In my blog last week, I told you about a common problem in small businesses. No one at the top really understands the financial side of the business, so it gets neglected.
But just occasionally, businesses suffer from the opposite problem…
Take Sarah, the owner of a successful business that provides catering services. She was very financially competent, and enjoyed managing the financial side herself.
As her business grew, Sarah found herself spending more and more time managing her accounts, instead of focusing on business growth. From supervising invoicing to worrying about tax compliance, Sarah found herself buried in day-to-day financial tasks.
Eventually, it all became too much for her. She had an in-house bookkeeper to help her, but she would spend hours each week double-checking her work, which left her feeling burnt out and drained. Other parts of her business were neglected.
She knew she needed help to free up her time so she could take her business to the next level.
While Sarah is unusual, she’s not alone. If you were used to managing your own accounts when your business was in its start-up phase, this may still be part of your responsibilities even once your business is larger.
It can be difficult to hand over. You may not trust anyone else to manage your cash as competently as you do. You may simply be reluctant to trust someone else with your money. Or perhaps you just don’t know how to extricate yourself from the work…
The problem is, you’re the CEO – not the accountant or finance director.
Even if you’re doing a good job, managing the accounts simply isn’t in your job description.
Your key responsibilities lie elsewhere: Setting strategy for your company and delivering growth.
Yes, there is a financial component to this. You must ensure that your company is solvent and profitable – without that you have no business!
But this is, again, not about the daily grind of invoices and payroll…
It’s about ensuring that you are able to take strategic decisions for your company that are financially well-informed and financially astute.
If you’re bogged down in the financial weeds, instead of paying attention to the strategic matters that really matter, you’re not doing your job.
Worse, you’re probably holding your company back.
I mean, imagine that the CEO of a rival company spent their time fixing broken computers or running their Facebook ads themselves. You would recognise that this was a waste of their time, right?
Spending your time managing your own finances – even brilliantly – is no different.
That’s why, recently, Sarah turned to us to provide her with the financial support she needed to succeed.
She knew that we could take all the day-to-day bookkeeping and accounting work off her hands, carrying it out to world-class standards so she did not have to double-check anyone’s work or worry about it at all.
And we could also provide her with something new…
…Detailed financial information about her company, such as monthly management accounts and cashflow forecasts, that would help her understand her financial situation in more depth.
Armed with this information, she could finally focus on what really mattered – growing her business.
If this resonates, don’t let financial management hold you back any longer. As a business owner, your time and energy are better spent focusing on strategy and growth.
Let us take care of your financial management so you can get back to doing what you do best. Simply email garry@insightassociates.co.uk or call us on 01279 647 447 to learn more about our Outsourced Finance Department, and how it can help you – and your business – succeed.
Warmly,
Garry
