I was out to dinner with friends this weekend when someone brought up "the NASA method" of problem solving. This approach is derived from when NASA was putting a man on the moon. When they'd hold meetings, NASA had everyone sit in (from rocket scientists to the custodial staff) because they wanted everyone to be on the same page about the mission status so no ideas were left unexplored. Even ideas from those who didn't have a degree in rocket science.
Why?
NASA realized there's no way it would've been able to carry out a mission as big as landing a man on the moon without tapping into every resource.
Small business is the same way.
Even though NASA is different than the average company, there's no way it would've been able to carry out a mission as big as landing a man on the moon without tapping into every resource. How could a small business that didn't utilize every resource available to them expect to succeed?
One resource we see commonly overlooked by business owners is that of a business consultant or a CPA. To add a CPA to your team is to tap into an invaluable resource because CPAs have ample experience with businesses and their finances and know exactly what changes should be made, what red flags to look for, and how to best advise their clients.
With that kind of expertise available, you'd think more small business owners would turn to their accountant for business advice and analysis, but most don't. (Even more bewildering is that according to Xero, 53% of small business owners don't even use an accountant, but we'll save that for another post.)
The thing is, there's no benefit to being a company of one. When you ask your CPA to analyze your company's performance data (data you're already collecting, by the way) and advise you accordingly as you move forward, you're not only turning you CPA into an asset, you're eliminating all those feelings of uncertainty and those sleepless nights you've spent wondering which move is the best to make for your company.
If nothing else, that thought alone should send you over the moon.
Read more here on how Peerview Data helps your CPA or business adviser be a better asset.