Changing your small business mentality
Let’s be honest, small businesses are the backbone of business in Australia. The Australia Bureau of Statistics (ABS) found that in June 2014, 61% of actively trading businesses in Australia had no employees, 27% had 1-4, 10% had 5-19, 2% had 20-199, and less than 1% had 200 or more.
Small businesses are really driving our economy, but I often find that small business owners have a ‘small business mentality’. What I mean by this is that they focus too much on the short term, rather than the big dream of moving out of the small business category. Part of this is a hesitation to let go of tasks that are not driving their business forward.
If they started as a sole trader they would be used to wearing many different hats, as the size of their business necessitated. As they grow they put on staff, but do they outsource the jobs that they also need to? Sometimes small business owners can be concerned about providing an ‘outsider’ with their business information. Particularly when it comes to bookkeeping!
For a small business owner bookkeeping can be a really timely and onerous task. It’s not something they enjoy doing, they tend not to keep on top of things and so then it gets out of hand.
My experience has also found that sometimes there is an element of embarrassment to let someone see your day-to-day financial accounts – as they may not be as positive as you would like! But that really gets to the crux of why a bookkeeper is so vital for small businesses. They are specialists in their field, so they can help you to turn things around, highlight things you may not have known about and keep your day-to-day finances on track.
Don’t be afraid to let people in, and outsource certain tasks to the experts.
Love Miss EBS xx
Is it time to change your small business mentality? If you would like to speak to the team at EBS are here to help. Contact us today!
- Posted by admin
- On March 30, 2016
- 0 Comments