and I'd highly recommend if you have the chance to catch it.
One topic from the documentary that peaked my interest was the small business owner attitude toward acquisitions and mergers. You might remember back in 2014, major beauty brand Carol's Daughter was acquired by L'Oreal after filing Chapter 11 bankruptcy. While many critics accused Founder Lisa Price of "selling out", I think many missed the bigger picture. Despite the negative opinions, the L'Oreal acquisition ensured Carol's Daughter's survival. It also allowed the company to scale in ways that wouldn't be possible without collaboration with a larger brand.
As entrepreneurs, one of the ways we can secure our future is by making sure our financial records accurately capture the health of our business. It's important that the company's records allow us to assess realistic growth opportunities. If your goal is to sell your business and retire early, is your balance sheet in good enough shape to capture the attention of investors? If you'd like to scale your business, but don't have the capital...can you walk into a bank with financial statements strong enough to secure a loan?
I challenge small business owners to think of their business finances beyond April 15th. While tax compliance is very important and a precursor to staying in business, it should not be the sole purpose of keeping good books. Your accounting can actually add value if you think outside the box.
Think of yourself not only as an entrepreneur, but as a job creator, a visionary and a vehicle for future opportunities for many. Think of your bookkeeping and accounting as a tool to reach heights you've never considered before.
Feel free to schedule a consultation today. I'd love to hear about your business goals!