October 25, 2016 en_SG https://quickbooks.intuit.com/sg/r/small-business-self-employ/finance-funding/put-business-cash-flow-good-hands Put Your Business’ Cash Flow in Good Hands

Put Your Business’ Cash Flow in Good Hands

Lira Razak October 25, 2016
Small business owners are passionate, creative, driven and great with people. They may have a cutting-edge product or service, or just specialize in doing one thing better than anyone else. But for all of the wonderful attributes inherent to self-employed business owners, accounting isn’t always on the list. In fact, many otherwise great businesses fail because a business owner thought he or she could sufficiently do it themselves. What many don’t realize is that taxes, payroll, budgets, expenses, invoices and debts all need constant attention, or else the business won’t survive. So, if you’re one to figure out a restaurant bill using your fingers, how do you succeed at keeping all of your business’ finances in order?

As Lon Cohen Studio Rentals owner Lon Cohen explains, you can’t pilot your plane and fix its oil leak at the same time. Your job is to keep your business soaring through the air from point A to point B successfully. The key, as Lon emphasizes, is to surround yourself with people more financially-savvy than yourself to crunch those numbers. As a boutique provider of musical gear to some of the biggest names in entertainment for over 30 years, Lon knows that sweating the details is important. He realized early on that he needed help with his finances, so he hired an office manager, a general manager as well as a CPA, all of whom he trusts explicitly with his money. His team helps him in all areas of managing his business finances, from basic bookkeeping to creating invoices.

As Lon goes to show, you don’t have to be an accountant to run a thriving business, but you just need to hire the right employees whose strengths complement your own. As long as you know what you need help with, you’ll be able to expand your team accordingly. After all, unless you’re good with numbers, you didn’t start your own business so you could become a bookkeeper. Don’t let the numbers bog you down. Every employee is a member of your band, and together, there’s no reason you can’t all be rock stars.
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