The entrepreneurial journey…
As an entrepreneur, we all know that money is important. You’ve started your entrepreneurial journey to change the world and you have the drive and passion to do so.
Having the courage to go on this journey is both exciting and scary at the same time. It’s not the easy path to take [but you knew that and you’re doing it anyway!].
I know this first hand…the decision for me to start my own business was mixed with emotions. Knowing that I would no longer have a steady income as an employee scared that crap out of me. This decision would not only impact me but my husband and my two beautiful kids, Haiden and Keira. But I knew that what I had to offer the world was bigger than my doubts and fears. Not only that, but I wanted to be a role model for my children. I want them to know that if you set your mind and heart on something and you are determined, then you can achieve your goals.
So here I am…still on the entrepreneurial journey just like you.
Is money an after thought for you?
What I have learnt from experience [within my own business and the clients that I have helped], is that money is not an afterthought. But so many entrepreneurs [and business owners] fail to see this.
Believe it or not, we’ve had start-up entrepreneurs who have signed leases, bought stock, and worked hard on their marketing campaign and brand but haven’t put any thought into how their customers will be able to pay them, let alone how they will track their income and expenses…it becomes an after thought.
And then there’s that box of invoices and receipts that keeps piling up in the corner of the office that is rapidly taking over [like one of those viral zombie invasions] and it will emerge victorious, unless you take action early. And that action is simple. See an accountant at the beginning of your entrepreneurial journey. Good financial advice is like a flu shot… worthwhile if taken early and kind of pointless after you you realise that maybe you should have taken it before the sniffles started.
What do you want from this advice? Well, systems and procedures really. If your accountant offers you a box to put your receipts in…then please get a new accountant. You need a bookkeeping and accounting system that you understand and can maintain without much assistance. If you’re like most people and you view filing as a black art best left to magical folk, then help with a simple system will be the best business help you will ever receive.
It doesn’t matter what sort of business you have started [or currently have], getting payment from your customers is essential, and always being on top of your income and expenses is like your business breathing. If you wait until the end of the financial year to do it, your business may have run out of breath long before…
Track your income and expenses using cloud accounting technology…..and don’t let money be an afterthought.
Until next time…Charisse Russell is a Chartered Accountant with 13+ years experience. Her passion lies in helping entrepreneurs and business owners track their income and expenses using cloud base accounting. Her approach is unique in that she coaches her clients…supporting, training and educating them with their business. Connect with Charisse via Facebook, Twitter, LinkedIn and Pinterest.