I recently sat down for an interview with Matt Garrett, an entrepreneur who has started and sold multiple small businesses. He launched TGG Accounting in 2007 out of a desire to bring better financial management and higher success rates to small businesses by giving these businesses access to high quality accounting and providing the tools to be successful in a competitive business environment. He has developed The TGG Way™ to help bring small businesses sound financial accounting and the ability to manage their companies “by the numbers” in a way that very few small businesses can.
Matt saw that businesses were failing at an astounding rate, not always because they didn’t have good business plans and ideas, but because they were unable to use their financial information to predict future cash flows or get credit and investment money from outside parties. He perceived that many small business owners knew their business, but they were having difficulty translating that knowledge into objective financial measurements and goals that allowed them to be successful as they grew. By 2009 Matt and key members of his team had developed a clearer vision of what has now become The TGG Way™ to run small businesses. His belief in this methodology is so strong that he applies it in the daily operation of his own successful business – TGG Accounting.
As Matt explains very passionately and purposefully, The TGG Way™ is really a philosophy that embodies simple but specific ideas that are proven to be effective in leading and growing businesses toward success. The key concepts behind The TGG Way™:
1) Manage by the numbers – business owners and other constituents (bankers, CPAs, investors) want to see financial statements and accounting data that are consistent, easily analyzed, and accurately represent the performance of the business.
2) Sound financial accounting – accurate and timely accrual- based accounting that facilitates effective and efficient analysis on a monthly or quarterly basis to enable informed decisions and management.
3) “SMART” goals (Specific, Measurable, Attainable, Realistic, Timely) – ”SMART” goals are only possible with consistently reliable, high quality financial information that allows objective measurements of past performance and future results to assess achievement.
4) Best practices for small business – It is easier to find best practices for large corporations, but The TGG Way™ focuses on identifying and implementing best practices for small businesses that are scalable, applicable across many different organizational structures and industries, promote sound accounting and financial reporting and strong internal controls to prevent fraud, and
5) Cost effective – The TGG Way™ accomplishes all the above in an efficient, cost effective manner, providing small businesses with solutions tailored to their needs.
The TGG Way™ has grown organically over the past six years. Since the beginning of his endeavor Matt identified the need in many small businesses for improved strategic management tools and best practices, and his vision is that The TGG Way™ will become a standard component of small business success nationwide. Matt Garrett’s commitment to help small businesses succeed by doing business the right way is reflected in TGG Accounting’s mission “to make business owners’ lives better through excellent financial management.”