Vince Iannello Professional Corporation specializes in providing accounting and tax advisory services for small businesses in various industries. The sole owner Vince Iannello is a Chartered Professional Accountant, who attained his CPA, CA accreditation back in 2009, and has gained valuable knowledge and insight working for other accounting firms throughout the years. With this experience, Vince Iannello started his own practice in 2018 and hasn’t looked back.
How did you get started in this business?
Vince Iannello was always keen on having his own business. Even while employed as an accountant, Vince dabbled in business ownership throughout the years in various ventures. Iannello decided to take the knowledge he ascertained while being an owner of other businesses and decided to start his own practice, where he could provide his Accounting and Tax expertise and provide business advisory, having been on both sides of the spectrum.
How do you make money?
Vince Iannello Professional Corp makes money by providing invaluable accounting and tax-related advisory and acting as a quarterback to help his clients to help integrate all-important business and personal decisions.
How long did it take for you to become profitable?
Vince Iannello Professional Corporation was profitable during the 1sy year of operations. Vince Iannello’s initial focus was on minimizing costly overhead and fixed costs in its initial years, so the company could be profitable.
When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
Vince Iannello did not have a doubt that the Practice would succeed. Throughout the years, prior to going on his own, Vince Iannello worked on building his loyal customer base. Vince Iannello recommends to anyone looking to start their own business that they work on building their networks and relationships prior to starting up their own company, making the transition a lot easier and improving the opportunity to succeed.
How did you get your first customer?
Friends and family are usually the best sources for your first customers. From there, you could start building other referral sources or networks.
What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?
For my business specifically, word of mouth and satisfied customers are the best way that I have drummed up new business. Furthermore, the success of my clients leads to new business opportunities alike. When they succeed and prosper, Vince Iannello Professional Corporation succeeds and prospers.
What is the toughest decision you’ve had to make in the last few months?
I have the tough decision to change from internal bookkeepers to Third-party bookkeeping. These are part of the measures to reduce and minimize fixed costs, such as guaranteed wage expenses. Although there are other qualitative factors to consider when making this change, I felt that this was necessary to help improve efficiency and the company’s bottom line. It was not an easy decision to make.
What do you think it is that makes you successful?
What makes Vince Iannello Professional Corporation successful is that we operate differently than the traditional accountant. We want to understand your full financial situation so that we can implement an integrated tax, estate, and investment plan for your small business and your family. Most business owners go to their accountant for tax filings, their lawyer for legal advice, their realtors for real estate advice, and their bank for investment advice. Often these advisors have conflicting recommendations. What they lack is a quarterback who can help integrate all of these important disciplines. This lack of integration often leads to thousands, sometimes hundreds of thousands of dollars of lost opportunities.
What has been your most satisfying moment in business?
The most satisfying moment in business is seeing your clients who have been with you from start-up, from their initial struggles, getting to a level of dominance within their industry. As a business advisor, you feel extremely proud to help the company get to that level.
What does the future hold for your business? What are you most excited about?
I am most excited about the continued development of relationships between myself and my clients. I hope to continue to build a strong and loyal customer base and continue to foster the strong bonds that I have forged with my existing clients.
What business books have inspired you?
Shoe Dog: A Memoir by the Creator of Nike. It’s about the trials and tribulations of an entrepreneur. The ups and downs of the process and the continued perseverance employed by the individual, no matter what challenges and obstacles he encountered. It’s a book that all entrepreneurs can relate to.
What advice would you give to your younger self?
Read more books and watch less tv and surround yourself with positive, smart individuals who you can continuously learn and feed off from. The lessons that you learn from books and people’s experiences will be crucial when you become your own boss.
Are you willing to be a mentor? If so, how should someone contact you?
Of course. It’s invaluable to have a mentor or mentors to share thoughts, ideas, and overall life discussions with. It’s integral to hear about life lessons from not only people’s successions but their failures and to understand how failure is not bad as it helps you become a strong business owner and person.