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Are You at the Tipping Point?

  • By Autumn Edmiston
  • 14 Apr, 2016
As a small business owner you are pulled in many different directions, consistently wearing a lot of hats. There are many decisions you make every day. What can be delegated, what you need to handle personally, and how to run the day-to-day operations and how to plan for business growth.
There comes a tipping point where business owners must decide if they should hire or outsource. If you think about who sits around the senior management table at larger companies, you will discover, the president, chief information officer, human resources, chief financial officer and marketing director. But as a small business owner, you may not be able to afford the salaries of these types of positions. When you hit that point you need to make the decisions of what you can outsource and what is still manageable in house. There are a number of consultants out there that allow you to create a virtual management team at a fraction of the cost of hiring employees until the company can sustain growth to support the salaries of senior management.
When working with small business owners, one of the first things I do is to remind them what business they are in. They are in business because they offer a service or product that consumers want to have or buy. They focus on that product or service and it helps to excel them in their field. As your business grows, trying to continue to handle all aspects of the business that are not their field of expertise could end up hurting them financially.
As a business owner you have realized the different hats that you wear. While you have to adjust and adapt to the tasks that must be completed you cannot expect to be proficient at running your company alone. Know when to ask for help and outsource areas of business to help you to become more efficient and more profitable.
Unless you are an accountant, you most likely do not enjoy the job of going over the company’s books, balancing credit card statements, preparing invoices and entering receipts into the appropriate categories . This is where outsourcing that task to a bookkeeping company comes in handy. It IS their area of expertise, and what they do well. Utilizing this type of service gives you an accurate picture of where your financials stand at any given time, allowing you to make sound business decisions. With internet based software it is becoming easier and easier for companies to work with virtual bookkeepers. Having the ability to recognize your strengths and weaknesses will allow you to be more efficient in growing your business. To learn more about outsourced bookkeeping services, contact our office at 724-359-5022 or email lauri@paxtonbookkeeping.net .
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