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The Accountants for Growth

Become an entrepreneur not a technician

Become an entrepreneur not a technician

How start up businesses can avoid failure in the early years.

The Small Business Association claim that 50% of small businesses are likely to fail in the first two years after start up. Why? Because they are technicians and not true entrepreneurs who work on their business as opposed to working in it.

Most small business owners are excellent technicians who have got tired of working for 'the boss' so they give it a go on their own. They are excellent plumbers, printers, electricians etc. so they conclude that they are tired of making profits for their boss and decide to make those profits for themselves.
The problem is, they have absolutely no idea of how to run a business and often end up working long hours for little reward, missing out on family and leisure time, for what?
There are three key components to running a business; operations (i.e. doing the job), marketing and finance and it is the last two which many small business owners struggle with.
They need to have a vision of what their business will look like when it is finished and work towards that goal.
This may well mean that they need outside help to sort out the marketing and finance sides of their business.
As accountants, we are good with the numbers, after all that is our forte, so we can take care of the finance side of the operation. We help many small business owners keep their finances on track using a system called Liveplan which enables us to help entrepreneurs with the following: -
- define their goals
- build a forecast around those goals
- ensure that monthly performance is on track compared to the forecasts
- set action plans to develop and grow the business
It is vital that all business owners spend at least 20% of their working week focusing on the business rather than in the business so that they develop a system that essentially will work without them and will give them the financial rewards and lifestyle that they are seeking rather than owning a business which sucks the life out of them.
Liveplan is a great tool for handling the finance side of your business so I strongly recommend that you contact us for a free demonstration to see how this software could work for you and your business.
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