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E-Myth – “Why most small businesses don’t work & what to do about it”

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Business Bootcamp | Lifetime Experience

Enrolling yourself in a business bootcamp can be a wonderful beginning to your small business adventure. Make sure take lots of notes, bring lots of business cards and network often to get your name out and potentially meeting other people that might be important for your business.

One of those important people within your business is definitely a bookkeeper. As a matter fact, retaining a bookkeeper is an absolute necessity for business owners. There are many reasons for such, one being ultimately the whole business revolves around you making quality and educated decisions for the well-being and welfare of your business. Subsequently if you make poor choices, there is absolutely no reset button on failure and you could very well be out of business before you think about it. Keep in mind that most businesses will in fact fail within the first five years of opening.

In the business bootcamp, they stress that in order for you to make prudent and educated decisions you need to know the numbers of your business i.e., what is coming and going out your business in terms of revenue. Sometimes when you wait to do your taxes, your year-end financials, or other such important documents, they may not in fact be in time and submitted. If that is in fact the case you may have to work off of all numbers that are a year to 18 months old. If that is in fact the case you won’t be able to make prudent and educated dissident decisions on buying things for you new business hiring new people etc.

Be sure to network with everybody around as well. You will be able to get all of their advice and hear all of their trials and tribulations and successes and wins well owning and running their own business. Likely, they will advise you as one of your first orders of business to retain a bookkeeper. This bookkeeper can stop you from making silly business decisions. They can tell you how much money you have and they could be the go-between with the Canada revenue agency. In fact, as you will be so busy with other parts of your business it is best to have delegated someone to work on taxes and files as the Canada revenue agency can be very strict and without proper payroll and GST documents, they could potentially freeze your accounts.

You will also learn a business bootcamp exactly where to find quality bookkeeper. As in business, networking is very important, you will be able to meet and talk with people from many different businesses and walks of life to see if they can offer you any support as to where to find a bookkeeper that will work best in your business. I’m sure that they will give you the advice to use all of your resources and all of the the people and businesses that you’ve used well networking to find a bookkeeper.

One of the biggest reasons for joining and enrolling in a business bootcamp is the networking. Be sure to wear your company’s logo, and shake hands, talk with and brainstorm with business owners from all different walks of life and fields.

Those business owners as well may be able to help you in starting up your own new business with advice, connections, dues, and do not’s.

The business bootcamp will in fact endeavour to talk about hiring a professional bookkeeper. This bookkeeper will be invaluable to you and is an absolute necessity for all business owners. Ideally, the success or failure of your business comes down to decisions. There is no reset button on success that certainly is no reset button on failure either. You as the business owner need to know the numbers coming and going on your business. You need to work in tandem with your bookkeeper and nothing can be hidden from him and him from you. Open and honest communication is critical in the success and viability long-term of your business.

The business bootcamp will have you shy away from offering or allowing anyone other than their bookkeeper from doing her financials. As a matter fact, financials and your records are indeed confidential and should only be looked upon and worked on from yourself, your bookkeeper, or an accountant

So, where can you find a bookkeeper? The business bootcamp will have you tapping into your personal and professional connections, friends, and coworkers and maybe potentially even your family. The end of the day, see if you can find the bookkeeper that is the best fit for your business and that will do you well for a long time into the future.

Don’t forget to subscribe to open and honest communication discussion with your bookkeeper. Tell him or her of your expectations of how the books should be and look organization, deadlines, taxes paid, bills paid, etc. Make sure as well that you are getting at least quarterly updates i.e. four times a year. Enter into the conversation that might allow you to get monthly updates that will keep you more informed on what is happening with your finances in your business. However, if this update never comes that is probably a good sign that not a lot or nothing is happening with your file and finances, or your bookkeeper is in a rush and is missing over things or is very disorganized.

Unique quality interim bookkeeping records that your bookkeeper can give you if and when you decide to buy a piece of new equipment. If you don’t have the proper numbers bookkeeper you may in fact not be able to afford it. Likewise, if you feel as though you are overworked and would like to hire some new employees or if your business is getting too busy, check with your bookkeeper to see if you canon fact afford the new salaries.

A bad bookkeeper in contrast, worst-case scenario, when you make a bad as this decision you will potentially lose money.