8 Reasons Why You Could Be Up The Pole

8 Reasons Why You Could Be Up the Pole

What do you do when owning your own business does not reap the rewards that you expected it to?

My business banker and I met the other day just as friends to chat and ended up chatting about people in business and what is and should be important to small business entrepreneurs.

Of course it must go without saying that selling is what it is all about, which will lead to a positive bank balance to be able to pay the bills and enjoy the lifestyle, which is what led us to wanting a business of our own in the first place.

But what happens when the small business owner does not reap the rewards that were expected?  Some try something else, and others keep half killing themselves to sell more, and others stare at the wall and then collapse from exhaustion and disappointment.

And what if the small business can do even better and they know it but don’t know how?

Of course, my banker and I believe in financial management and have lived and seen the difference it can make between success and failure as well as success and more success.

Many entrepreneurs hand their bank statements, invoices and vouchers to their bookkeepers once a month or annually and their bookkeepers either do or don’t send them reports of any meaningful nature to make the difference between success and failure.

We bandied about ideas as to why some entrepreneurs (many who we know) do not accept that financial management must be an integral monthly if not daily task of small business.

And so we settled on the following ideas but I would love to hear from you if we have it all wrong (up the pole) and you can provide other ideas as to why some entrepreneurs don’t do their financials properly.

1.    The idea of recording and analyzing the finances of your business monthly at least, is worse than staring at the wall and collapsing from exhaustion and disappointment.

2.    Being so close to the business, knowing about every cent coming in and going out means that there is no need to analyze financial reports.

3.    Spending money on a bookkeeping system is money down the drain.

4.    The ease of use of a bookkeeping system is non-existent.

5.    No time or inclination to use the reports to analyze where the money is coming from and not coming from, where expenses can be cut and so on.

6.    Selling is their comfort zone and skill and if they are not selling enough, the firm belief is that no amount of bookkeeping is going to change that.

7.    Perhaps entrepreneurs do not want to know what they do not know.

8.    Not paying Income Tax, no need for a bookkeeping system.

Let us know what you think, would love to hear from you if our ideas are wrong or insufficient.

What could change your mind to lead you to doing your books as second priority only to selling?

An easy to use accounting system that allows you to see results immediately and not only after setting up a complicated system and entering mounds of data in 13 different places to end up with inaccurate information or nothing that makes sense anyhow. There is nothing more empowering to be able to manage your business using meaningful and easy to understand reports of your business performance.

If you agree with us, drop us a comment also and take a look at www.figg.co.za to begin fixing what is wrong and keep in touch.  We will help you.