In our last post, we shared the best advice on highlighting your strengths and firing your weaknesses. The key takeaway was the importance of asking for help in areas where you struggle as a business owner, so you can spend your time focused on growing your business.
We also listed some of the basic tasks business owners must master in order to be successful. In addition to providing a product or service, a business should market to the right audience in a modern and truthful manner, manage all finances, and deliver excellent customer service.
The “back end” of business operations are commonly the kind of things that business owners struggle with and may be considered their weakness. This isn’t surprising.
Most business owners start their company because they’re good at their trade and enjoy what they do. Beyond providing services, owners quickly learn the importance of marketing and sales, before attending to operations and financials.
Not many business owners start their business because they’re really good at bookkeeping – except for bookkeepers and accountants, of course! This only reinforces the point that it is possible to find people whose strengths offset your weaknesses.
Hopefully, you’ve already found the support you need here: forming the right type of legal entity for you, separating your company finances from your personal finances, and keeping up with taxes.
An accountant is one of the most vital advisors to a business to ensure your finances are in order. There are also many other resources to help with financial matters.
Financial Resources Available for Small Businesses
If you’ve ever considered taking out a loan to grow your business, then start building a relationship with your bank’s loan officer. They can provide you with helpful information about the right kinds of credit your company may need and how to best utilize it.
There are also resources to provide training, coaching, and mentoring for business owners. Many are supported through SBA (U.S. Small Business Administration)—you may already be familiar with names like SCORES, SBDCs (Small Business Development Centers), or WBCs (Women’s Business Centers). CDFIs (Community Development Financial Institutions) can provide training and technical support, as well as loans. Most of these resources can be found online, or you could get a referral from your local bank, your chamber of commerce, or local government.
Technology Resources for Small Business Owners
Fafnir is a fintech company, so we’d be remiss if we didn’t remind you that there are technology resources to help you as well!
Much of what is new and high-tech today is really a continuation of a solution that has stood the test of time. Online banking may be relatively new, but it makes it possible for you to access a range of banking services in a quicker and more efficient way.
Financial statements are another resource, but can be difficult to understand. They’re written for accountants, not business owners. Despite this, you’ll find a wealth of information to help you better manage your company once you have a better understanding of the story your financials are telling you.
Financial statements are essential for your business, however, financials by themselves are no longer enough. Every business, including yours, needs to utilize an electronic accounting system. If you haven’t taken the next step, it’s time to graduate from paper records and move on to the grid.
Benefits of Online Record Management
That wealth of information we just spoke of is only possible with electronic records. It will help you gain better knowledge and control over your company’s financial situation, give your accountant and advisers a better understanding of your situation, and provide you with better guidance. With digital robots on your side, you’ll be able to quickly catch mistakes in your records and produce better-quality numbers overall.
We’ll revisit electronic recordkeeping time and time again. In the coming weeks, we’ll talk more (a lot more) about how technology can provide better insights into your company’s financial status.
But we haven’t finished discussing all the ways to offset your weak areas by drawing on the strengths of others.