08.09.2003: Process Tips
#4 If you have to work 80 hours a week, you're not profitable
Too many start-up entrepreneurs blow through the earliest stages of their company's growth by putting all their time and energy into their businesses at the expense of their health and relationships. While we'd argue that that's fine for short periods, this shouldn't be a part of your long-term financial calculations. It's simply not sustainable.
If your company is only in the black because you're working yourself to the bone, your numbers are going to take a major turn once you scale back your workload — if you don't collapse from exhaustion first, that is.
Even if you choose not to apply a "no growth hacking" philosophy to your business, make sure that your labour costs are fully accounted for. Undervaluing the time you invest in your business hurts everyone involved.
08.06.2003: Business Finance Tips
#3 Consider hiring a professional bookkeeper
Most people aren't numbers people, and will never be excited about them as much as accountants or bookkeepers are. If managing your own finances is starting to get on your nerves, it's time to look into hiring a qualified bookkeeper.
Many entrepreneurs have a tendency to try to handle everything themselves. But as with legal matters, the granular elements of small-business accounting aren't usually within a business owner's wheelhouse.
Although it's easy to balk at the expense of working with a bookkeeper, they will be able to help you save money over the long haul.
You'll be freed up to work on high value tasks that keep the business moving forward, while your bookkeeper handles the tedium of number crunching.