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One of the fundamental pillars of running any successful business is to exercise wise financial planning. Even the most valuable product or service cannot be delivered properly if our bills are left unpaid, if we fail to reinvest effectively into our firm, and if essential measures like payroll are rarely cared for correctly.
Odds are, you know all of that already. But this kind of insight can be pretty unnerving to someone who wants to run a business, but just isn’t sure how to go about it all. This isn’t something you should be ashamed of, after all, you don’t have to be utterly skilled and experienced in 100% of the duties a business might require before you dare to start one, as a proactive approach to help, outsourcing, and learning from business educational resources and experience is possible.
But given how important financial understanding and management is, can you run a business without being a ‘money person’ – at least temporarily? It’s this we hope to discuss, below:
Consider A Chartered Public Accountant
A small business CPA can help with plenty of insightful advice and will render important services such as helping you through tax season. Of course, they’re not here to make every executive financial decision your business has, but they can help you with tax write-offs and expenses, discuss reinvesting in your business, help you with your bookkeeping, and make sure you adhere to essential compliance. This is why even larger firms will hire accountants, and why they undergo so much essential training to provide these utilities. It will be the best money you spend, bar none, and may even pay for themselves in avoiding tax penalties and fines.
Levy Software Where Required
We use software for every other element of our business planning, including social media marketing suites, people management software, and maintaining inventories. For this reason, applying the same rationale to our financial management is key. With secure spreadsheets, expense charts, payroll, and profit/cost analysis, you can utilize the tools that help you. An accountant might recommend how to implement this infrastructure, but for small businesses, you’d be surprised how tools like Excel can be so handy, also.
Hire A Specialist
Ultimately, hiring someone good with money, like a financial manager, into your firm is a good first starting point. This person can help you track expenses, consult about the spending of the firm, and how to make better decisions like leveraging economies of scale, and in the long run, complement your overall executive capabilities more readily.
Remember that this might also be on a part-time basis, as financial consultation might not be a full-time job if you only have a small team. They may be a remote worker or contractor who becomes a little more involved than an outsource service, responsible for you solely in their duties. Make sure you’re there for every meeting, ask those stupid questions, and learn from the financial mistakes made. It will make a big difference.
With these tips in mind, even a person who doesn’t consider themselves to be a ‘money person’ can still run a successful business.
