Business Finance- The Bane of An Entrepreneurs Existence
As a business owner, I am sure that you have at one point done everything that needed to be done in the business. Usually business owners find the preparing and selling of their goods and services to be the “fun” part of the business. The arduous part: administrative tasks.
I have said it myself. There are just certain things about business that just aren’t fun.
Here’s a story that was shared by one business owner we worked with for many years:
I remember many years ago when I suddenly realized I could start my own business and make money that way rather than having to work for someone else. I was very excited about the possibility and thrilled to be more in control of my professional career. But what I didn’t come to realize until later is that all of the things I took for granted as an employee of a company would now become MY responsibility as a business owner.
In the beginning of my business owner adventure, I was happy to “do it all” – juggling operations, marketing, client services, finances, and everything else. Months went by as I did my best to be a “one-person-show” until one afternoon I realized I had not entered anything into QuickBooks for many weeks because I was too busy doing everything else.
Knowing I couldn’t avoid it any longer, I blocked out 2-hours to get everything into QuickBooks. I spent the first 30-minutes becoming increasingly frustrated. Two-hours later I had accomplished nothing and was ready to throw my laptop out the window. It was then that I realized I needed help. Doing everything myself was costing me valuable money and time.
I immediately dug into my network and found a licensed accountant. Reducing my stress around having to manage that area of my business was reason enough to delegate it to someone else. The peace of mind I gained through knowing it was in the hands of someone who actually knew what they were doing was definitely worth the cost!
Later, as my business gained more traction, I began to attend small business educational events to learn how to best grow my business. I gained a lot of knowledge about branding, client retention, marketing, sales, and best operational practices. But the biggest lesson I came away with is this: Failing to have a firm grasp on my business’ financial status would significantly hamper my ability to grow.
It seemed that financial reports and discussions with my accountant about what the numbers actually meant had to become a strategic necessity. No longer could I simply do business every day as usual, blinding trusting the numbers were working out well. I had to do things differently. I had to make time for vision casting and strategic thinking about my finances to make sure my business was moving in the right direction.
…and she’s not alone. Many small business owners we have worked with or spoken to have expressed similar frustrations. They are wasting time and energy doing work that they just don’t do! Like this owner expressed: “failing to have a firm grasp on my business’ financial status would significantly hamper my ability to grow.”
So take a minute and really ask yourself: are you managing the financial oversight of your business in the best possible way? What else could you be doing with the time you spend doing your company’s books? Are you reactive or proactive with your company’s finances?
Having been down this path, the owner makes one more recommendation: “Consider delegating that part of your business to WistBooks services. Their financial expertise could be just the break you need to take your business to the next level and prepare you for even larger leaps over the years to come.“
If you’d like to learn more about WistBooks and how we can help you take your business finances further, click on the “GET STARTED” button on the top of this webpage to set up a complimentary meeting to discuss your business goals to see how we can help you get there more quickly.
WistBooks provides integrated Bookkeeping, Advisory, and Financial Management services that leverage financial data to help small businesses execute a winning strategy. Through Quickbooks Online cloud accounting, financial dashboards and regular online advisory sessions, we support business owners and leadership in maximizing their financial decisions to maintain and support company growth.
Our mission is to empower small business owners with the resources to make good financial decisions to support business objectives.
From now through June 2020, we are offering all new clients a 10% discount on any service for the first year.
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