May 14, 2012

Business Tip #1: Surround Yourself with Great People (July 10, 2011)


One of the smartest things I ever did as a business owner was to recognize a need for and ask for help. As remarkable as we are when it comes to running our businesses, most entrepreneurs know very well that running a successful business requires a committment and dedication of time and energy that makes the ordinary 9-5 employee look like a serious slacker. There simply aren't enough hours in a day.

Think about it. What are your core competencies? What are those things that you bring to your business that no one can do as well as you? These are the areas where you should focus your time and energy, and outsource your weaknesses to skilled industry experts who are capable of getting things done for you.

Fellow business owners are a great source of information and advice and most love to talk about their businesses. Avoid learning some things the hard way when you can benefit from their experience.

A great bookkeeper brings years of experience and knowledge to your business. They do more than just data entry, and are there to provide you with meaningful information that will help you make strong business decisions. They will explain your financial statements to you, and point out areas that require attention. When armed with a properly completed set of books, the bill that you receive from your accountant for completing your annual corporate tax return won't leave you in a fetal position.

Hire well and don't settle for mediocrity. A bad hiring decision can cost you thousands of unnecessary dollars. Don't trust resumes, ask specific questions and ALWAYS check references. The same holds true for companies who you wish to outsource to. Don't just keep your fingers crossed. 

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