Small Business and the Pandemic

We recently came across this rather bleak chart below from the LendingTree Small Business survey done in early September.  We are tired of the doom and gloom, but we need to look at the data to understand to future.

We keep hearing the truth that the U.S. economy is amid the largest upheaval and downturn since the Great Depression.  As the data shows, 43 percent of the businesses surveyed have gross revenue decreases of more than 50 percent.  6 percent of small businesses have been dissolved. 

It is obvious that COVID-19 has forever transformed the business landscape on a scale and at a velocity we have never experienced.  Main Street CPA firms are not immune to the effects. But the effects don’t have to be fatal or even dramatic.

 

Small businesses and their owners are the lifeblood of the compliance, tax, bookkeeping, and outsourcing services provided by CPA firms.  And, a shrinking pool of small businesses means increasing competition among and between CPA firms, resulting in downward pressure on professional rates and fees.

But, Main Street CPA firms are in a privileged position to deliver impactful advice to help their clients do more than survive – to help them thrive.  Within the present turmoil and uncertainty, lie the seeds of opportunity and latent growth.

 

It may seem counterintuitive to be preaching the opportunity of growth in a rapid economic contraction.  However, with the right tools, frameworks, and perspectives, new businesses will be established, and the engine of innovation will continue creating forward momentum amid the present destruction.

Now is not the time for Main Street CPA firms to blend in.  Now it the time for them to stand out. 

Pumpkin Spiced Advisory Services

It’s fall and the time of year when pumpkin spice everything makes its appearance.  And we mean, EVERYTHING.

Who hasn’t had a craving for pumpkin spiced Roundup?  Or pumpkin spiced Spam?

Our hands shot up so quickly we think we damaged the ligaments in our shoulders.

But these products got us thinking (which can be dangerous…).  What is it about pumpkin spice that makes people seek it out with such zeal and passion?  How could pumpkin spiced Spam sell out in less than seven hours?

Pumpkin spice invokes positive feelings and emotions.  Maybe it’s the chill in the air.  Or perhaps it’s the thoughts of family and friends as Thanksgiving draws near.

Most of all, it’s unique.  Love it or hate it, pumpkin spice is hard to ignore.

What if your advisory services were equally unique?  What if when your clients thought of you or your firm, positive feelings and emotions were companions?

It is hard to be more nondescript than Spam.  Compliance services may come the closest.

If Spam can create immense demand with pumpkin spice, so can you.  Here is the recipe for pumpkin spice advisory services.

  • One part compliance. Can be a tax return, an attestation report, or a monthly financial statement as part of a bookkeeping engagement.
  • Generous dose of insight. What are the drivers behind the numbers?  How do they compare to the prior quarter?  The prior year?  To industry benchmarks?  What are the trends?
  • Mix together using a proven framework to form an educated opinion about what latent opportunities exist and where they may be concealed.
  • Shape into at least three actionable recommendations the client can take to help them be better and more competitive tomorrow than they are today.
  • Serve in a personalized manner, possibly with a pumpkin spice latte or an equally distinct treat.

Your client’s will love both treats.

If Spam can make the unremarkable remarkable, you can too.  

Your Vision Determines Your Destiny

Your Vision Determines your Destination

In her bestselling book Mindset – The New Psychology of Success, renowned psychologist Carol Dweck, Ph.D., describes how almost every area of human endeavor can be dramatically influenced by how people think about their talents and abilities.

She speaks of fixed versus growth mindsets.

Fixed mindsets think “this is who I am.”  Growth mindsets think “this is where I am”.

Fixed mindsets think “this describes me.”  Growth mindsets think “this describes me now.”

The way we think about ourselves can either paralyze us or propel us forward.

“How do I look?” can either be a question answered by other people, or it can be a question of ourselves, asking how each of us view the world.  “How do I look” can easily be rephrased into “How do I look at myself and at life?”

Thankfully, how you see yourself isn’t fixed.  Like any skill, mindsets can be learned.  That is incredibly freeing.  Read that again.  Mindsets can be learned.

Your vision of yourself determines your destination. 

What you have done matters, but not as much as what you will do. 

What you have learned matters, but not as much as what you will learn. 

What you have thought matters, but not as much as what you will think.

Growth CPR strives to maintain a growth mindset.  Heck, growth is part of our name!  And we want to share and promote that mindset with Main Street CPAs.  We want them and their clients to be successful, however they have defined success.

Think of what your firm or advisory practice could be in 5 or 10 years if you started today.  Think “I can do this”.  Think “how can I do this?” 

Your vision determines your destination.  We are here to help.  Come join us.  Let’s grow!