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Entrepreneurs never struggle with a short to-do list—the responsibilities of a business owner are immense. Most do their best to avoid focusing heavily on small details but may end up ignoring important aspects of business, especially when it comes to the organization’s finances.
Typically, owners focus on propelling their company’s growth by finding new customers and assembling the team and technology they need to manage and service that growth. This makes sense, as the top concern for small businesses in the US (many having scraped by throughout the pandemic) continues to be generating enough revenue.
Beyond these immediate pressures, business owners often don’t take time to think about changing their business practices unless the outcomes would directly affect customers or increase ROI. However, prioritizing long-term projects can significantly improve business health and set up the business for a more financially sound future.
In my experience, these are the three financial tasks that often get buried under the more demanding to-dos but could drastically improve the business in the long run:
1. Review all service providers
It’s easy to fall into the trap of choosing service providers and maintaining the status quo, even when the services aren’t tailored to your business’s needs. Reconsidering providers—such as healthcare brokers, bankers, payroll systems, CPAs and 401(k) advisors—can save you money, get you better service, and provide specializations that suit where your business is today.
A good rule of thumb is to review one service provider every year. Get recommendations from people you trust and think beyond the largest, most famous provider. The largest provider in any space is often not the best fit for new or small businesses. Larger providers are often built to service large companies that have specific teams with experience in each area.
Often, the best providers for small businesses are t… Read More
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