I was flipping through TV stations the other day (looking for the Phillies game) and happened upon So You Think You Can Dance. As I watched, it became clear that the competitors on the show have spent many years focusing on what they love and what they do well.
Personally, I CANNOT dance. I have no rhythm, and definitely can’t move like they do. It was obvious early on that I was never going to have a career in the entertainment or artistic world. But I do have something in common with the dancers on the show: I have built my business around what I love to do and what I’m naturally good at. My mind has always tried to figure out complicated equations and programming problems, so it made sense that my work would involve numbers and computers. As a virtual Chief Financial Officer, my business now is a combination of both of these interests.
What about you?
How does your business relate to what you do well? Did your love for kids lead you to run a non-profit for underprivileged youth? As someone who’s naturally tech-savvy, do you provide companies with much-needed social media services? Do you design young girls’ clothing because you have artistic skills and a daughter who needs awesome outfits?
No matter what you do, you probably got into it because you have a talent and passion for it. But these days, you may not spend much time thinking about what you like to do and what you’re good at. If so, you’re not alone. Far too many business owners could star in a show called, So You Think That Being a Business Owner Means That You Are Also the CFO, Administrative Assistant and Chief Bottle Washer.
Working On Your Business Not IN It!
The majority of your day is probably taken up by all those minor items that have to get done – adding business cards to your electronic Rolodex, registering for networking events, making travel arrangements, sending invoices to customers, doing payroll taxes, reviewing insurance policies and updating employee benefit plans. And that’s in addition to business development, product launches, customer service and everything else.
I’ll let you in on a secret: As a business owner you do NOT have to do it all. In fact, you reap more benefits when you are able to spend more time ON the business than in the business!
A Virtual Administrator, VA for short, can handle all those to-do’s for you and even more. Delegate (do not abdicate) those tasks to a VA and see how much time is suddenly available to you. More importantly, as you delegate, the knowledge that those items are taken care of allows you, the business owner, to focus on what you really enjoy and are good at.
Just as the example of having a good VA allows you to spend more time ON your business, delegating the CFO role to an outside professional organization can save you time, expense and frustration in the long run.
There are many ramifications of NOT keeping good books and records for your company. The biggest being the tax ramifications with the IRS and the Department of Revenue in the state you are located or registered. Those taxes MUST be paid, especially the employer taxes. The tax treatment of the income and expenses of your company are critical as well. For example, if you classify a computer as a fixed asset, you may not get the tax deduction you may be due. The same is true for inventory – how it is recorded may make a substantial difference on the taxes due!
By handing all this over to a virtual CFO, you’ll know that the books and records of your business are handled properly, on time and accurately. This peace of mind will free you up to more fully concentrate on what you’re good at. And when you’re doing what you enjoy, you have more time and energy to take care of yourself and your clients, and take your business to the next level.
