In the world of business, remaining stagnant is usually not the way to go. Changing business models tend to fare better in the long run, giving a company longevity. And with so many startups popping up at what seems to be a daily rate, it is difficult to avoid drowning in the endless sea of fresh-faced companies. And one accounting company found itself in that situation, but managed to turn it all around.
Founded in 2009 by Jessica Mah and Andy Su, inDinero is a successful accounting company that offers easy-to-use DIY accounting software, as well as an in-house team that handles bookkeeping and taxes. With approximately 200 employees, offices in New York, Portland and San Francisco, and millions of dollars in annual sales, inDinero is doing fine for itself. However, it was not always this way.
Back in 2012, after only 3 years of being in business, inDinero was struggling heavily. At the time, inDinero solely offered their software to customers and competition from competitors such as QuickBooks was heavy. A few bad hires and an almost depleted $1.2 million from investors did not make matters any better, and Mah quickly realized that her company was going under.
How did a company that was so clearly on the brink of collapse manage to come back and silence the naysayers? Through Mah and Su’s ability to adapt and overcome.
After laying off the company’s employees and moving into an apartment with Su, Mah used 2012 to reflect on the company’s situation. After looking at the business models of other, similar companies, she had realized that if inDinero was going to survive, it would need to completely readjust its business model.
In a New York Times interview with Mah, she mentioned that she spent countless hours interviewing other entrepreneurs and business people in order to figure out what type of services they needed. After her research, she concluded that inDinero would need to offer a service that would cost a few hundred dollars, and that did far more than simple software could.
So, they became an all-in-one shop for business. And now, inDinero handles accounting, tax and payroll services with a fully trained and seasoned staff. According to Mah, the revitalization was an immediate success, helping the company reach new sales and clients. Mah also believes that what helps inDinero stand out above the rest is its customer-service oriented business model.
“These bookkeepers aren’t helping these companies know more about their business and manage a better business,” Mah said. “So, inDinero, we can do accounting and tax, but really, the goal is we want to be their business management solution. At the end of the day, how do you help them run a better company?” she said in a recent article from Pymnts.
Stories such as these are incredibly inspirational to me and any business person for that matter. To see a company go through the ringer, only to learn from its mistakes and come out even stronger, is truly a great sight. Hopefully, for any starting entrepreneurs out there, this story has inspired you to never give up on your dreams, no matter how bleak the situation is.