Our team has been busy diving into the Paycheck Protection Program (PPP), SBA 504 loan and Employee Retention Credit. Here are our answers to the most frequently asked questions and a free download on which programs you may quality for right now!
The U.S. Small Business Administration (SBA) 504 loan program has been around for a while. However, recently it’s been making the news again because its benefits were significantly enhanced with the Consolidated Appropriations Act, 2021, that was signed into law on Dec. 27, 2020. You may be wondering, who is the program for? What should you be thinking about? What are the benefits? Let’s find out!
Days sales outstanding (DSO) is a measure of the average number of days that it takes a company to collect payment after a sale has been made. By lowering your DSO, it provides options for you to keep the money and invest it, or pay off debt and lower your interest costs. How exactly do you do this? Check out our blog to find out!
The SBA recently released guidance relating to PPP Funding in the 2021 Consolidated Appropriations Act. Watch as one of TGG’s CFOs, Janine Smith simplifies the main points so you can take advantage of this new round of funding and make the best decisions for your business right now.
TGG Founder & CEO, Matt Garrett recently sat down with with Vistage to deliver 8 things that small businesses need to know about the latest Coronavirus Relief Bill. Watch now!
The IRS recently issued a ruling denying Paycheck Protection Program (PPP) tax deductions even if your loan might be forgiven in the future. TGG Founder & CEO, Matt Garrett and one of TGG’s CFOs, Bonnie Howard led a TGG Bonfire Chat webinar where they broke down what this means for your business. Here are the top 10 takeaways.
TGG has been awarded a Top Workplaces 2020 honor by The San Diego Union-Tribune!
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.
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!
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.
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:
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.
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:
Let’s start was defining the word, ‘fractional.’ Fractional is defined as part-time and in this circumstance, the fractional CFO and/or fractional Controller working for you is doing so on a part-time or contracted basis. While it may sound like a fractional CFO and a Controller have very similar job responsibilities and you only need to choose one for your business, that isn’t necessarily the case.
The coronavirus pandemic has created a need for businesses to become more focused than ever on their business expenditures and daily operations. The same can be said for the financial crisis of 2008 — when the economy takes a hit, organizations dial things in. Implementing the right survival strategy allowed many businesses to come out of the recession stranger than they were before. Here’s how they did it:
Many small businesses that are considering their future growth have considered hiring a fractional team to come support their everyday business functions. Fractional models offer many benefits to business owners that choose to go that route. These models can allow your company to get expert assistance at a lower price. Outsourced services are meant to assist and support your company as you grow and expand your business. How can your small to medium-sized business benefit from fractional services?
On July 11, TGG’s founder and CEO, Matt Garrett partnered with SBDC @ UCI Beall Applied Innovation to discuss the ways you can grow your business through entity structure and formation. Being a business owner is one of the greatest achievements in Matt’s life and he has created a business structure that aligns with his mission and vision for TGG. There is a lot of uncertainty surrounding opening your own business, how can you create a business structure that will succeed for years into the future?
Managing a company’s resources can feel like a daunting task for some business owners. The challenge becomes even greater for company’s with a high level of annual revenue and a large customer base to account for — without proper financial management, you could be leaving millions of dollars in value on the table.
