We are often experts in the field in which we develop our business, but we quickly find out that being experts in one thing is not enough for a business owner. It is very likely there may be gaps in your knowledge that you discover over time. On top of that, there will be administrative and legal tasks that you need to decide if you are going to tackle on your own, or get outside help. And, of course, I know a great bookkeeper to help get those bookkeeping tasks taken off your hands (See our list of services).
Taking Action: Write out a list of the tasks that need to be tackled while growing your business. Carefully choose with items you will want to set aside time in your schedule to learn. I say carefully, because you can easily forget what we stated in the previous post… You only have 24 hours in a day. Prioritize the items that will have the biggest impact in the success of your business or the greatest consequences if not done. Everything that you do not have time for, or are not willing to learn, outsource to local professionals in your community. Take it as an opportunity to grow your professional network!
My Experience: When I first started, I knew quite a bit about accounting and bookkeeping, enough to make me confident I could make a living with a small business. However, I had almost no skills in promotion and marketing. To fill in knowledge gaps, I utilized long commute times to listen to audio books about marketing or other skills I needed to develop. My niche is cloud accounting and third-party integrations, so also need to devote time to keep abreast of emerging technologies. Therefore, I combined workout times on the elliptical, with training videos to keep on top of my industry. Where possible and affordable, I outsourced all other activities outside my skill set. For example, I outsourced website design to a professional (See more work by LB Web Pro), which kept my limited schedule more manageable.
Christina Young is a professional bookkeeper based out of Seattle, WA. Her business, Lighthouse Ledgers, is focused on helping small business owners spend less time on bookkeeping so they can spend more time on the things that matter in their lives.
Lighthouse Ledgers – Balanced Books, Balanced Life
Disclaimer: Articles are educational only and based on opinion, experience, and research. This is not to be interpreted as legal, tax, or financial advice. Please consult with the services of a professional tax advisor, financial advisor, or legal advisor before making important business decisions.