Finding and owning your niche as a small business owner is no small feat. Even when there’s no shortage of vision.
If you read this blog often (or have talked to me about anything ever) you know I’m an advocate of process. I live it, breathe it, preach it — and then some.
Why? Because it’s necessary for turning passion into a strategy.
Many businesses are born out of passion. They can even hum along seemingly well for a couple of years fueled by passion alone. In addition to those sleepless nights spent trying to piece together a business model.
In the long term though, that passion has to evolve into something more organized. It has to be translated into processes able to scale over time and stimulate growth. Especially as it relates to building your company’s financial engine.
If you find your business at this tipping point, ease the transition by asking yourself the following questions.
What can be automated?
When the process becomes habit, it’s hard to break. Even when there are more efficient ways to achieve the same goal.
Think about how you currently manage bookkeeping. And more importantly, how many hours in a day it takes you to stay on top of your business’ financials in the event that they haven’t already been outsourced. Your time is money — so make it count by identifying manual to-dos (e.g., pulling reports, invoicing, budgeting) holding you back.
Is it time to let go?
It’s hard to let go. It’s hard to delegate. If it weren’t, everyone would be a CEO.
Knowing when to step back and ask for help is the only way you’ll progress the passion that started it all to new heights. As your company’s bookkeeper, for example, ask yourself another follow-up question: if you were paid to perform that role for someone else, would you be fired?
Simply doing something yourself is not easier, despite what we may tell ourselves. It’s only a short-term solution to a long-term problem.
Do you have the documentation?
Processes and vision don’t account for much if they live inside your head alone. You have to make a conscious effort to document your business’ processes for the sake of building a team who can perform to its full capacity.
We see this all the time with clients who hold back from sharing their bigger picture with us. Sharing your visionary changes in how your business operates allows your books to be tweaked accordingly — aligning your story to the numbers in a way that optimizes for every twist and turn to come.
When it comes to your business financials, you need to be able to prepare, read, and make strategic decisions around the reports you’re generating in order to manage them. Without that level of know-how (while using passion as only as a guide), you’re in for a long and bumpy road ahead.
We work with our clients to not only understand but implement strategy around the finer details of their accounting, bookkeeping, and tax planning efforts. Get in touch with us to help streamline your financial processes today.