Are you a small business owner who only thinks of their accountant in terms of taxes? If so, you’re missing out on a lot. In this video, Nishi explains why you should start using your accountant to help you set targets for your business.
Accountants are good with numbers, and there are many areas of your business where numbers apply. One area where accountants can be particularly helpful is in setting targets. As a business owner, it can be challenging to know what to charge for your services or how big you should grow your business. If you’re like most small business owners, you probably want to be as big as possible and grow as fast as possible. However, if you don’t have a plan in place, your business may not be able to keep up with the growth.
An accountant can help you work out what the optimum size of your business is and what you should be charging for your products or services. Once you have this information, you’ll have targets for how many customers you need to bring in and when you need to bring them in. This is essential because if you grow too quickly and don’t have the infrastructure in place to support your clients, you’ll eventually slip up and won’t be able to deliver the service at the level you want.
By building a relationship with your accountant and discussing your plans, you can benefit from their other knowledge. Many accountants are qualified in areas such as pricing, costings, forecasting, and working out the volume of sales you need. However, many business owners don’t benefit from this knowledge because their relationship with their accountant is all focused on tax.
In conclusion, accountants can do more than just your end-of-year or day-to-day tax work. They can be an essential part of your business strategy by helping you set targets for growth and pricing. If you want to have a conversation with an accountant about your business strategy, you can visit n-accounting.co.uk and book a free strategy session. Start building that relationship today and see how it can benefit your business.