Running a business or practice can be a daily challenge. Everyone else seemingly does it so easily, so why does it sometimes seem like so much hard work? Business owners don’t always have someone they can turn to for answers to daily frustrations, which is why more and more are looking to find a business coach. The most common issues revolve around people, money and time. In particular, the lack of it. This question and answer series of articles provides scenarios for practice and business owners to find answers to those frustrating situations.
Q: Accounting and numbers are not my bag and I have always handed this to my accountant to look after while I concentrate on what I do best – building. But I feel I need to be asking better questions of the accountant. What should I be looking for?
You should be looking inside your business. Financial management isn’t something separate from your business, it’s an integral part of everything your business does. As the owner of the business it is your responsibility to increase its value and to know everything that affects it. I am not saying take the finance back from your accountant, far from it. We all need their expertise, but you are the owner of your business and you are the one responsible for internal business management and your figures are what tell you what is happening in the business. It is from these that you will make decisions about the operational actions you need to implement. While the taxation department and the government make decisions about your responsibility for external financials, you are responsible for determining what’s right and wrong, effective and ineffective within the business.
Watch for Part Twenty…coming later this week!
Until next time…
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