At McKnight and Stone, we specialize in helping startups and growing small businesses effectively plan, launch, and stay on track financially. Whether you have a great idea but aren’t sure how to make a business out of it, or have an existing business but need some help getting financial systems that WORK FOR YOU set up and in place, we can help. We don’t have a cookie-cutter approach to accounting… what you need to know about how your business is operating is often a personal preference. We set up systems that are simple, effective and provide a framework for you to know – really know – that your business is performing the way you want. Contact us today to get started.

We do:

• Business Plans for self-funding and for seeking funding
• Business Accounting and Bookkeeping
• Tax Planning and Preparation
• Financial Health Checkups and Assessments
• Financial Reports and Filings

11 Things To Do NOW To Launch or Grow Your Business

1. Incorporate – There are many tax advantages to incorporating your business while limiting your personal liability.
2. Separate “Church and State”  – Many startups use their personal bank accounts to cashflow their business the first year. This can cause problems with tracking expenses and opens personal liability doors, too. Open business checking, savings and credit accounts from the beginning and keep business expenses and income separate from personal finances.
3. Study the Competition – Before you can accurately determine how to position your company, it is vital to know your competition’s pricing, product development, and/or servicing strategies. Don’t assume your product or service is “just better.” Get to know the other offerings out there and how the marketplace perceives them.
4. Plan for Success – So many companies have fantastic ideas but lack any real plan for organizational structure, competitive analysis, mission, vision and goals, measureable objectives and financial planning and forecasting. EVERY business needs a good business plan.
5. Pay Yourself The Smart Way – Many startups need guidance regarding how to set up paying themselves while adequately reporting the correct taxes to the IRS. Using a payroll service right from the start, even if YOU are the only payee and your paycheck is small, is a smart investment. Payroll services are often very inexpensive for small business accounts and they will can you out of tax and reporting trouble. Plus, as you grow, you’ll already be set up to add people.
6. Hire a Good Accountant – You need to concentrate on what only YOU can bring to your business and partner with good people to help with the other things. Many accountants are great at what they do, but like anything else in business, the key is to find the right fit for you and your company. Some companies just need a little guidance from an accountant, perhaps providing monthly or quarterly statements. Others need a full-fledged plan on a monthly or quarterly basis to go over monthly reporting, tax planning, and sound business planning to effectively manage your financial matters.
7. Market Effectively – The best ideas in the world don’t achieve the reach and success they deserve without good marketing. In today’s world, this can include PR, social media and websites or blogs in addition to traditional marketing tactics or strategies. If you aren’t a marketer by trade, find someone who specializes in helping small businesses launch or grow and who will work with you to achieve your goals.
8. Find the Right Lawyer – Look for someone who specializes in start-ups and small business matters. A good attorney will help you through any times of legal distress as well as setting up the appropriate paperwork to form contracts, partnerships, etc. Most don’t require retainers or other ongoing fees. The important thing is to start that relationship, perhaps with the incorporation papers, and then know who you’ll call if there is ever a need.
9. Befriend Your Banker – Your banker has your businesses’ best interests at heart, due to the fact that they need that debt service payment on a timely basis! Your banker can be a great source for referrals, help you find the best ways to service your debt, and put you in contact with the right financial people to help you along the way to your financial success. If your banker doesn’t seem to have time to sit and talk with you about the plan and needs for your business, find another one.
10. Know the Bottom Line – Know your ROI (Return On Investment) on every revenue generating phase of your business. This allows you to understand how to price your products or services more effectively with respect to your competition! Additionally, know the hidden expenses that you can deduct from net income, because these can positively impact your tax burden. If you need help figuring out the bottom line or quantifying ROI, a good accountant can help.
11. Think Past Today – Understand what it takes for you to retire comfortably. Write or document the levels of what you’d like monetarily, spiritually and emotionally when you’re done working. Translate those goals into action steps for today, three years, five years, etc. Adhering to financial goals which are written or documented keeps you motivated and focused on the steps at hand to achieve long-term success.