Entrepreneurs in America are expanding their businesses on a swell of optimism. And we are aware of it. We have seen more and more business clients walk through our doors.
On the one hand, one group of these entrepreneurs are happy with their businesses. They are thriving, but they all have one problem in common. Their work schedules are harried. When they visit us, they are surprised at the advantages of outsourcing. And they are equally surprised at the power of consultation with our small business-oriented Certified Public Accountants.
- On the other hand, there is another group of entrepreneurs. They come to us well aware that they can’t do everything in their business. They aren’t as quite as harried as the group above. And they know they can’t do everything and competently lead their business. So, they are prepared and ready to out-source.
- Which of the above two groups is the youngest? After reading this article, you can probably tell.
- Likewise, we’ll show you why both of these groups of entrepreneurs are optimistic and can be successful.
Entrepreneurs are Meeting the Challenges of Success With the Skills of Outsourcing
Successful entrepreneurs know when profits begin to mushroom. They need help with bookkeeping and taxation. And they need assistance to be in compliance with federal, local and state rules and regulations. And we at Gavrilov & Co are happy to bring them these services.
Today, let’s look at the data and a little bit of history of why we believe in America’s small businesses and the new attitude of optimistic success of today’s entrepreneurs.
Research conducted during the first quarter of 2018 has proven positive results. Small business entrepreneurship has hit its best pace since the recession. At Gavrilov Accounting & Tax Services we know why.
A New Spirit of Optimism for Entrepreneurship 2018
Gavrilov & Co. sees two reasons behind the exciting entrepreneur’s success.
1. The successful small businesses of today are smart entrepreneurs, and yes, they are savvy in such business practices as bookkeeping, tax work, and everyday accounting. However they are not caught up in the daily minutiae of best practices in these topics. Why? (See number two, below:)
2. These savvy entrepreneurs know how to leverage outsourcing and software to solve practical problems with Accounting and Bookkeeping at a phenomenal rate.
Gone are business owners who neglect their leadership by crunching numbers after business hours in order to pay their bills or manually figure their payroll.
You don’t have to ask us why small business has a new optimism in America. Every day we see entrepreneurs who achieve time for family and fun. They have balanced their lives. They have accomplished this by outsourcing accounting headaches to companies like Gavrilov &Co.
Fascinating Facts That Inspire Optimism in Business Owners
There is a new report by Paychex. They analyze “American entrepreneurship during the past decade.” Paychex also analyzes the state of small business today. This includes “today’s business owners’ attitudes and perceptions of the current business environment.”
“Overall, the majority of business owners feel positive about the state of business as a whole.”
1. 79% of those business owners polled in the recent Paychex Report, recommend starting a business today. (That is
inspiring, compared to the gloom and doom reports of previous decades?)
2. 64% of the business owners are optimistic about their ability to make a profit and grow. (Again, this is a remarkable change in attitude.)
3. Naturally, challenges still abound for new and existing businesses. It is not surprising that the report shows 90% of business owners polled are “concerned about rising costs.” We have stated that we are optimistic. But that does not mean we do not see the challenges of doing business in the 21st century.
4. 34% think more government support would encourage business formation. Again, compliance with regulations is a challenge of doing business in our time.
Special Note: Politics are not our concern. Our only purpose is to make sure our clients comply with the current laws and regulations. Like most ethical accountants, we want the numbers in your business to add up properly and transparently.
Self Ownership Satisfies
Today’s reports have determined that 74 percent of the business owners polled believe the “satisfaction of working for themselves as a reason they’d recommend starting a business today.” However, let’s note that the age and size of the business made a difference in their opinion.
1. On the one hand, “Business owners who started their company during or closely following the recession (four to nine years ago) were more likely (57 percent) to say the business environment is better today than when they started…”
2. On the other hand, “only 32 percent of those who started their companies 20 or more years ago” believed the business environment has improved.
As we listed above, we believe newer businesses have advantages in outsourcing and in technology never before available to any entrepreneurs. That realization makes us proud to do what we do at Gavrilov & Co Accounting and Tax Services. We take care of practical matters like bookkeeping. This leaves entrepreneurs time to lead their companies to success.
Therefore, the entire business community is buoyed up with an optimistic entrepreneurial spirit. And we can feel it even at the Gavrilov & Company Accounting and Tax agency. Forbes is certainly correct in labeling small businesses owners and entrepreneurs as the backbone of the community.
The New Optimistic Dream for American Entrepreneurs
Gavrilov & Co is not alone in our assumption of the power of optimism to drive business. Here is a statement from a recent article in Forbes magazine. “In a recent study, The UPS Store found the American dream of opening a small business is still very much alive and well with 66% of respondents wanting to open their own business in the future.”
1. A Break-Down in Styles of Optimism: Millennial
Millennials And Optimism: Forbes’ Interviewed Dr. Luke Pittaway, professor of entrepreneurship at Ohio University College of Business. Dr. Pittaway stated “Millennials are very social value conscious. So they are not typically interested in starting just any small business.
For them, the venture must have an impact on society and have a social and/or local economic value beyond simply providing a living.”
We at Gavrilov & Co add that this philosophy in itself leads to optimism. Forbes adds, “They are also more inclined to start sophisticated technology businesses, or businesses in the sharing economy (often called collaborative consumption).”
He added that he ascribed the new optimism to a post-recession attitude shift. And he added, “the realization among people that owning a small business may actually be less risky in some ways than having a traditional career.” He stated that there has been a mindset shift in that regard.
Gen X Entrepreneurs and their Bright Brand of Optimism:
“Given their current career status, Gen Xs are more likely to succeed in a family business, buy a business or a franchise and so are likely to enter small business via routes other than starting something from scratch.”
They too are learning to reach out and engage Accounting Companies for financial guidance. Outsourcing gives them valuable time and technology to solve their challenges.
2. The Forbes article stated, “In contrast, boomers are typically looking for a second income while in retirement and can trend toward businesses that grow out of hobbies, or use prior competencies developed during their former careers.”
Often these can be described as lifestyle businesses.” Gavrilov sees this as the new way of retirement for many Boomers. They are re-invigorated and their optimism is contagious.
Tim Davis of UPS summed it up well as he stated, “Small business is the backbone of the economy. With more than 27 million small businesses in this country that generate about 50% of our GDP, it’s nearly impossible to overstate the importance of small businesses. It’s these businesses that are driving local economies, providing jobs for local residents and impacting key community organizations, through charity and service.”
Beautifully said, and we can only add that the financial guidance we bring to these entrepreneurial businesses is customized to their needs. Thus, our experts and software can crunch the numbers and ensure their compliance with taxes and regulations so that they can continue to lead their business. Thus we will be part of expanding this strong, quiet wave of optimism that is sweeping the business landscape.
As always, we thank you for reading the Gavrilov & Company Blog and this website will soon have more for you to read
in regards to specialty accounting. Watch our site for new pages of information on specialty accounting, tax and advisory services for such areas as Real Estate, Salon Ownership, and Hospitality Services like restaurants and bars. We are the go-to Midtown Manhattan accountants for helping such businesses find success.
As always, we thank you for reading the Gavrilov & Co Blog.