We’re not all good with numbers. Some of us are ‘ideas’ or ‘people’ people. And, of course, all businesses need these types – individuals with vision and persuasive skills are as vital to success as the bean counters.
Sooner or later, however, the profitability of business comes down to how well the numbers are crunched. The figures don’t lie – they tell you how well you’re really doing and point the way to the best decisions about your growth and future direction.
So, how can you assure yourself that the financial side of your business is in good hands if numbers are just not your forte?
Your options include:
- Mugging up and doing it yourself. There are numerous courses and resources – online and offline – that will show you how to set up and run a basic bookkeeping, accounting and financial management function. You can also purchase software or subscribe to an online accounting service that will give you templates for documents such as invoices, POs etc. It’s a viable option, but will it take up too much of your time and distract you from what you do best?
- Employing an expert. In terms of freeing up your time, having a financial wizard around the office could be the answer. Remember, though, that as well as the right person, you’ll also have to invest in the appropriate software and invoicing / accounts payable processes for them to work with – and keep them up to date. Can your business bear that cost all year round?
- Business process outsourcing is increasingly popular with small to medium size businesses, and it’s easy to see why. A good provider invests in the latest technology and keeps up to date with changing legislation so you don’t have to. They save you the cost of hiring that extra staff member – and give you the time you need to grow your business.
You don’t need to be good at numbers yourself to have a great business. You just have to make one good decision.