The Patience it Takes to Win: Building a Business in Challenging Times

Starting a business during an economic downturn might seem like a gamble, but some entrepreneurs not only survive but thrive. Jason Kruger, the Founder and President of Signature Analytics, is a prime example. Launching his company during the 2008 recession, Jason transformed his venture from a one-person operation into a thriving business with a team of 100. His journey highlights how patience, smart hiring, and effective financial management can turn adversity into success.

In the latest episode of The Guts and Glory Show, Luis Scott sits down with Jason to discuss the keys to building a successful business and mastering financial strategies.

Tune in here for Jason’s expert insights on:

Hiring the right team
Building a strong company culture
Protecting your finances from fraud

Or, read on to explore these strategies in detail.

Starting Against the Odds

Jason Kruger’s entrepreneurial journey began in 2008, a period marked by economic uncertainty. When asked about the decision to start his business during such a turbulent time, Jason candidly admitted that it was a mix of determination and, perhaps, a bit of ignorance.

With a background in public accounting and a solid foundation from prestigious firms like Deloitte and Moss Adams, Jason saw an opportunity to provide small and mid-sized businesses with the high-quality financial services they deserved.

“At the time, many businesses had basic accounting functions but lacked the sophisticated financial management needed for growth,” Jason explained. “I wanted to offer them not just bookkeeping, but the insights and strategic support required to make informed decisions.”

Starting with just a computer and a vision, Jason worked tirelessly to build relationships in the San Diego community. Despite the challenging economic climate, he focused on creating value and establishing a robust internal process, which eventually led to the growth of Signature Analytics to nearly 100 employees.

Action Steps for Entrepreneurs to Achieve Financial Success and Growth

1. Educate Yourself on Basic Accounting Principles

Understanding the fundamentals of accounting is crucial for any entrepreneur. Being able to read and interpret financial statements—such as the balance sheet, income statement, and cash flow statement—provides you with valuable insights into your business’s financial health. This knowledge helps you:

Monitor Financial Performance: Regularly review your financial statements to assess profitability, liquidity, and solvency.
Prevent Fraud: Knowledge of accounting principles enables you to recognize discrepancies and potential fraudulent activities, reducing the risk of financial mismanagement.
Make Informed Decisions: Accurate financial information supports better decision-making regarding budgeting, investments, and strategic planning.

Consider taking basic accounting courses or consulting with a financial advisor to build your knowledge base.

2. Invest in Automation Tools for Financial Transactions

Modern financial automation tools are essential for streamlining processes and reducing the risk of errors and fraud. Platforms like Bill.com offer several benefits:

Internal Controls: Automation tools help establish internal controls by requiring approvals for transactions and setting up checks and balances.
Efficiency: Automated systems speed up financial processes, such as invoicing and payment processing, freeing up time for more strategic activities.
Fraud Prevention: By using secure platforms, you can minimize the risk of fraudulent transactions through enhanced monitoring and approval features.

Investing in automation tools not only improves accuracy but also supports scalability as your business grows.

3. Implement a Company Culture Focused on Professional Growth

A strong company culture is a key driver of employee satisfaction and retention. To cultivate an environment that supports professional growth:

Career Development: Provide clear career paths and development opportunities to help employees advance in their careers. This could include mentorship programs, training workshops, and educational incentives.
Recognition and Feedback: Regularly recognize achievements and offer constructive feedback to motivate and engage your team.
Supportive Environment: Create a work environment where employees feel valued and supported, fostering loyalty and reducing turnover.

A positive culture attracts top talent and enhances overall productivity and job satisfaction.

4. Hire a Third-Party Accounting Service for Oversight

Engaging a third-party accounting service like Signature Analytics can bring several advantages:

Expertise: Professional accounting firms offer specialized knowledge and experience, ensuring that your financial processes are accurate and efficient.
Checks and Balances: Third-party services provide an additional layer of oversight, helping to identify and rectify any financial discrepancies.
Strategic Support: These firms assist with strategic planning and financial management, enabling you to focus on core business activities while ensuring robust financial health.

Outsourcing your accounting needs can be a strategic investment in maintaining financial integrity and supporting business growth.

5. Engage with Experts When Hiring for Key Positions

Finding and hiring the right people for critical financial roles is essential for your business’s success. To ensure you make the best choices:

Leverage Networks: Use your professional network and industry connections to identify potential candidates with the right skills and experience.
Consult Advisors: Seek advice from financial advisors or recruitment experts who specialize in accounting and finance roles.
Evaluate Fit: Assess candidates not only for their technical skills but also for their alignment with your company’s values and culture.

Engaging with experts and leveraging your network helps you build a strong team capable of driving your business forward.

By taking these action steps, you can enhance your financial management practices, build a supportive company culture, and position your business for long-term success.

Learn More About Signature Analytics

Signature Analytics is a leading outsourced accounting firm providing comprehensive financial services to businesses of all sizes. With a focus on Accurate, Relevant, and Timely (ART) financial reporting Signature Analytics empowers clients to make informed decisions and achieve their financial goals. With over 16 years of industry experience and a global team of 75 professionals, the firm is dedicated to delivering excellence in accounting solutions.

Let us become your trusted partner in accounting, allowing you to focus on what you do best. Reach out to our team today to discover how Signature Analytics can support the success of your business.

For more insights from Jason Kruger and Signature Analytics, tune into The Guts and Glory Show and discover how you can apply these strategies to your own business journey.