Okay, it’s just you and I here right now. Time to be honest with yourself. Did you file a tax extension last year? Are you planning on doing it again this year? Is all your bookkeeping caught up and reconciled?
There’s always questions this time of year and as much as I hate to say it, a lot of times, business owners bring it on themselves by not effectively managing their financials the rest of the year. It might be the so-called “big stuff” like your monthly bills or quarterly taxes or it could be the minuscule things like sales tax or an accurate inventory. In any instance, those nagging thoughts in the back of your mind aren’t going to go away and as a professional, I’ve got to tell you: it can all be avoided … but it takes some initiative and some time, two things that are often tough to find when you own a business and find yourself doing everything from the books to the production. If trying to handle all the books gives you a sinking feeling when you think about it, then you’ve got two choices – let a professional handle it or buckle up for a long ride.
Now is the time to stop everything and get some order in your business. How? You need to make the time to get off the merry-go-round. Initiate some order into your business by taking the time necessary to offload things that don’t let you handle the core responsibilities of ownership. In short, if it doesn’t add value to your clients, then you should be putting that task out to others.
And that means the books.
Anything that is not directly related to your duties as an owner.
And if you think that you, as an owner, need to be doing “everything” because somebody sold you on the idea of the “Solopreneur” then you’re simply being foolish.
Nobody can do it all themselves. Why would you want to try to do it all yourself? Steve Jobs certainly didn’t. Nor did Ray Kroc. Jeff Bezos didn’t either.
What makes them notable now is not that they ran hugely successful companies, but that they started as small business owners who understood the value of a team and brought on experts to handle the areas that they weren’t well versed in – or didn’t want to deal with.
Do you actually want to do the books? Remember, “doing the books” is different than understanding or reviewing the books. As an owner, you have far more responsibilities that require your time and energy.
So this year, quit worrying about things like filing taxes and handling the books. Take a step towards delegating those tasks to professionals that do it every day and can handle it for you and simply report to you their findings on the status of your operation. Get rid of that sinking feeling when it comes time to handle financials and taxes and simply create a system that allows you to concentrate on the things that are direct priorities for you and your business. Of course, these are critical to your operation, but trying to do it all is a recipe for doing none of it well.
The real solution is to work with a bookkeeping enterprise that can custom tailor their products to your needs to give you the results and the reporting that you need. It doesn’t have to be expensive, time-consuming, or depressing, either!
By: Chris Groote
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