In a recent poll in Crain’s Chicago Business, 61% of entrepreneurs were self-proclaimed workaholics. I am one of those business owners and can attest to this fact; the crazy amount of time and effort it takes to launch and operate a business is often a challenge. We wear a lot of hats and believe we need to be experts in all areas, yet this isn’t true and quite often leads to exhaustion. The fact is, we need to be experts in our industry and efficient as hell in the delivery of our product or service. In order to have the energy to put in those long hours, we should be spending most of our time doing what we love to do. I am going out on a limb here and guessing that your passion doesn’t revolve around bookkeeping and financial management.
Yeah, it may be time to bring in the experts.
Rather than give you the top reasons to outsource your financial management, I am going to list the changes that you will enjoy in your work day when you have the right outsourced team of expert number geeks in your corner.
1. Relief. You will no longer have to worry about paying your bills on time, or whether your bank balance is too low. You won’t have to drop everything to process payroll. You won’t have to worry about asking your clients for money the first time (invoicing) or the second time (collections). No longer do you have to remember the various IRS deadlines for filing your tax returns and paying your estimated taxes. You will feel much lighter knowing your customers, vendors and employees are financially taken care of so you can focus on the relationship.
2. Trust. You will no longer need to manage the quality of your bookkeeper’s work (even when you are the bookkeeper) or be responsible to find the subtle nuances that could benefit your company. You will trust that your financial reports are accurate because every member of your financial team is qualified, trained, and most importantly wired to play with numbers all day long.
3. Time. You will have more time to focus on generating income. More time than you think because that invisible worry knot in your stomach that you’ve grown accustomed to is released. You might receive double or triple the time you took to manage your own numbers because your worry is not lurking in the corners of your mind.
4. Knowledge. You will not toss your financial reports in a drawer, but rather dive in to track the key metrics that you have selected to ensure you are operating to plan. You will understand the story that your numbers tell.
5. #IMCEO. You will finally have the time and focus to be the CEO you hired when you founded your company. Don’t forget the old adage of “working in and not on” your company. You will use your new knowledge to set strategic goals, and will replace reactive behaviors with proactive and thoughtful planning. You will be in control and own the financial health of your organization.
No company is too small to benefit from outsourcing financial management, because even a company of one needs a CEO. If you are wondering if your business is too small for financial management, read our post on LinkedIn. And for those of you who still aren’t sure about outsourcing the financial management of your business, our eBook, The Financial Management Guide for Small Businesses, is a great resource.