Implementing A Smart ERO Advance Strategy
Taking on a new venture can be exciting, tantalizing, and thrilling. It can also be overwhelming, daunting, and a bit anxiety-inducing. There are plenty of hurdles that entrepreneurs and small-business owners have to clear at the onset of their new venture. One of the largest obstacles they face, however, is financing.
Start-up capital. Yet, for tax-professionals setting out on the exciting path to tax-prep firm ownership there is an elegant and simple solution to finding and securing start-up capital. With a smart ERO advance strategy, a tax-professional opening their own practice can access secure and stable financing to assist with start-up costs and various other expenses.
The In’s and Out’s of an ERO Advance
An ERO advance is essentially a type of loan. However, it is a specific loan that tax-firms can apply for in order to secure start-up funding.
The way an ERO advance works is, in theory, relatively simple. A tax firm submits an application for review to the appropriate body. Upon approval, the firm receives a loan in the amount agreed upon which can be used in a variety of ways.
Rather than a traditional repayment plan, an ERO advance comes with a unique repayment strategy aimed at easing the financial burden of the loan on the business owner. In other words, a portion of every tax-prep service fee charged will be delivered as partial payment against the ERO advance.
Easy, Elegant, Stress Free
Once the ERO advance is paid off, the percent of the service fees that were acting as payment funnel back into the business.
Therefore, the firm’s that select to utilize a smart ERO advance strategy, are further incentivized to grow their business. The faster and bigger the tax-firm grows, the faster the loan is repaid, and those extra dollars are added back into your wallet.
Crafting A Smart ERO Advance Strategy
As was mentioned above, there are many ways to utilize an ERO advance. However, optimizing the ERO advance takes careful consideration of fund-allocation and distribution.
Some of the most common uses of an ERO advance include:
Supplementing The Marketing Strategy
With the goal of growth in mind, the marketing strategy should immediately come to mind. The capital from an ERO advance can be allocated in part to the marketing strategy, very well should be.
From whittling down market segments into target-demographics, broadening a tax-firms reach, and pulling in new clients; the marketing strategy is crucial to getting a tax-firm off the ground.
As is the case with many start-up businesses, many of the first clients are going to be friends and family - however, to push past this immediate bubble, tax firm owners need to be dedicated to a powerful marketing strategy.
Hiring Staff and Education
Another popular allocation for the funds from an ERO advance is to gain an extra hand in the office.
Delegating some of the more monotonous tasks to an assistant will free up your time to work on gaining new clients, and serving the ones you already have. Additionally, every tax pro knows how important it is to stay up to date, and continuously educated.
Having an assistant frees up time in your schedule to better yourself as a tax professional and keep up to date on all the latest in tax-knowledge.
Implementing Technology and Software
The tax-prep industry is becoming more and more integrated with technology and software as time goes on. Utilizing powerful tax software allows companies the ability to streamline processes and procedures and better serve their clientele.
Additionally, investing in tax software like that offered by Refundo gives you access to significant and impactful metrics that relate to your office operations. These insights can be leveraged into making informed decisions that are based on hard data.
Having more technology also allows better access to customer communication, and avenues of optimizing the customer experience. In the tax-prep industry, keeping the customer happy is absolutely vital.
Apply for an ERO Advance with Refundo
Refundo offers one of the easiest and most streamlined ERO advance application processes on the market. Simply file an application with Refundo, and after approval, the funds will appear in your account as soon as the next business day.
This turnaround time, and super simple application process makes it easy for new tax-firms to get the start-up capital they need, with an easy and stress-free repayment plan.
Visit Refundo today and get in touch with a tax software pro ready to help you get started applying for an ERO and securing the start-up capital you need.
