Unlocking new business opportunities
Sometimes small financial habits can work together to build the larger framework of a financially healthy company. And healthy finances can position small-business owners to immediately take advantage of:
Grants: Accurate books save time in the application processes for upcoming grants, especially those with tight deadlines.
Tax credits and deductions: Your accountant may be able to identify credits and deductions that could help your business, such as the employee-retention credit.
Venture capital investments: Well-maintained cash flow, profit and loss, and income statements may encourage venture capitalists to invest in your business more confidently because of its financial transparency.
Government contracts: You may be able to gain access to federal, state and local government contracts if your business can provide the clear financial records that are a requirement of the vetting process.
Small-business certifications: Widen your access to new opportunities and grow your business with the guidance of organizations and agencies that help small businesses that can prove they meet certain requirements (for example, those that are owned by racial minorities or women).
Bank loans: Unlock lines of credit, small-business loans and more with well-maintained financial records and a solid business-banking relationship.
Building a financially sound, scalable enterprise takes time and patience. But as your business grows, an investment in upgrading your finance team can save money over the long term and possibly give you access to previously unattainable opportunities.
If you’re interested in learning more about outsourcing financial responsibilities to certified professionals, download AARP’s accounting and bookkeeping tip sheets or visit the AARP Small Business Resource Center for the 50-plus for additional resources on financial practices.