A CHANGED MINDSET
It’s not about how many things you do well solo, but it’s your ability to motivate, inspire, develop, teach others to carry out the task that need to be done. Doing business better begins with a changed mindset that will result in changed actions!
Yes, I scream it! I say it! I teach it! Better business begins with better books! Better books begins with increased knowledge of one’s business and that knowledge stems from sources within the company…..the accounting department that:
- bills customers/clients,
- records the receivables paid by those customers/clients
- paying of payables to vendors: utilities and other vendors while ensuring that cash flow remains positive
- reconciliation of all credit cards and bank accounts
- monitoring of distributions – ensuring no co-mingling of funds
- paying of salaries: payroll taxes, W-2’s, 1099’s
- repayment of investors
- maintaining working capital, investor funds, repayment of loans, recording of interest and principal payments, recording fixed assets, managing of fixed assets
- Franchise taxes (if applicable), payroll taxes, getting the information to the CPA just to name a few things.
Better business means shifting one’s vision from the excitement of possibilities and hopes to the practical of implementation and manifestation through the numbers.
Because accounting departments are a support to a business and do not necessarily bring in income to the business, it is an overlook necessity.
Becoming an entrepreneur means changing the way you look at everything. As an employee, you have the ability to specialize in what you do. You tend to view the business from your point of view, from your profession and contribution to the company; however, as the owner of the company, your view has to shift, increase, widen and grow. Instead of one piece of the puzzle, one must now be responsible for the entire puzzle. Too often entrepreneurs interpret this responsibility that they must do it all and to think or operate that way equals disaster. Managing isn’t the same as doing, a good leader can teach n delegate well. A good entrepreneur must be able to do the same and a great business owner isn’t intimidated about hiring someone or networking with another business for professional services.
To attempt to do it all is limited one’s time. You are the face of the company and without you, closing deals the company has no money for anyone to count. One cannot answer the phone, make the deals, closing accounts, count the money, pay the bills etc…. not successfully anyway.
You’re not required to know everything, but to be knowledgeable about the things you need as well as to surround yourself with a great team to implement your vision is key. Employing the services of others means leveraging your time so that you spend time 80% doing the things that generate revenues and only 20% of the time handling support functions of your business.
~~~It’s the Elite Expert Way~~~~
Choices: keeping doing business the best way you know how or change your mindset, expose your mind, grow, increase in knowledge and watch your business follow!
