Feb 06 2021
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Is Your Back Office Keeping Pace With Your Company’s Growth?

By SBS

I was speaking to a new business contact the other day. As with any new introduction, we started talking about our services and “ideal” clients.  As we got into the fractional CFO services that SBS offers, he asked what size client (in annual revenue) typically comes to us for help. I told him it’s not just the amount of revenue, but rather the rate of growth. In other words, some of our best fractional CFO leads come from companies who have experienced significant revenue growth in a relatively short period of time. When that happens, the investment in infrastructure and human capital is typically neglected and isn’t strong enough to support the needs of the larger company. The following issues begin to surface: Poor internal controls No formal strategic plan Dated (and typically undocumented) processes and procedures Poor cash management Legacy employees aren’t qualified to run a large company – the requirements have outpaced their knowledge and abilities. A good example of a “legacy employee” could be your Office Manager. When your company first starts getting busy, you hire a bookkeeper or accountant to run your office. He or she is competent and gets the job done. As your business starts to grow, you hang on to this Office Manager because he or she has been with you through thick and thin and you’re loyal to that person. But at some point, as your business gets larger, it gets more complex. The tasks your Office Manager performed when you were…

Jan 31 2021
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Are Bookkeepers and Accountants Obsessed with Technology?

By SBS

          In the bookkeeping industry, you hear a lot about the “Firm of the Future”. It’s a buzz term for bookkeeping firms that build their infrastructure around all the latest technologies and apps. The benefit sold to bookkeepers and accountants is that it will allow you to work so efficiently that you can handle more clients. That’s a wonderful benefit for sure! I’m not going to debate whether gassing up on all the latest technology is the right thing to do. What I want to point out is that having all that technology doesn’t automatically equate to more clients. It’s not a sales tool, it’s a management tool. Maybe some businesses will sign up with you because you showcase so much technology, but in my experience, most of them won’t care much. So, don’t invest all your hard earned money on all these cool 3rd party apps if your book of business doesn’t warrant it. You’re only making these vendors wealthy – not you! I want you to build a bookkeeping business that creates a wealth generating asset for you. The technology companies don’t have that same interest. They want to convince you that you need more and more technology in order to keep up with your competitors and stay relevant. I argue that you will outperform your competitors if you focus more of your attention on branding, messaging, and marketing. That is what will distinguish you from the others. Most bookkeepers and accountants are comfortable dealing…

Oct 28 2020
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I Wrote The Book

By SBS

I rarely speak personally about my business in a public forum. However, I’m at a stage in my career that I’m now comfortable speaking openly about my victories, and my losses. I’ve learned so much (especially about myself) over the years while running this company. I’ve failed as much as I’ve succeeded, but I never let it stop me or my entrepreneurial spirit. As a business owner, you have to stay focused and determined if you want to achieve your goals. Goals change, but your attitude should not.   Steiner Business Solutions has come a long way since it started out of my house in the winter of 2006. Over the years, I’ve employed dozens of staff and served hundreds of small businesses, with much to be proud of. We grew our brand and our revenue to levels I rarely imagined.  What a ride!   For those of you who don’t know, I made a huge life decision last year and sold my entire bookkeeping division at the end of 2019.  It was not planned, but opportunities present themselves and you have to act if you feel it’s the right decision. Of course, I had no idea a worldwide pandemic would hit the following year! But that transaction has allowed me to take on some new challenges – and I LOVE new challenges! Hence, THINK BIGGER, was born.   THINK BIGGER was first created in my mind while I was closing on the sale of my bookkeeping division. I was…