You have heard the old phrase, “A jack of all trades,” but have you heard the follow-up—“is a master of none?” Why has the longstanding expectation been that small business owners must be a master of everything to build a successful business venture?
Small business owners launched a company for one of two reasons—because they were passionate about their product or passionate about working for themselves. Very few of them launched because they were passionate about the business operations, financial management and strategic marketing plans that go into running the business.
All small business owners (and people) are talented at certain things and not so great in others—that’s why they need holistic platforms and accounting partners that can fill gaps in their skillset and allow them to focus on their passions.
In the age of digital platforms, there is a huge impact of adopting connected tech and apps, as it provides the tools startups and small businesses need to compete with established enterprises in a cost-effective, low-maintenance manner—most of which was unavailable to the mass market as little as five to 10 years ago.
For accountants and bookkeepers working with small businesses, adopting a cloud platform that provides the ecosystem of all the apps owners need to survive and flourish should be the priority. This is especially true as we are entering into an economic downturn, providing holistic services by tapping into an ecosystem of apps to help a business grow and have an accurate sense of their finances is essential.
In fact, a new report showed that inflation is going to have a much bigger impact on skewing real sales than we originally thought, as the data gathered from hundreds of thousands of small businesses demonstrated that while small business growth seemed to be nearly double the pre-pandemic average, this was largely due to higher prices rather than an increase in the number of goods and services sold.
Accountants—the time is now to ensure your small business owner clients have access to services and technology that can assess the impact of inflation vs real sales and provide an accurate view of their financial health—and get them off spreadsheets and paper receipts.
A good example of filling a gap for advisors and small businesses is Xero and Looka’s recent referral partnership. Looka provides AI-powered branding and design services and today, the company’s Brand Kit subscribers can take advantage of Xero’s accounting solutions through an exclusive offer.
Unique branding is needed to thrive, both in brick-and-mortar industries like retail/food service and for digital businesses trying to make waves and disrupt a broader marketplace. This is not only essential for businesses just getting started, but it could breathe new life into existing small businesses looking for a refresh, but don’t have the time to do a full-scale creative overhaul.
Many small business owners don’t know where to start, but Xero and services like Looka provide crucial tools for businesses and help fill a gap from a financial and creative perspective.
All small business owners (and people) are talented at certain things and not so great in others—that’s why they need holistic platforms and accounting partners that can fill gaps in their skillset and allow them to focus on their passions.
As an accountant, you may be thinking—I already have the financial part down, why would I need a full ecosystem for my clients, and not just a one-off system for creative development or payroll software when needed? Well, another study showed businesses that prioritized technology adoption, ecosystem engagement, customer engagement, operations and data-driven decision-making excelled coming out of lockdowns.
The point of being a holistic advisor—which should be the goal for most accountants and bookkeepers as our profession continues to become more competitive—is to help your clients not work in silos, only interested in branding when they launch or asking for financial advice once a year during tax season.
Instead, a full cloud platform empowers you to provide all-inclusive advice to your clients around these critical items to grow the business, especially around things out of both your wheelhouses.
Pairing creative solutions with more technical, operational and financial systems provide small business owners and their advisors with sufficient support from all angles. When entrepreneurs have it all under one roof, it enables swifter and more streamlined action on all parts of the business—and by working with a cloud platform, accountants and bookkeepers can be the ones to help them get there.
Carol Haverty is Vice President of Partnerships for Americas at Xero. Dawson Whitfield is founder and CEO at Looka.
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