Are You Setting The Right Priorities?

Business ownership is a juggling act, there is no question about that. And often the smaller your business is the more balls you have to keep in the air. It’s natural to set priorities for yourself, however we often see well-meaning business owners who unintentionally set the wrong priorities. In our opinion there are a few very important categories of priorities that you should concern yourself with.

Growth

A business without growth is in danger. Growth doesn’t necessarily mean expansion, but it requires a consistent attention on the future. For your family business growth may look like providing better service, adding employees, or becoming more efficient. Sometimes companies set their sights so far ahead that they miss the work that is just in front of them. It’s important to find a healthy balance between growth and upkeep. Your customers don't care about the big new initiative you’ve been dreaming of if it comes at the expense of meeting their basic needs.

Maintenance

The second, and as mentioned above, most important priority to juggle is maintenance. Maintaining your business includes a lot of different things, most importantly managing your finances. When it comes down to it, your business needs the appropriate amount of resources whether your eye is on the future or you’re just concerned about maintaining excellent service for today. And can you guess what activity is most critical to ensure those resources? If you said bookkeeping, you’re right on the money. 

Scheduling regular time with your bookkeeping professional (whether in house or outsourced) is just as important as a sales call or an investor meeting. If you don’t have your finger on the financial pulse of your business and aren't actively focused on maintaining its financial viability it can easily and unintentionally slip through your fingers. Think of your bookkeeping team as your right hand and commit to spending your valuable time and resources to ensure that they have everything they need to help maintain the financial health of your company.

It may surprise you to hear how much I prioritize bookkeeping, but I see time and again how companies succeed or fail based upon how good their record keeping is. As you think through your own priorities, I hope you’ll place financial health at the top of the list. For more information about how we can support your business with bookkeeping services, contact us today.