Growing Your Own Business
♫ Tuesday, February 26th, 2008Growing your own business is both a challenging and time consuming process, but one that brings great rewards to those who know their stuff and have access to guidance from small business experts. Owning and growing your own business is a tried and true path to financial independence. After all, the freedom to do what you want in growing your own business is one thing, but how much freedom do you actually have if you can’t pay the bills, and have a little left over for yourself.
The best part about owning your own business is being in charge of your own destiny. And growing your own business is a lot of fun. Enhancing your career or growing your own business is more productive than spending all your time “managing your own money”. But it’s completely true that growing your own business is all-consuming, if you really want to succeed. We know that starting your own business is difficult, tedious, and time-consuming. But can be very rewarding.
Starting a business is one thing, making it succeed is another. Once the seed for a business has been planted, how do you make it grow? Picking up where other small business books leave off, Who Wants To Be The Boss helps you deal with the ongoing challenges you face at each step of business development. What kind of business should I start?
Do an inventory of your interest and then do some soul searching to find out if this is a passion with you, can you hardly wait to get up in the morning to get starting? If so, this might be it. Whether your business is in the idea stage, start-up, and more. I say, in this day and time, if you have an opportunity to create and grow a business, more power to you. Learning how to reach out to potential buyers is a great marketing goal we all share, and learning new ways to do this is what can help you grow your business.
To help you to grow your new business you will need to have a good business lawyer and certified accountant on your team, right from the start. Any entrepreneur who doesn’t have a trusted professional advisors looking over his shoulder is a fool. Almost every wannabe that I have talked to, including myself, started out with the idea that they didn’t need or want to pay fees for these professional advisors to do things they felt they could do for themselves. But, you will learn very quickly that the fees you pay now are often the best investment you could make.
The most important small business advisor to your new business is your accountant, even more important to the unreasonable buyer because of the leverage buying strategies. Be careful in your selection. The same rules apply to your accountant as applied to your attorney.
Don’t chisel or give him false information or give him a hard time. If the numbers don’t come up the way you think they should, remember, he’s the messenger. He is simply reporting what has happened in your business. He is not responsible for managing and running your business. So, when bad numbers come up, get together with him and see what can be done to improve the numbers. Don’t just limit your accountant to preparing quarterly and year-end tax returns. This limits you to only having a tax preparer. It’s not the way to grow your new business.
What you do need is help in budgeting, cash flow and profit and loss statements, expense analysis, product, labor and service costing, numbers to tell you where you’ve been, where you’re going and how you’re going to get there.
Owning a business, or entrepreneurship, is all about having the freedom of doing things your way, but that is only possible as you take calculated risks in working toward an obtainable goal. Committing to growing your own business is an investment in yourself. Learning from your peers and growing your own business is something that any one can do can. Go for it!
