When we start our businesses, we are in DIY bootstrap mode and try to do as much as we can on our own. Once the business is up and running, it’s time to make key investments to help your business grow and thrive. When you’re a solo entrepreneur, and running the show yourself, it’s tough to decide when and where to outsource a part of your business. Your business is an extension of you, so, of course, it’s scary to let go of a part of it.
Many business owners hit a point where they need the help of experts to take their business to the next level. Let’s talk about outsourcing the most important piece of your business - the financials.
Unless you’re an accountant, I’m guessing you didn’t go into business to look at numbers. You may think you can do something, but that doesn’t always mean you should. You may have read books, scanned articles, and listened to podcasts to get your business financials to where it is now. This is a great starting point, but you need to look to an expert to reach your next goal.
I’ll share the 5 signs you might be ready to outsource your business finances to an expert and you can see if any of these signs speak to you.
Signs You’re Ready for Expert Financial Support
1. You Don’t Pay Yourself Consistently
This is a biggie. Not all my clients, but quite a few will start working with me and share that they don’t pay themselves on a consistent basis. It’s important to make sure that you’re taken care of each month and then budget for your business needs. As a Profit First Professional, I help clients set up their business finances in a way that ensures they’re paid every month.
2. Business Growth Feels Stagnant
Hiring a financial expert doesn’t mean your business is failing! In fact, you might be just fine each month, but you know your business can reach new goals. Many business owners feel stuck on a hamster wheel with their business. They can do enough each month to stay consistent, but they want more.
3. You Avoid Looking at Reports
Are you avoiding your financial reports? Or, even worse, you just don’t have time to sit down and review them? Your financial reports hold the key to your entire business and it’s crucial you take the time to analyze them. Working with a financial expert will help you translate your financial reports into meaningful and actionable intelligence.
4. You Don’t Have Time to Strategic Plan
Strategic Planning is a term thrown around a lot in the business world. So many business owners know they need one, but they still don’t have one. The issue usually stems from not having time in the day to work on your business. Without a defined strategy to help determine how and where you want your business to grow, it can be near impossible to actually achieve the success you want.
5. You Wish You Had Trusted Support
Investing in any part of your business is scary. Having a financial expert in your corner means you have someone to work through investment decisions. Is it time to open a brick-and-mortar location? Can you afford to hire help? What was the ROI of that marketing campaign? If you wish you had someone to answer those questions for you, then it’s time to outsource your financials.
Choosing a Trusted Financial Expert
I’m sure by now you’re convinced of your financial reports’ magical qualities, but if you’re still hesitant to start printing them out and looking through them yourself, I understand. It’s much easier to learn from your reports and apply those insights to your business if you’re guided by a professional.
Many clients share with me that walking through their financial reports together is so incredibly valuable for their business. If you think I could be a good fit for you, please click here to schedule a 45-minute introductory consultation. This free call helps us get to know each other and see if there’s an opportunity to work together.
