TGG has been awarded a Top Workplaces 2020 honor by The San Diego Union-Tribune!
Most business owners know that keeping up with the financial health of your business will help you succeed. What some business owners don’t always consider is that financial planning, forecasting, and modeling are essential to the growth of all businesses. In order to do all of those things effectively, you need a CFO, but it doesn’t always have to be a full-time CFO!
Millions of small businesses received funding from the Small Business Association (SBA) Paycheck Protection Program (PPP) which has generated even more questions regarding how and when loans will be forgiven. Here is the latest on guidance issued from the SBA.
Are you planning to exit in the near future? The best way to start is to get your financials in order. When a buyer evaluates the sale of your business, you must have accurate and detailed financials in order. Not only do accurate financials help your business run more effectively, but they also give the buyer a greater understanding of how well your business is functioning. Here are a few tips to help your business more attractive to potential buyers, and how an exit strategy can help you.
When you sign up with TGG, you can expect two components that will contribute to your company’s success. We begin with an assessment of where your business’s financials stand at the time that you sign on with us. At TGG, we believe in understanding our client’s business on a deeper level, so this may take some time. Simultaneously, we work on your current financials to ensure your future financials remain healthy. Here’s a detailed look into each aspect of TGG’s process.
Outsourcing certain aspects of your business can seem intimidating. Who should you choose? Will they perform better than an in-house team? Will outsourcing affect your internal company culture? Do you have to be a large business to actually benefit? There are a lot of myths and misconceptions about how exactly outsourcing can help your business succeed. We’re here to debunk those myths, clarify the misconceptions, and give you an overview of what outsourcing can and can’t do for an organization.
In our years of providing outsourced accounting services, we’ve heard quite a few objections that stem from misconceptions about outsourcing, here are the top five:
According to a recent poll, 50% of company leaders believe their operations will not stabilize from the COVID-19 crisis before the next planning process. The global pandemic has placed a strain on all businesses over the last few months. Not only has it affected the current state of a business’s financials, but it also affects how businesses can plan for the future. So, how can you begin to plan if you cannot predict what is going to happen next? Has your planning process vanished since COVID?
When it comes to planning a business’ exit, it all begins with keeping excellent financials. As you, as an investment banker, work to prepare companies for the sale of their business, we can help. Here’s how TGG helps Investment Bankers and M&A Advisors prepare companies for sale
Many companies do not have financials that are clear and reflect an accurate representation of their business’ performance. At TGG, we pride ourselves on accurate reporting and expansive financial knowledge. We help transform your client’s books to ensure they are set up for success as they plan for exit.
According to Deloitte’s 2016 Global Outsourcing Survey, 59% of companies that outsource do so because of the cost-cutting benefits. While there are many other advantages to outsourcing, one of the most compelling is the ability to reduce costs. Here are 4 ways outsourcing can improve your bottom-line.
TGG has been around for 15 years! We think we’re looking pretty good for our age.
The journey of growing a company – especially a service-based company like ours – has its growing pains and we wanted to share a little about what we have learned throughout these past 15 years. It’s great to be in a position to look back and see how far we’ve come and also to be able to look forward to all that we still want to accomplish. We think we’ve really hit our stride. The systems we have put in place have set our clients and our company up for success.
At TGG we have started Bonfire Chats, webinars created to answer your questions surrounding today’s environment, and what you may need to know in the coming weeks. Last week, we discussed the Main Street Lending Program, and why it may be beneficial for you.
The Main Street Lending Program began in April, and has seen trouble gaining traction. Unlike the SBA PPP, the MSLP works with larger businesses and can provide funding for businesses in need during this uncertain time. This program could be one of the most beneficial programs for businesses today if used properly.
Every business owner wants their business to be profitable.
There are many factors that lead to a profitable business, including employee productivity. Naturally, when your employees are more productive your profit margins will increase.. Productivity and profitability are two sides of the same coin, you could say… they complete each other. Without productivity, there can be no profitability. So how do you make your business profitable through productivity? Let’s explore!
Sales accountability is one of the most important things to consider when running your business. Your salespeople are at the core of your business. They drive traffic to your products and services. How can you create accountable salespeople? Watch what they do!
