I’m going to confess that I love to watch HGTV. I like seeing all the home improvement shows and the transformations that can take place in an hour long show. When I watch a show I get inspired to change something in my own home. I want my house to look like theirs. I think, “That looks pretty easy, effortless even. I can do that.”, only to find out I don’t have the proper skills and tools to make these transformations happen.
I grew up in a home with a professional DIYer. My amazing dad transformed a house from a small rancher into an amazing product and a wonderful house in which to grow up. He is the exception to the DIY rule. Normally, when someone takes on the project like the one he tackled, it ends in disaster. As a child, I thought, and still think, my dad is totally awesome, knowledgeable, and talented. Now, I will tell you, this project took a little more than the 45 minutes that HGTV portrays on their shows. In fact this project started in 1983 and, well, to be honest, I don’t know if it is finished yet. He takes on projects like this for the pure joy of it. Designing and building houses, and creating beautiful things out of wood, are passions for my dad. He does these things because he likes to and knows how.
Doing things yourself in your home or business can add joy, fulfillment, and pride to your work. It can sometimes save a lot of money. When a business is just beginning, it can be a good idea for you as the owner to be a part of as many aspects of the business as possible. You need to be knowledgeable about what is going on and the systems and procedures that define how things work and run. As the business grows, best practice is to begin replacing yourself in roles that are not specific to your skill set. You should separate the areas where you add the most value to the company from the areas where it would be beneficial to hire help. Continuing in a DIY mindset can overwhelm and overload business owners eventually costing the business money and leading to burnout.
Bookkeeping is an area that can be hired out. Having a competent bookkeeper to handle the books can be extremely beneficial in that bookkeepers have the skills to do the job quickly and efficiently. They can provide a second pair of eyes to find errors and make suggestions. Some bookkeepers specialize in specific niche industries and work with several businesses similar to your own. The benefit here is having someone who is looking at your business with a little larger lens enabling them to give benchmarking advice and keeping you informed about how your business compares to others similar to yours. Good bookkeepers can advise you as to where you can save money and where you can spend more money to make more. They can help put together budgets and can take on a financial adviser role for your day to day operations.
So, doing things yourself is possible and can be very rewarding initially. However, there comes a time in the life of every growing business where help is a necessary part of the process. I would love to continue the conversation about your specific business and any bookkeeping frustrations you may be having. Please let me know what kind of help you need.