You’re the CEO, the visionary, the founder of the business or ministry. Without you there is no company, no future, no foundation. It is crucial when building your business to be willing to do EVERYTHING! It really is, however it is wise to be able to teach, development and mentor people to do the jobs that you really shouldn’t do and do not have time to handle. In the beginning, yes you answer your own phones, however if your business plan has been well thought out and understood by you, your beginning phase of doing-it-all shouldn’t last long and in the plan finances are set aside to pay people to work for your company.
The most difficult part of doing my business is sales. Providing professional bookkeeping services is an excellent business and a necessary tool for every business owner, however very few know and understand just how valuable it is! Most people assume it is as trivial as entering receipts of payment or as simple as writing checks for bill payment before the bill is due but the services I provide are much deeper than that. Have you ever paid a bill too early or at an inconvenient time and it left you without cash? Have you ever missed an opportunity to do business because of temporary cash flow issues? Timing is everything in business and doing even the right thing at the wrong time can cost a business owner money for months and years to come!
Because accounting services are a support function to any business, the small business owner often thinks of this service as optional and many opt to handle that portion of the business his or herself. What they do not realize is how much it actually costs them to do it. Most people focus on the amount of money that I charge for the services, I provide instead of how much it will cost them to not have the service at all!
Not knowing your numbers means wasting money doing things that may not yield desired results. Knowing exactly how much money one loses performing the same tasks in the same method can be unmeasurable
- The cost of mismanaging of cash flow is detrimental for years.
- An opportunity missed cannot be recaptured.
- Bookkeeping services monitor every aspect of the business so catching flaws in the structure of the business as well as thieves in the company are lost, missed without the service
- Tracking your marketing dollar, rate of return on investments, priceless!
- The CEO missing deals that generate thousands of dollars to perform task that can be outsourced for considerably less?! Hmmm, you do that math!
Wasting of time and money in business is death to that business! I meet and connect with entrepreneurs all the time, that take classes or enroll in school trying to understand accounting, I understand one not wanting to be taken advantage of and that can happen but only if you don’t ask questions.
One of the reasons, I opened my company was that I watched an intelligent CPA lose over 50% of his clients due to his inability to explain financial statements to his clients and/or to communicate their need for his services. It’s not easy but it is far from rocket science. If you know and understand what you do as an accountant, it is your responsibility and my privilege to explain it to you, the entrepreneur/business owner. I’m not intimidated by you having an informed knowledge of the numbers and the services I provide because I believe in their value! The more you know, the more you will use and appreciate the services I provide.
Well, there you have it! Transitioning from being the person that worked for others into having teams that work for you isn’t an easy one but it is a necessary transition! As the CEO, you have to know what task can only be done by you and those that you can delegate! Elite knows and understands this concept! You need to know it as well!
