This focus is an important element of the planning process.
What many miss during this process is recognition of weaknesses. I’m not talking about identifying individual personality flaws but rather recognition that there may be some elements of the day–to-day operations of a venture that may be more effectively handled by others.
Some small business owners get stuck in a pattern of trying to do it all themselves. This makes growth nearly impossible and can sometimes cause a business to fail.
As entrepreneurs it’s important to recognize weaknesses and even more importantly, to know when to ask for help. You may need to hire, contract out or bring in an expert.
Bookkeeping is a prime example. You may have a strong understanding of financial principles; however, you may not be very experienced in running trial balances and ledgers. The time you would spend to learn these skills may be an opportunity cost you cannot afford. Your time could be better spent doing tasks you are highly skilled at, such as sales and marketing and generating revenue.
It may be in your best interest both in time and financial resources to contract a bookkeeper one day a month to ensure that the financial records are up to date and ready for year-end statements and tax remittances.
In summary, don’t be afraid to identify weaknesses and be prepared to ask for help. Consider the recognition of weaknesses as a strength and be prepared to get some assistance.
Halton Region’s Small Business Centre is here to help you succeed. For more information about our resources and services, including our Access to Professionals program, contact us by dialing 311 or 1-866-442-5866, by email at email@example.com or visit us online at www.haltonsmallbusiness.ca or at our Centre at 1151 Bronte Road, Oakville. You can also follow Small Business on Twitter, find us on Facebook and on YouTube.
Do you outsource any of your business functions? How is it working out? Tell us about it! At the end of the month we’ll submit all comments into a draw for a chance to win a voucher for one of our upcoming seminars (value $25).