If you are a business owner, then you have a lot on your plate already. And it can be tempting to try to take care of everything by yourself. After all, if you are in your current position, you are a hard worker and even a visionary. But you should learn to delegate important tasks that can be done by others to professionals that you hire. That way, you can have more time to focus on your strengths.
Many business owners know a basic set of financial principles. After all, they wouldn’t be in business if they didn’t. However, there are complex formulas and concepts that you may want someone who specifically understands business finance to handle. Financial officers are specialists who can help you understand the financial position of your company.
They can manage the profitability of your jobs, and they can chart out your projections to identify where the profits and losses are. That way you can cut costs and focus on areas that bring in greater revenue and income. Without a financial officer, you might be shooting in the dark or miss warning signs of cash flow problems. Depending on the size of your business, you may have a whole financial department that functions under the Chief Financial Officer, or you may just have one or two financial officers.
In today’s social media environment, one small personnel mistake can be a ticket to having your brand ruined. Of course, internally you also don’t want employees turning on each other. They need to trust that you have a department that can handle issues that arise. Not only will this help you have happier employees, but it could also protect you from legal issues. The last thing you want is a lawsuit on your hands. So hire at least one HR professional as a form of insurance against worst-case scenarios.
While a lot of HR is devoted to making the work environment safe and friendly, they also fill other duties. Human resources also handle hiring procedures, benefits, and works with the financial department to make sure that payroll is managed properly. These are all necessary functions, so make sure that you don’t neglect this area.
If your financial officers are the ones who can help you come up with projections and plans for your financial future, your bookkeeper is like the foot soldier who is on the front lines. They maintain the day to day financial information that is necessary for your business. In addition to planning more profit from the daily ledger your accountant keeps, you will also be able to identify tax benefits and proper ways to pay the least amount legally. Just because this task seems simple doesn’t mean it is. Make sure that you get someone who understands accounting and has the proper training.
Even if you understand how business works, having another viewpoint can be crucial to your success in your industry. This is both today and going forward, especially, with so much innovation happening online in the digital space. Think of the number of smartphones and mobile users today that were not using them just a few years ago. Then add this to the number of computer users, and you have a recipe for complicated technology and even more complex buying cycles online. Having someone to parse through this and helping you construct a specific online strategy is critical to getting ahead and not lose out on opportunities to grow in cyberspace.
Sales are the lifeblood of any business. After all, you can have the best product, service, and team environment in the world, but it won’t matter if no one purchases it. You need to keep the lights on by investing in people who can bring home the sales. If your budget is tight offer a full commission position so you take little upfront risk.
Building the Team
In the world of business, nothing comes easy. Entrepreneurs and small business owners have a tough job. However, it can be really rewarding when you put the right systems and the right people in place. So don’t overload yourself with doing everything under the sun. That will just result in less productivity and income. Instead, embrace the role of manager and hire or contract with people who are great at what you need them to do.