I work with many small business owners…. That’s what I do. There are several stages of business ownership but the most fun for me is the start-up and beginning stages. I get a thrill and get excited about the potential of the new thing and so I spend a lot of time figuring out how to help these new fledglings.
Last month I was asked to sit on a panel for women business owners at NAWBO. My big advice was to not be superwoman. As a CPA I should be talking numbers and spouting analytical ratios. Honestly without the foundational understanding that you can’t be all things to all people most small business owners will be stunted.
After the panel a woman came up to me and said that we scared her sufficiently and she would be calling me. I had to smile. I am not one to motivate out of fear… my value comes from helping the small business owner have less fear. I love having a meeting with a business owner, sorting out the details and then showing them how to do all the things they are doing better.
So first things first, if you have a business and you are new, you are never too late though….. you have to have a team of professionals. You cannot know everything. There is no way. Just because QuickBooks and TurboTax exist, does not mean you should be the one using it. Do it yourselfer’s sometimes need help because they made a bigger mess of it themselves. So call in the professional….
We work with business owners in multiple ways to help them reach their goals….. One of those goals must be good financial data. This is 100% the most important part of your success. No company can maintain success without this nor can you run your business for years without filing for taxes. The IRS will just simply not allow it.
The other 100% required (yes, I know the math doesn’t work) but you have to have good legal advice. If you start with a partner get everything in writing. If you have employees, get a non-compete. If you don’t have an LLC, you need one…. These are all simple legal issues but you can have a major rat’s nest on your hand if you don’t do it right.
So legal and professional are the areas in which some business owner’s finch… I hear it’s too expensive but I am here to tell you, a good professional will save you money and will provide great value.
So you want to be a business owner? Be prepared. Don’t be super-human. Hire good professionals. Focus on what you do best.
Want to know more about how we help business owners? Give us a call we would be glad to do an assessment and discuss your business needs.