Intuit is a data-driven company. In November of 2021, the company commissioned a survey of 8,000 U.S. employees to determine their interest in starting their own businesses. Here are the results.
Intuit predictions for 2022 small business start-ups
According to the survey, nearly three out of five people asked (57%) want to start their own small businesses, with one out of every five (20%) of those planning to do so next year - equivalent to around 17 million people.
In addition, QuickBooks projections based on Census Bureau statistics suggest that 2021 will see around 5,3 million EINs registered, eclipsing the record 4.3 million registered in 2020. In fact, the projections suggest that there will be 5.6 million EINs registered in 2022.
New business launch steps (and how accountants and bookkeepers can help)
In their insights into 2022 start-ups, Intuit provides a list of steps that new entrepreneurs need to take as they launch their businesses. Accountants and bookkeepers are uniquely positioned to assist these new business owners as they take the following action items.
1, They may need to get funding with small business loans, and you have become experts at loan applications during COVID.
2. They will need to open a business banking account and start tracking expenses. You can automate expense tracking for them and then begin to layer in bookkeeping plus services such as cash flow management or financial measurements essentials to create high-value engagements.
3. They will need to get online with a website which they can build with Mailchimp's free website builder. And then you can engage with them to set up and use the QuickBooks Online and Mailchimp integration to help them find, engage with, and retain customers.
4. They will need to hire, and you have payroll processing knowledge. When you elevate your payroll services with people advisory, you will have stronger client relationships, improve their employee recruitment and retention efforts, and help them succeed.
5. They may need to get thrifty. According to another Intuit survey (on small business insights for 2022), cutting costs was one of the three top changes that small businesses had to make in 2021, a trend that most likely will continue into 2022. And you can help them do that by teaching them to understand their data with bookkeeping plus services such as cash flow management.
Driving efficient bookkeeping engagements with these new business start-ups
Before you start taking on new clients from the high number of start-ups we've seen (and expect to see), you need to refine your practice structure for increased efficiencies, profitability, and client value. Factors to consider during this process include:
- Discovering your ideal client and practice strategies for your ideal client,
- Vetting, selecting, and adopting the right technology solutions,
- Creating consistency and scalability through process refinement and standardization,
- Change leadership for your team and your clients,
- Effective pricing strategies, and
- Building adaptive capacity for ongoing growth and development.
Woodard's Vice President of Practice Engagement, Steven Hoffman, says, "The most efficient way for you to prepare your practice for growth is to intentionally create your own ideal bookkeeping practice. Fortunately, bookkeepers no longer have to do this alone."
Woodard's The Ideal Bookkeeping Practice will equip you to standardize the processes and tools for bookkeeping production services through Woodard's renowned education, peer-to-peer collaboration, hands-on exercises, and guided client interactions. To build the next version of your bookkeeping practice,
2. Connect directly with Steven Hoffman to strategize how you can strengthen your practice, take on new clients, provide higher-valued services for your clients, and (most importantly) have a great 2022!