Let’s set the scene: when you started your business there were fireworks, dreams of a bright future and endless promises of commitment. The honeymoon period might have lasted months, years even, but after a while it started to fizzle out.
Before long the business had become a chore, taken up with dealing with the day-to-day banalities: profit and loss statements, inventories, pay runs and financial planning – it’s enough to turn any relationship sour.
It’s a story that’s familiar to many small business owners. Though it starts with passion and desire, the reality of running a business has a way of dousing the flames. So what can you do to bring the magic back? Let’s explore some options:
Take a break?
While a brief hiatus from the finances might be tempting, sadly it won’t work for your business. Comprehensive bookkeeping is a legal commitment, and something HMRC won’t be pleased about you overlooking, even for a moment.
You shouldn’t view it as a negative – staying on top of your finances has its own rewards. It provides a better awareness of your company’s big picture, highlights strengths and weaknesses you can respond to, and can prove a stepping stone for growth. So this is one you’ll have to stick at.
Involve a third party
Sometimes, if you’re ready to move to the next stage, involving someone new can do wonders for your relationship with your business. Thought about employing a bookkeeper? OK, so it’s a big step, but if you have the resources this is a no-brainer. They’re usually quite flexible, so if you only have a few transactions each month, you won’t need them for more than a few hours.
Bookkeepers are much more efficient than an unskilled hand and you’ll be amazed by how much more time you’ll have to do the part of your job you love. They’ll also be well-versed in local legislation so you’re much less likely to end up on the wrong side of compliance. You’ll only ever wish you’d done it sooner.
Talk to a professional
Your bookkeeper will be great at the number crunching, but an accountant will be able to provide the insights that really help your business to develop. Getting the most out of your accountant has a lot to do with how much they can see of your finances. A cloud-based accounting solution will do the trick, giving your accountant complete visibility over your finances in real-time.
A good tool will also take the hard work out of things like bank statement reconciliation and expenses tracking. When your accountant has access to that kind of in-depth information (what eggheads like to call big data) and doesn’t need to do the leg work to make it all meaningful, they’ll have more time to devote to providing first-class business advice. They become your own virtual chief financial officer.
Work on your trouble spots
If you know what rubs you up the wrong way, that’s a great starting point to finding the solution. From automated inventory control to Customer Relationship Management (CRM), there are a tonne of solutions that can be snapped onto accounting tools with a minimum of fuss.
It will take work, but eventually you’ll have ironed out the kinks and will be able to focus on the parts of your business you fell in love with in the first place. And as an added bonus, your company will be healthier and more capable of achieving the kind of success you dreamed of before it all began.
Do it in strange places
When it’s all back in working order and you can’t get enough of what you do, don’t let it slip. One way to make sure the fire stays lit is to take a break from the office. Try doing the books in unusual spots. A good cloud-based accounting solution won’t tie you to the desk; it’ll make it possible to work with your finances in new, exotic places.
Ever wanted to go through your payroll by the pool? How about reconciling on the beach? Pick up your favourite device and go somewhere unexpected – a change of scenery can do wonders for your love affair with your finances.
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