Brian Friedman, a small business owner who writes for the Huffington Post, says,
There are very rare moments in life; when you are faced with a decision, a window of opportunity to take a chance in life. These are defining moments in our lives and ultimately determine the direction you’ll go in.
If you’re an entrepreneur yourself, you probably know exactly where Friedman is coming from. There are certain moments which can change the entire direction of your life. The moment when you decide to start a business is one of them. In the course of running your business, you could switch gears to produce something different. Or you might determine, after thinking about it for a while, to improve your company culture. Each of these decisions can have a big impact on your business and your life.
Why Businesses Close Down
Everyone looks forward to moments such as the above. But sometimes, you may get stuck at the point where you’re just thinking about making these changes. This might be because you can’t handle all the aspects of running a business yourself. According to this recent article from Forbes, “Only 10% of them [failed businesses] close involuntarily due to bankruptcy—the remaining 90% close because the business was not successful, did not provide the level of income desired, or was too much work for the owner.” Yes, you read that right. One of the main reasons why businesses close down is because the owner can’t handle all the work!
Entrepreneur or Jack of All Trades?
One of the things you realize when you’re running a business is that you have to do everything yourself. You need to oversee all the operations of a business, from production and marketing to human resources and bookkeeping. It’s quite unlikely that you’re the kind of person who’s good at doing all of these things. Bookkeeping, especially, is one of those things that just isn’t everyone’s cup of tea. Some entrepreneurs really struggle with keeping track of their money. Still, they may not trust anyone to take care of it for them. Rather than struggling with your incapacity to maintain books yourself, you can outsource bookkeeping services. This will give you more time for developing your business in other ways.
Expanding Your Business
A small business owner might begin their business with a certain aim or vision in mind. However, not everyone can look past the next few years when they’re visualizing something. So after your business has already reached the peak at which you imagined it, it’s time for you to visualize something new and better. You can expand the scope of your operations, start producing something new or provide different services. You could take your business to different locations or start targeting a new demographic. You’re the only one who knows which direction is going to be best for your business. But you’re not going to have time to expand unless you stop struggling with bookkeeping. So getting outsourced bookkeeping services can give you the time and space you need to expand your business.
Improving Company Culture
When you’re just starting a business, you may not be thinking too much about company culture. In fact, you’re probably thinking mostly about making ends meet and where next month’s overheads are going to come from. But once you have more than ten employees, you need to keep track of your company culture. The results of good or bad company culture aren’t visible in the short term but will definitely be seen in the long run. If your employees are dissatisfied, working too many hours, leaving every six months or generally uninterested in doing the best job possible, this doesn’t make for a good company culture. Improving the pathways of communication within your organization will help you to keep track of what your employees want and implement the changes necessary. Outsourcing bookkeeping services will give you the time you need to improve company culture.
Contact us for more great reasons why you should outsource bookkeeping services.