Vegemite is like nothing else on the planet.
Australians love it. They’ve written songs about it. It has its own national holiday. In fact, it’s so celebrated down under that it was the first product on the continent to be electronically scanned at a grocery checkout back in 1984.
So what does that have to do with making big business decisions?
When someone willingly chooses to try Vegemite for the first time, they’re making a conscious decision. But I can guarantee that it’s a decision only based on the “idea” of what Vegemite will taste like.
Someone who has never eaten Vegemite has no way of knowing what they’re in for. No way of having their brain anticipate a certain flavor or texture…the way it does when we’re about to take a bite of our favorite dessert, for instance.
Their brain will probably attempt to compare it with other sticky spreads they’ve encountered like peanut butter or Nutella. But that just makes the whole thing worse. Vegemite is made from leftover brewer’s yeast (in case you’re interested in the full history). It is salty, bitter, and tastes like a gooey bouillon cube. Comedian Steve Harvey once told an Australian audience member: “Vegemite sounds like a pesticide. And that’s about what it tastes like!” When an Aussie race car driver gave a sample to the TV commentators covering a race in 2012, Kyle Petty said, “He may be the fastest man on the track; I may be the fastest man headed for the bathroom!”
But still, all of that information doesn’t help you know what Vegemite tastes like until you actually do. You can listen to other people describe what it’s like, and you might think you know how it’ll taste. But you are wrong…until you actually eat it.
Making Big Business Decisions Can Sometimes Be Like Eating Vegemite
- You might think you know what you’re getting into.
- You may have done a lot of research.
- You may have talked to a lot of other people.
- But until you make that decision for your business, you can’t exactly know what will happen.
It’s Either Going to Be a Failure or a Success
With Vegemite, a failure just means that you spit it out as quickly as possible and vow never to touch the stuff again. In business, however, a bad decision can have devastating consequences.
- You could lose a lot of money.
- You could miss out on other opportunities.
- You could put your employees at risk.
- You could get sued.
- You could lose your business entirely.
Or you might make the best decision of your life and radically transform the future of your company and everyone associated with it. You never fully know.
How Can You Improve Your Chances of Making Good Decisions?
When you’re facing a big business decision that can affect your financial future, don’t make it alone. Take advantage of your CPA’s years of knowledge and experience. If they’re any good, they’ve worked with hundreds (if not thousands) of clients and have seen business owners just like you walk through countless important financial situations. More than likely, they’ve seen what you’re facing before, and they can help you avoid failure and save money.
(To dive deeper after reading this, take a look at this article from Business.com on a Step-by-Step Process for Making the Right Business Decisions.)
3 Big Business Decisions Where Talking to Your CPA Can Save You Money
1. Cash Flow Management
Everything’s better when your cash coming in exceeds your cash going out.
If you’ve ever dealt with the stress of not being able to make payroll because you simply didn’t have enough money on hand, then you understand how important cash flow is. Cash is the lifeblood of your business.
How you choose to manage your cash flow is definitely a big business decision, and your CPA can help.
Far too many business owners attempt to go through life barely making it: existing from one deal to the next, robbing Peter to pay Paul, resorting to questionable ethics to make ends meet…and losing way too much sleep.
In fact, it’s #6 on the list of “9 Simple Accounting Mistakes That Are Costing Your Business Money”, a free guide that we put together because of trends we were noticing among business owners we talked to.
A good Cash Flow Management Strategy will allow you to:
- know when, where, and how most of your cash needs will occur
- understand what the best sources are for meeting those needs
- prepare to take action when cash crises or opportunities arise
2. Bank Financing
When you walk into a lender’s office under-prepared, you are like someone who has never had a Vegemite sandwich–you don’t know what you’re about to get into, and you’re probably going to make a mess. You send a message to the lender that you are a high risk who is probably not going to do well in these uncharted waters.
You want to get the best financing options possible for your business needs. That’s why it pays to partner with an experienced CPA who can help you be prepared.
A good CPA will be able to help you put together a loan proposal that improves your chances of approval, your rates, and the overall terms of the agreement. At CRS CPAs, we intentionally structure proposals for our clients from the lender’s perspective, and we consistently see higher rates of success.
We know what the banks want to see. We understand how to prove to them that you’ll be able to pay them back. So you get the money you need to help you grow your business.
3. Strategic Business Planning
Winning in business is about more than just having plenty of money in the bank. It is also about knowing that your company is headed in the right direction so that prosperity will be your reality for years to come.
Having a Strategic Business Plan is a big business decision that is often overlooked. Most business owners have all of their big ideas locked inside their heads, and they don’t consider how developing them alongside a seasoned financial expert can significantly propel their business forward.
A good Strategic Business Plan helps you clarify your company’s direction, ensures your key leaders are all on the same page, and keeps management and staff focused on the important things.
Whenever you start a new venture (or product/service), expand your organization, purchase a business, or attempt to turn a struggling company around…you need to partner with a good CPA to develop a plan that will work.
The Risks of Making Big Business Decisions Alone Are Too Great
If you attempt to “fly solo” through important decisions, you are setting yourself up for financial problems. You stand to lose a lot of money, and in many cases your business may not be able to recover.
However, it doesn’t have to be that way. By letting your CPA guide you through these 3 big business decisions, you instantly become wiser and more at peace. You’ll set your company up to win. And you’ll be free to focus on continuing to grow your business so that you, your employees, and their families can thrive.
CRS Knows the Way
Let us help you walk through the big business decisions you will face. Our team of financial and business experts has over 40 years of experience working with business owners just like you.
Check out the free guide we put together for you: 9 Simple Accounting Mistakes That Are Costing Your Business Money.
Then schedule a call today. It’s one of the best decisions you’ll make…along with never eating Vegemite.