Would you skip a visit to your optometrist and make your own frames and lenses? Would you do your own electrical works- assuming of course, that you’re not actually an electrician? It’s not unusual for us business owners to become practiced at wearing multiple hats- it’s the very nature of small business to have to roll up your sleeves and just do what needs to be done to make your business successful. However, is this the best approach for your long term, sustainable business success?
The vast majority of people launch their businesses because they have a passion, skillset or a level of expertise that they see fills a gap in the market. They want to practice their craft, share their knowledge and make a living out of doing so. However, before long they find themselves away from their core business, fiddling around the back end of their accounting software, crossing their fingers and toes that it will all come out in the wash. Spoiler alert - it won’t, or at least not without a decent amount of pain and misery first!
You’ve heard that old business adage - work to your strengths, outsource your weakness. Like most memes, there’s an element of substance in this philosophy. If your ‘weakness’ has the potential to cripple your business, then engaging the experts becomes less of a nicety and more of an essential. Seeking expert advice will help prevent costly mistakes and will pull the reigns on issues from incorrect tax codes, cash flow anomalies and payroll errors escalating to the point of catastrophe.
The relief that comes from receiving qualified support can be almost palpable. We’ve worked with people who have never sought out the experts for a variety of reasons), and have found themselves exposed to breaching their statutory obligations. What are statutory obligations we hear you ask……let’s start with the Tax Office, the State Revenue Office and so on.
These people know they’re not staying in their own lane and they’re concerned about the very real risk it places them and their business in. Our experience is these people have the best results not from simply handing all control over, but from being prepared to learn, take advice and implement our (educated, dare I say) suggestions. Knowing you’re on the right track is priceless, as they said in that credit card advertisement that half of our team don’t remember.
Seeking expert advice is one thing, finding the right person is another. A good place to start is asking for recommendations, but not necessarily from the bloke at the 7-11. If you’re looking for a Bookkeeper, then ask your accountant who they recommend, or your professional industry body or a business colleague. Looking for an Accountant? Ask your Bookkeeper who they’d recommend. Request references and check them.
When it comes to such an important part of your business then credibility, trust and authority is critical.
While we are firm advocates for knowing your numbers, we believe that in order to know your numbers, you need an intimate understanding of them. This doesn’t happen by accident, and if numbers really aren’t your thing, then, put simply, you need to work with an expert. That’s us! If you’re looking for business advice for your business, please reach out.