Business Plateau – When in Doubt, Zoom Out

I wasn’t really thinking about business plateau at first, but I was on Pinterest, and I saw a graphic that really caught my attention. I’m not sure who created it, but it was posted by a guy named Adam. Here is the graphic:

This really made me think. We work so hard, and by me I mean I but maybe you feel the same way. Anyway, we work so hard to try to make our business or our life in general a success, and it’s easy to look at where you are and feel like you aren’t getting anywhere. But if you zoom out, the perspective completely changes.

A year ago, I was working as a high school math teacher. Summer break had just started. We were having to go to the mandated professional development sessions, which if you have never been a teacher before, imagine a meeting that could have been an email, but is presented to you like you were 4 years old (not 40 something with advanced degrees). And imagine if that meeting lasted all day long for 3 or 4 days. Also imagine that the meeting was being led by people who had never done your job and didn’t actually know how to do your job but were convinced that they were experts. Are you feeling annoyed yet? I could go on… but I don’t want to lose all of my subscribers for cruel and unusual punishment of the readers.

So… a year ago, I was doing that. I was fairly broke (teacher), I felt completely stuck professionally and kind of just in general. It was a relatively dependable job and the pay was predictable, but it was only just barely paying the bills, and there isn’t much of an opportunity to increase your pay unless you get a second job.

Fast forward to today. I have my own company. It isn’t a giant company yet, but it’s a company. I learned a new skill. My entire career has dealt with numbers. I went from Engineering (which is all numbers) to teaching math and financial literacy (numbers again) to bookkeeping. It wasn’t as wild a jump as it might sound like at first, since I’m still dealing with numbers. But the point is: I did all of that in a year. I am now a QuickBooks ProAdvisor, with additional certifications in QuickBooks (including Payroll).

In March, my oldest dog passed away (which I imagine as the downward trend in the picture), but last month, I added a new dog to my little pack (upward trend).

Sometimes we just need to zoom out and look at the bigger picture.

We all struggle, in life and in business. But seriously, sometimes, we just need to zoom out and look at the bigger picture. As business owners, we start out doing almost everything ourselves. Eventually, we reach a point where that’s not possible anymore. You reach the limits of what you can personally do – either because of skill limitations, or professional certifications, or because there just aren’t enough hours in a day. Eventually, we reach a business plateau (like a weight loss plateau but more expensive).

Maybe the little downward trend you find yourself at (if that’s where you are or where you have been), means that it’s time to bring in help.

Bookkeepers are numbers people. It’s what we do. But numbers aren’t just numbers. They tell a story if you know where to look. Having your books professionally done means more than just having all of your transactions properly categorized and having your accounts reconciled so that what’s in the books matches what’s in the bank. Having a bookkeeper means that you have access to data that is put into a format that is useful to you. Bookkeepers, as part of their monthly services, compile your data into reports that give you insight into what’s actually going on with your business. Having your books properly set up with the right accounts can let you see where your money is coming from, where it’s going, and gives you an idea of what might be causing any downward trends that come up.

If you find yourself in a downward slump, give us a call. We would love to see how we can help you take your business to the next level. Numbers are what we do.

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Old Keys and New Doors

I saw a quote that said, “Old keys won’t open new doors.” I’m not sure who wrote it originally, but I immediately thought about bookkeeping and small businesses, or any business for that matter. When you first started out, you probably started alone or with a small handful of people. Usually, business owners do pretty much everything at first. You were responsible for buying the necessary materials, finding clients, setting up all of the office functions, marketing, finances, etc. It was all you. And you’ve been doing great.

But at some point, in order to level up your business, you have to bring on other people and trust them with some of the jobs that you have been doing.

I’ve met some extremely smart, extremely capable people, but nobody is an expert at everything. Even if you were amazing at everything, I’m sure that there are things that you enjoy doing and other things that you would rather not have to do.

Delegating some of the jobs in your business to other people accomplishes several things. First, it puts those jobs into the hands of people who are experts in those areas and actually enjoy doing those things. Just thinking about bookkeeping, since that’s my area, putting your books into a bookkeepers hands saves you time. Bookkeeping is the thing of nightmares to most business owners. Are you messing up your books? Are you overpaying in taxes, or even worse, underpaying? Are you using hours and hours that you could be spending making sales or producing revenue for your business?

You started out doing everything. It has been working, but to get your business to new heights, you can’t stay doing what you have been doing once you’ve reached the limit of what you can do – unless you have figured out a way to get more than 24 hours in a day, in which case, I have questions… The point is, if you want to achieve new things, you have to do new things. If you want to open new doors, you need new keys.

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When outsourcing your monthly bookkeeping makes sense…

“Behind every successful business is someone who figured out how to manage their numbers – not just their ideas.” – Unknown

Avoiding eye contact with your online banking might work sometimes as an individual (though I don’t recommend this as a permanent thing), but when you are running a business, you need to know. You need to know how much money you have. You need to know where your money is going. All of this information about your month-to-month finances is what lets you make the best decisions you can about your business.

Having a bookkeeper lets you concentrate on the business side of things while still getting the financial data you need – without having to go through everything yourself. Anyone who has ever been in business knows that you sometimes end up spending more time on the administrative tasks required to keep the business going than you do on the actual work itself. The good news is that it doesn’t have to be that way. You don’t even have to find space in your office for a bookkeeper.

QuickBooks Online, which is arguably the industry standard for accounting needs, allows your bookkeeper to access your books and do what they need to remotely. You can basically outsource someone to do your books, with the added benefit that they will actually answer the phone when you call, and you don’t have to press 9 for English or wade through a sea of AI operators before getting to an actual person.

You need information. You already know that – it’s not news to you. You need someone who understands your business and is willing to talk to you and walk you through anything that you want to know when it comes to your finances. You want your business to grow so that you can help more people and make more of an impact on the world around you. All of these point to one thing… You need a bookkeeper.

Give us a call today to schedule your free consultation.

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Hello!

You need bookkeeping. Not just you personally. Businesses in general need bookkeeping. But bookkeeping isn’t always what you think it is. Yes, it involves keeping your accounts and books in order so that when it’s time to do your taxes you, you don’t get grey hair or pull your hair out all together in frustration. Bookkeeping is more than that, though.

Yes, if your books are set up correctly, and all of your income and expenses are categorized properly, it makes tax time easier. It can help ensure that you are saving as much as you can and getting the highest amount in deductions possible. It can definitely help smooth relations with your tax preparer. They won’t cringe when they see you – partially because you won’t be bringing along a box of receipts that they will have to sift through before they can even start on your taxes.

But bookkeeping is about so much more than just taxes. In any situation, your decisions and choices are only as good as the information you have. You buy a car based on the information you have on it. You choose employees or friends based on what you know about the people in question. Businesses succeed or fail based on the decisions and actions of the people in charge. But the people in charge are making decisions and taking action based on the information they have.

Bookkeeping provides you up-to-date information about the performance and status of your business. The reports and data that bookkeepers provide tell you about how your company is doing. They tell you what area of the business is bringing in the most money, what areas are losing money, what is going on with your profit margins, and what could be affecting those.

Bookkeeping lets you keep your finger on the pulse of your business while not having to spend all of your own time trying to manage and sort through the daily financial transactions. We free up your time by handling the books so that you can concentrate on running the business itself, and we provide you the information and insights you need to streamline and improve upon the progress you have already made in building your business.

Having monthly bookkeeping service can be a game-changer for the performance of your business (and for your stress levels).

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