Running a small business is challenging. As a small-business owner, you are responsible for everything from marketing to human resources to ensuring compliance and meeting operational goals. While it is tempting to try to do everything yourself, outsourcing non-core functions can improve your business success and help you balance your work and downtime better.
What you are doing
If you are like most entrepreneurs, you work long hours. Yet research suggests that working too many hours for too long actually can be detrimental to both personal and business health. Health problems increase and as a result insurance costs rise, similarly business problems increase, and operational costs increase. You tend to make poorer decisions and respond badly to crises when you work too much.
You are also likely spending too much time on non-core tasks. Research has shown that small-business owners spend between 5 percent and 17 percent of their time on administrative tasks. Out of these administrative tasks the CEO or president spends the largest amount of time on bookkeeping and accounting. At the same time, in most companies, the boss spends less than five hours a week on marketing – a critical task that is essential to business growth.
What you should be doing
- Determine the number of hours you want to work
- Hire for the tasks that are falling through the cracks
- Refocus working on the business and being the Boss
According to the Harvard Business Review, you should limit the number of hours you work to a number that will still allow you to maintain a healthy lifestyle and stay in touch with your friends and family. Hiring for the accounting, bookkeeping, and other basic tasks can help keep your hours at the limit you set. There are V.A. (virtual assistant) Services that can organize systems, book meetings, and schedule calls for you. Hire My Mom (www.hiremymom.com) is a great start to finding qualified V.A.’s. Then, you should refocus the hours you do work to go toward those tasks that will yield the best results for the company. Typically, these activities include developing a strategy and driving growth initiatives or refining core processes for efficiency. These growth initiatives include recruiting top talent, improving sales and marketing initiatives, gathering market intelligence, and redefining or refining current prosses for optimal efficiency. Without a strong business strategy, you will become stagnant and gradually lose interest, lose market share, and burn out. And studies show that even spending 5 percent more time on marketing can result in significantly faster growth. By taking non-revenue producing tasks, such as accounting and bookkeeping, off your plate, you can gain extra time to help your business thrive over the long term.
What We Provide
We provide strategic-level bookkeeping and accounting services that will give you the tools to grow and scale. Our team of professionals implements processes and procedures that enable you to grow.
Accounting and bookkeeping are important, but sometimes your books may not provide information as clearly as you’d like. While you can be hands-on with your accounting and bookkeeping, this approach takes time away from what you are good at, which is running, marketing, and growing your business. One solution is to find a partner who can help you connect your programs and software to reduce your time spent on menial tasks and make your life easier by streamlining and automating daily transactions.
We also can provide our financial expertise at a fraction of the cost of managing a finance and accounting department. We also can modify our packages to provide you the solutions you need at a price you can afford and without the need for you to hire a full-time accountant. Our process provides seamless information sharing, providing you with time to make the best decisions.
Here is a shortlist of what we can provide:
- Bookkeeping and Accounting Services
- Monthly Financial Statement Preparation
- Financial Reporting
- Budgeting and Forecasting
- Account Reconciliations
- Payroll Processing and Reporting
If you are struggling to grow, find a partner to take the accounting tasks. Contact us today! We can provide you with the process and path you need to make good decisions and the time you need to reinvest in your business.