Here’s a typical equation that a new entrepreneur considers a plan:
- Start a business
- Hire a CPA A CPA can help you with all of your business accounting needs. The firm can provide explanations on financial subjects, offer advice on what’s best for your business, and handle some of the painstakingly difficult recording transactions to help keep you and your money under the governmental radar and clean as a whistle.
Businesses don’t become successful as the result of some miracle. If anyone needs a boost to their financial savvy today, it’s entrepreneurs. Many entrepreneurs are great designers or writers, or sales people, but lack in the area of finance. It’s okay to be an inventor and thinker yet not understand all of the financial aspects of business. However, it helps to have a basic understanding so you can at least recognize the experts when you need one.
If you look at any great leader in the history of the world, you can see they have one thing in common – they knew their limitations. Whatever they were great at, they used that as the main platform they stood on. For everything else, they surrounded themselves with intelligent people who understood everything else. Unlike school, you don’t need to have everything memorized. You only need to know where to look or who to ask for the answer.
- Hire an Attorney At first you may not understand why an attorney can help with your finances but if you look at all of the tort laws (and other difficulties many small businesses go through), you’ll see why legal advice quickly becomes financial advice. If you can’t afford to staff an attorney, you should at least have one you can call for advice or if a problem arises.
- Get a Mentor Entrepreneurship can be a lonely road. Not only will a mentor be that “someone” to talk to about the day-to-day quirks of business life, you will also be able to discuss the different financial steps you’re taking for your business. Talk to someone knowledgeable about things that are working, and what isn’t. They can offer guidance on how to make your business run more smoothly.
Being an entrepreneur doesn’t mean you have to do business alone. It’s important to surround yourself with other people who know more about the subjects you are either not knowledgeable in or simply not interested in.
Every great leader has a team, so why don’t you?