If you are a small business owner you have likely contemplated whether or not you need an in-house CFO or you would like to outsource your CFO services. This can be a challenging decision, as both options can be beneficial to your business. We’ve put together a list of a few advantages and disadvantages for both to help you decide:
In order for a business to run effectively, it must have structures in place that support financial reporting excellence. At TGG, we have created the TGG Way™ to help small businesses receive the expertise they need to succeed. Every TGG client is assigned a team of four accounting professionals to support their financial needs. Here are the roles we believe contribute to the success of your accounting team:
Hiring great salespeople is essential to the success of your business. These employees are dealing with the bulk of your business. The stats surrounding hiring salespeople are troubling. With 70% of hires in the sales field determined ineffective, and only last 18 months, it can be difficult to find great team members. Could your top salespeople be your worst salespeople? In this video, Matt Garrett describes how your worst salespeople may look the best on paper.
Financial Reporting for non-profit organizations can be complex. Navigating what you should include in the presentation, how to prepare it for the board members, and how to hold your non-profit accountable for where the funds are coming from can be complicated. Here are a few pointers on the best things to include, and how to differentiate between different types of funds:
Leadership is vital to a companies success, especially during times of crisis. Therefore, your leadership team needs to be prepared to make educated, quick decisions for the well being of your business. CFOs have a huge role in the decision-making as they understand your business’ numbers best. How can you CFO help your business move the needle post-COVID and beyond?
Here are a few ways:
Happy customers are the backbone of companies. The easiest sale you can make is to a happy customer! And you can continue to sell to them, as their loyalty is with you. Here are a few ways to consider upselling your products and services to your existing customers:
During times of crisis, businesses need to consider the health of their finances now more than ever. Small businesses especially need to ensure they have tight control over their cash flow. In order to understand where your business stands, especially during times of crisis, you should have a cash flow forecast that details where you are profitable, where you need to save in order to prepare for uncertain circumstances.
Cash flow forecasting is something that needs to be done on a regular basis, especially during these times. These forecasts help your company better prepare for various potential outcomes that may occur.
On March 31, 2020, Matt Garrett, TGG founder and CEO, helped small business owners and employers alike to understand the economic stimulus package. This bill is complicated, but also extremely important for small businesses during these uncertain times. Here are a few key takeaways from the bill, and how you can move forward with your business plan.
The Coronavirus pandemic has thrown a wrench into a lot of businesses’ future plans. Business exit plans have also been changed due to this economic crisis. Mergers and acquisitions have been among the many exit plan options that have been drastically affected by the crisis. While mergers and acquisitions have survived through other economic crises, like the 2008 financial crisis, this one seems a bit more drastic. Here are a few ways we can see the effects of the crisis on mergers and acquisitions.
The right customers want what you’re selling! Finding the right people to sell to can be challenging, whether you are just starting as a business owner or if you have owned your own business for a while. Selling to the right people is vital to the success of your business, as these are the people who drive business back to your company.
During these uncertain times, it has never been more important to create profitability. The global pandemic and the closure of most businesses, has caused anxiety surrounding businesses staying afloat. At TGG, we understand how important your business’ profitability is to maintain, especially right now. Here are a few tips to creatively increase your profitability when you may not be able to run your business as usual:
In May, the Treasury Secretary announced that all SBA PPP Loans of over $2 million will be audited, and all loans under that amount may also be subject to an IRS audit. In the article below, John Milikowsky, the founder of Milikowsky Tax Law, breaks down what you can do right now to limit your risk of an IRS audit. The main takeaway is to get your financials in order right now. If you can track all of your expenses and prove where you allocated your funds, you’re already in great shape. Already applied for your SBA PPP loan? Download our TGG PPP Loan Forgiveness Tracker. Need a more in-depth look into your financials? Contact our team to help your business through this uncertain time.
Read the Milikowsky Tax Law Article here:
As state-wide lockdowns continue to be extended, we are just beginning to understand what reopening the economy will look like. Our recommendation? Small businesses should use this time to prepare their business for optimal operation.
Unfortunately, during times like these, it’s important for small businesses to prepare for the worst. If you understand where your business stands and the impact coronavirus will have on your operations, you will be well-equipped to plan for the future.
As companies proactively adjust their business operations in the wake of COVID-19, there are few things to consider in regard to crisis management. All businesses should have a crisis management plan in place to assure their success regardless of the unforeseen circumstances that may arise. Here are a few steps to take to create success in tough times:
