March 23, 2020

The Many Hats of a Business Owner

Small Business
Ronald B. Allen

A person starting a new business is really an entrepreneur. That is to say, the person is creating a new business, bearing the risk, and expecting to enjoy the rewards as well. An “entrepreneur” is seen as an innovator who comes up with new ideas, new and better services, products that no one thought of before, and/or new and effective business procedures. What we are really describing is the person who starts any business. Even the most innovative person starting a business starts from somewhere. And, the changes and innovations are typically gradual. He or she learns what must be done “in house” and what can and should be outsourced. Along the way, the business owner takes on many tasks, becomes an expert in many facets of business and assumes many roles. As the business owner creates the business, solid planning is critical. We are going to take a look at the many hats of a business owner.

The Business Entrepreneur: The Idea Person

Perhaps the one crucial hat that a business owner wears is that of the person who knows where the business is, where he or she wants it to go, and what new ideas need to be put into action to make it all happen. Success in building a business requires a lot of work, attention to detail, long hours, and the ability to most efficiently watch over all aspects of the business. Success also requires that the business owner/entrepreneur take time to step back look at the big picture, get new ideas, find wise advice as needed, and continually bring fresh ideas into the business.

Outsource Your Accounting to Someone Will Add Value

As the top accounting firm in the Kansas City area, we at Exigo Business Solutions work with successful businesses. We see that two things are important for the business owner to keep the business moving forward. The first is good bookkeeping that provides insightful custom reports and integrates with business intelligence software like Microsoft Power BI. In order to get the bookkeeping and accounting that you need, you may want to outsource this business function. And, because you can get a higher skillset with you outsource, when you outsource your bookkeeping it can pay for itself many times over.

The other thing that is important for a business owner to keep the ideas flowing and the business on track is good advice. The dilemma for a business owner who is making changes in his or her type of business operates is where to find anyone who can offer useful advice. The best place to look on the financial side is to your accountant, especially you choose someone like Exigo Business Solutions in the Kansas City area. First of all, your business success is our passion. We thrive on maximizing the profits of your business with new approaches like the Profit First method of doing your books, instilling discipline into your finances, and keeping your cash flow on track. Because we have been in business for years and have worked with many businesses, we have seen what leads to success and what leads the other way. Outsource your accounting, get a handle on your finances, and run your ideas past someone who has seen businesses both succeed and fail.

Planning Is Important to Business Success

To assist in creating, maintaining, and modifying a business plan, we suggest an excellent system called LivePlan. From an effective executive summary, company description to accurate market analysis and clear descriptions of envisioned products and services, LivePlan provides an excellent template.

As a business evolves it is important to have an effective business strategy and specific plans for implementations of specific aspects of the business. The ability to organize, manage and delegate is paramount. These need to be understood and often explained. LivePlan helps you do this.

Financial predictions can be difficult but LivePlan and the help of the top accounting firm in the Kansas City area, you will get it done.

Some will ask, why do I need a business plan? Well, there are three reasons why you need a business plan.

Setting priorities

Maintaining control

Getting Financing

The many hats of a business owner include doing all of this, at the same time. Our job at Exigo Business Solutions is to help you keep track of your finances, make sure that there is money there when you need it, help you see new business opportunities, assist in avoiding pitfalls, and offering sound and honest advice at every step along the way.

For more information about how Exigo Business Solutions can help you with the many hats of a business owner, contact us today.

Accounts Receivable Foreign Currency Revaluation with Dynamics 365

Small Business

Handle Collections and Credit with Dynamics 365

Small Business

Does Your Business Need Advanced Time-Tracking?

Small Business