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.
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, and your target demographic is just not working out. 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. So how do you understand your target market?
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:
It’s time for TGG’s Client Spotlight! We have truly enjoyed building our relationship with Hydrate IV Bar over the past 2 years. Prior to TGG, Hydrate IV Bar relied on a CPA firm to produce annual financial statements, but Owner, Katie Wafer found that she wasn’t getting the timely or accurate financial information she needed in order to make educated business decisions. Through partnering with us, Katie discovered the power of The TGG Way™ in getting her the critical information she needed to run her business by the numbers.
Do you have your financial plans in order post-COVID-19? Financial planning can be difficult even in normal circumstances, and with the uncertainty surrounding the future of businesses, financial planning is even more challenging. The typical 5-year plan you use, that is based on accuracy, consistency, and predictable planning cycles, can no longer be used to determine the future of your business. Therefore, financial planning needs to take on a new, systematic approach to account for all potential crisis situations.
As the effects of Coronavirus continue to unfold, we have seen small and medium-sized businesses take a hit. The government has worked to create funding to support these businesses during this tough time.
Navigating the MSLP loan requirements and details can be overwhelming for some companies. The FED recently hosted a webinar to help us better understand the program and the requirements behind it. Here are some of the key takeaways from the webinar:
As the effects of COVID-19 continue to unfold, many companies have found themselves in a situation for which they were unprepared. Without implementing proper crisis preparation tactics, companies will continue to suffer, as businesses deal with future unexpected occurrences. Being prepared for a potential supply chain disruption, allows companies to work proactively rather than having to react without time to adequately consider their options.
In response to the economic impact of coronavirus, Congress rolled out the Main Street Loan Program to help businesses get funding to stay afloat. This program provides $600 billion in financing for all businesses. Before you consider applying for this loan program, there are a few things to consider.
Over the last week, the Federal Reserve has updated the Main Street Lending Program. There are 5 major changes that the Federal Reserve has made to the Main Street Lending Program that banks will start lending on within the next two weeks.
If you are eligible you should highly consider taking out one of these loans. It is inexpensive money, and will likely go as quickly as the SBA PPP Loan funds. Get started organizing your information with our MSELF Loan Organizer so you are prepared and at the front of the line to get your money.
Here are the 5 major alterations to the MSELF loan program requirements:
This is an article of accounting and finance tactics on how to survive and thrive that our CEO, Matt Garrett shared in a webinar presentation with Vistage. You can view the recorded version of the webinar and the article here as well as on the Vistage website.
When Matt Garrett, CEO and Founder of TGG Accounting, started thinking about how he would lead his team through the COVID-19 crisis, he thought of Antarctic explorer Ernest Shackleton whose story of survival was chronicled in the book “Endurance.”
“What got this team to survive in brutal conditions was process, routine and sense of purpose,” says Garrett. He has adopted a similar strategy, which is this is just one of the insights he shared for surviving and thriving in a recent webinar for Vistage. Here are the seven tactics for thriving that he outlined to help small and midsize businesses power through today’s health and economic crisis.
Cash accounting and accrual accounting are two concepts that are foreign to most people, but it’s important to understand the difference. As a business owner, if you manage your books on a cash basis, you will ultimately fool yourself. Why is this?
Small and medium sized businesses are usually at a crossroads when it comes to their bookkeeping and accounting, especially if they’re growing. “Should we hire a Controller or should we try to do it ourselves?”
There’s a third option that gets frequently overlooked: outsourced accounting services.
Outsourced accounting didn’t really exist ten years ago, but small businesses are turning to full-service outsourced accounting firms more often to increase efficiency, add professionalism and save time and money.
Most business owners assume that having an in-house bookkeeper, Controller, or CFO who can pay bills, run payroll and manage company finances is the best scenario for their business. They believe having a person down the hall will ensure they have a clear view of the company’s financial position, but this isn’t always the best solution.
In this post, we’ll explain why having access to greater financial expertise can be game-changing for small businesses looking to grow.
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