When you are operating a small business there never seems to be enough time in the day or enough hands to get everything done. The three main areas of your Company that is non stop in its demands are your operational duties, administrative duties, and your financials.
By keeping these separated in regards to the role you have to play in each of them will allow you function much more efficiently. It will help you determine which of these is the most draining on your time and attention, and help you identify where you could use some extra help.
If each of these areas of your business are not running at top efficiency then it could be costing you money. This means you have to be organized, because if you’re not then you may be wasting a lot of unnecessary time, and in business time is money.
You are most likely putting on of your focus on the operational aspects of your company because this is what makes the money. If you are not doing your service or selling your product to the best of your ability then you aren’t getting customers.
The operational segment of your business is supported by the administration sector. You need to be able to send out your invoices according to your business format and you need to be able to pay your bills on time. If your accounts receivable are not coming in at a steady flow, then you are not going to have the funds to pay your accounts payable. One affects the other.
Then when it comes to your financials these have a double priority. They are needed for your tax obligations at the end of the year. They also give you a very clear picture as to the strengths and weaknesses of your business and based on this you can make informed decisions.
It is difficult for a new single business owner who is just getting grounded to know exactly when is the best time to hire additional help, and what segment of the business a new set of hands would be the most productive.
Fortunately for some of the administrative tasks you can hire someone part time like a bookkeeper and a quality accountant on a contract basis. These will address to very important aspects concerning your business’s administrative and financial accounting needs.
