Don't do this03rd February 2021
One of the secrets to explosive growth?
Stay focused on the handful of things you do best.
Take Basecamp, the popular project management tool.
Over the years, the founders accumulated a portfolio of popular apps and services, including a CRM tool called Highrise and Backpack, which helped people stay organised. They even attracted an investment from Amazon founder Jeff Bezos.
But in 2014, they dropped all of these services overnight…
…Other than Basecamp, their flagship product.
They didn’t want to get distracted by things they were “okay” at. Their efforts needed to go into their fastest route to growth.
More than 20 million people have used Basecamp and thousands more sign up every day - so it turned out to be a great decision.
And it’s one you can learn from.
I don’t need to tell you this is a time of enormous flux and pressure. External conditions are changing every week, and the economy is in the doldrums.
Many companies are trying to compensate for months of closures, furloughs and staffing disruptions.
And none of us know what’s coming round the corner - even those who have thrived during Coronavirus, to date.
So “efficiency” is the name of the game right now.
Every business must ask itself, “Where should we be putting most of our attention and resources, in order to generate the most revenue and get through this challenging time?”
At the same time, you need to figure out what to drop… And what to manage differently… to give yourself the space to focus on your core expertise.
One area which is unlikely to be your biggest strength?
Managing your finances.
The fact is, unless you are a corporate with a sophisticated finance department, it’s going to be difficult for your in-house bookkeeper and / or accountant to keep up with all the regulatory changes and complicated furlough rules right now…
It’s practically a full-time job!
And even the best bookkeeper in the world just isn’t going to be able to give you the high-level financial information and advice you need to make good business decisions in this environment.
That’s highly skilled work that’s usually done by an experienced finance director.
What’s more, right now everyone is moving to digital - and the accountancy profession is no different. Coronavirus has accelerated our own technological revolution.
And very few in-house teams are going to be able to invest in the most up-to-date platform upgrades.
Getting all this right is critical to your business.
I’m absolutely not arguing that this is something you should drop or neglect.
That would be a criminal mistake at any time, but even more so in times of financial turmoil, when you need to watch your finances like a hawk.
But is this an area you want to manage yourself…
…Building up your own finance department…
Spending time and money finding your own finance staff…
Investigating how to upgrade your own accounting tech…
Worrying about whether they’re giving you the financial information you really need…
And maybe even checking their work - or doing some of it - yourself?
Is that really where you want to put your energy at this critical juncture?
It’s much easier and more efficient to outsource your financial management.
When you use our Outsourced Finance Department, all the right people are in place on Day 1.
We come with best-in-class tech, namely the award-winning iplicit accounting platform.
We have turnkey financial systems and processes ready to implement for your company immediately.
We have an entire team with different skills - from bookkeepers to finance directors - all at your disposal.
We have the experience of working with dozens of companies just like yours, so there’s no learning curve.
Because we have that large team, we’re on top of all the latest financial rules and regulations - so you don’t need to worry about them.
And we can give you the financial information you need to grow, promptly and in a format you’ll understand easily…
Vastly reducing the pressure on you…
And giving you the time and space to focus on what you do best - grow your company - while we manage your finances.
You’ll get the kind of financial management corporates take for granted - with the competitive advantage that gives you - without putting in any of the work yourself.
To find out more, email me today, or call us on 01279 647 447.
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