As an entrepreneur, you know that one of the keys to your business’ success is being able to make educated judgments about the future. In order to drive your business and your dream forward, you need to offer investors, partners and employees a clear vision of your company’s future to spur both innovation and investment. When the members of your team share an idea or vision of the future, the ability to design and develop products and services that offer meaningful solutions to customers worldwide is significantly enhanced.
The three most common and useful projections business owners use to help their companies remain competitive in today’s rapidly evolving marketplace are future revenues and operating costs as well as assets that will be required to meet eventual demand.
Unless you have a magic crystal ball that’s tuned to the future, your strongest ally in making predictions is your accountant. Here’s why: Accountants are skilled in the business of predicting future trends based on a detailed analysis of solid data. In simplest terms, that means they can offer projections that help business owners understand how actions they take today could impact their business – and their entire industry – tomorrow.
The guidance of an experienced accounting firm is important in all stages of business development. When a business is still in its nascent stages, an accountant can help set goals and provide benchmarks to make analyzing and measuring progress easier and more straightforward.
Using those early goals, your accountant can help you track your progress during the middle stages, gathering data from past sales and other benchmarks to project future revenue and growth. As your company matures, careful analysis of financial statements can help pave the way toward future success, providing a clear path toward success and growth.
Of course, not all accountants are skilled at making the kind of detailed and accurate predictions that can help a business achieve new levels of success. At Hogg, Shain & Scheck, we’re dedicated to helping our clients set and then attain – and surpass – financial goals. Our accountants understand that while tax savings are important, it’s profitability that really drives a business forward. We’re ready to help you achieve your vision. Call us today at 416-499-3100 to schedule a consultation.