Trying to decide when it’s the right time to outsource your startup’s finances can sometimes be a challenge. Whether you are just about to launch your startup or are 6 years into your business, there is never really an easy answer. Here are some questions you need to ask yourself to help you decide:
Do I still have enough knowledge to be handling my own finances?
Let’s be honest, most business owners don’t have a ton of experience or education on managing accounting or financial duties. However, it’s usually how it starts in order for you to get up off the ground. With that said, as your business grows, the accounting usually becomes a bit more complex and there are more factors to think about (tax, growth strategy, raising money, international sales, etc.). It’s important to eventually move to an expert to get full support as your business starts to expand and grow.
Do I have time to handle the finances, and do I want to?
You are probably only doing this to get it done for reporting or tax purposes, not because you want to. You also would be best suited for other tasks in your business, such as managing the development team or the business development and customer relationships. Your goal is to grow and manage a successful business, and usually finance is not a priority in this. You will start to know when you want to be doing more of the “cool” work and less of the tedious bookkeeping and reporting tasks.
Can I afford a finance team or CFO?
In the first year of business, money is always tight. It’s important to be mindful of where money is being spent, but at the same time be okay with investing in something that will provide a ton of long-term success and growth. In our experience, it’s common for businesses earning $150k per year or more to start outsourcing to a finance team to manage this for them. However, if you are still in that pre-revenue or early stagerevenue range, then we may have an alternative for you…
Finance 101 for Business Owners
Would you like to have more time doing what you love? Are you interested in seeing your business thrive and scale? It’s common for business owners to wear multiple hats at the beginning, but usually one thing gets missed… finance!
We’ve started from the beginning too, and we’ve helped tons of businesses that are in the same position. We want to help you too! Here’s your chance to get ahead of your business so that you can spend more time driving growth while creating the life and business that you want and simply doing more of what you love.
We would love to be able to do all this for you! However, if you are not ready for someone else to manage it, now is your chance to take full control and implement it on your own!
Our first group course will start September 2020! Are you interested? Find out the details and sign up here