Eddy Hood – Founder & CEO, Ignite Spot Accounting

Eddy has worked in the accounting field since 2003. He worked in construction accounting for four years and later went on to work as an auditor in public accounting. In 2008, he launched Dashboard Accountants, which was later rebranded as Ignite Spot Accounting. He received his Bachelor’s degree in accounting from The University of Utah and his MBA from Weber State University.

How did the concept for Ignitespot come about?
I was working as an auditor and I had to tell a business owner that he had $50,000 less cash than his bookkeeping team reported. It broke him. I went home thinking that accounting was full of problems. I decided to leave auditing, and try and solve the in-house problems that people were having without having to pay the in-house costs. It worked!

How was the first year in business?
I had to look at my cash flow forecasts several times a day. I was always worried about spend and controlling costs. I worked out of my home and I wore all ten hats, but I did what I had to do to make it work. Most days, I was pulling at least 15 hours of work.

What was your marketing strategy?
I started the company in 2008. Back then, digital marketing was still trying to figure itself out, so I built a website and spent some time knocking on doors. It was a pretty poor strategy, but at the time it worked because I was very persistent.

How fast did the company grow during the first few years?
We grew rapidly for the first few years, always doubling revenues at least, but by the time I got to ten employees, our growth pattern changed. I think a lot of that has to do with internal politics and dynamics. Things began to slow down because we had to build processes to support our growing needs.

How do you define success?
Having positive cash flow and happy customers.

What is the key to success?
Come into work every day expecting the absolute best from yourself and your team. Never walk through the doors with low energy. If the CEO has high energy, it feeds the team and they show up with purpose.

What is the greatest lesson you’ve ever learned?
To ask higher quality questions. It’s easy to ask, “What’s wrong with us?” or “Why aren’t we making any more money?” Those kinds of low quality questions always return low quality answers. Instead, asking “What is the next improvement we’re going to invest in?” or “What are we going to do to improve the customer experience this month?” are much better questions.

What are some quotes that you live by?
My favorite quote is by the comedian Steve Martin. He said, “Be so good, they can’t ignore you.” It’s on my wall, right over my computer. It reminds me every day that the success of my business is up to me and my commitment to what I do.

What are some of your favorite books?
Measure What Matters by John Doerr
Tribes by Seth Godin
Think and Grow Rich by Napoleon Hill
Unshakable by Tony Robbins
Steal Like an Artist by Austin Kleon

Tell me about one of the toughest days you’ve had as an entrepreneur.
The first time we didn’t meet expectations, the client decided to discontinue our services and wanted a refund. At the time, I didn’t have the cash. It was just me and two other employees, and I had to answer for their work that really wasn’t up to snuff. We were able to work it out in the end, but I thought that guy was going to put us out of business.

When faced with adversity, what pushes you to keep moving forward?
I always think about my wife and kids. Having a family that I love and am proud to support pushes me to work late and go the extra mile.

What advice would you give to young entrepreneurs?
Don’t worry about top line revenue or sales. Instead, focus on the net income. What shakes out at the bottom is all that matters. You can grow a multi-million dollar enterprise, but if it’s not profitable, it doesn’t matter.

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Interviews are conducted for research purposes by author Jason Navallo for his upcoming book, Underdog.

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