Making the jump from entrepreneur to CEO requires a shift in mindset. Think of it as a trust fall of sorts — team-building exercise cheesiness and all.
You’re letting go of not wanting to let go. It’s this realization moment where you decide to either cling to your business brainchild, sheltering it from the influence of others. Or allow it to grow and realize its full potential with help from those willing to share their expertise.
Often times, as business owners, we carry the burden of vision on our backs. Sometimes it’s because we’re nervous about what’ll happen if our number one person leaves. Sometimes it’s because we assume others aren’t interested to begin with. Or maybe we’re just too busy to even think about sharing.
More often than not though, what we’ve found is that many simply don’t realize the importance of the information they’re holding. It’s second-nature to be kept up late at night with thoughts of expanding, hiring, or some other visionary change. It’s less so to then translate those thoughts into action items across the core of your professional team.
People Don’t Know What They Don’t Know
Some of our clients take advantage of what we like to call business therapy calls. For those that do, we become ingrained in their long-term strategy and goals. Our role — whether it be bookkeeping, tax preparation, accounting, or all of the above — expands beyond the numbers.
This is the difference when compared to those who simply look at the reports. There’s a disconnect on the vision piece — and ultimately, we don’t know what we don’t know.
For example, a business moving locations is more than just a change of address. To a finance team, this could mean a company expansion, or an increase in rent. It impacts how the numbers are booked.
The same could be said when closing a location. There could be more factors contributing to profitability than the siloed issues of location alone. Looping in your finance team makes it possible to further analyze the part that revenue, sales, and personnel all play in major decisions before they’re made.
For the sake of your sanity, sharing business visions with family, friends, or a networking group makes sense. But sharing business visions with your team — legal, finance, HR, insurance, tax — makes a strategy.
Even in the earliest stages, it doesn’t hurt to bounce your ideas off the people on your team who make stuff happen. The ones whose expertise you’ve trusted to align your business’ areas of internal management and move operations forward.
Whether you need help building a financial engine from the ground up or someone to counsel with on bringing your vision to life, fearless financial management for small businesses is what we do best. Contact us today to learn more.