As a small business owner, having it all often means handling everything. You get used to wearing many hats simultaneously. Some thrive this way; but over time, taking on so many responsibilities can create what psychologists call "inattentional blindness" – being so focused on an outcome that you don’t see the bigger picture, like potential business opportunities or pitfalls. The solution? Give up some control.
Delegate – You Can Do It
As business grows you may need to hire additional people – either employees or vendors – to help you manage it all. Because you are so invested in your business, you initially may feel like others won't be as efficient, proficient or productive as you are. The key is to start with an honest evaluation of your strengths and weaknesses. It’s very common for small business owners to be experts in their trade, skill or industry, but less capable in areas like financial management.
Since finances are crucial for businesses of all sizes, delegating financial operations to someone who is well qualified for the task is highly advantageous.
Before you ask 'where am I going to find a financial whiz that I can afford,' consider this: you already have a relationship with a bank. They can probably help.
Start with Your Bank
Many banks offer both free and fee-based financial management services that help with everything from payroll and bill pay to cash flow management. Having someone else oversee this can free up your valuable time and give you peace-of-mind that it’s being handled effectively and accurately. For example, your bank may offer tools that automatically create easy-to-access monthly financial statements that you can use to make business decisions, like when you are financially stable enough to hire new team members. Likewise, your banker may be able to work with you on longer-term financial strategies, from building a savings plan to managing the liquidity of your business. All you have to do is ask.
Find the Right Banking Partner
If your bank’s financial service portfolio isn’t the right fit for your business, start shopping around. Look for a banking partner offering essential tools to help you measure results, make projections for the future, and manage day-to-day transactions with minimal time invested by you.
Ready to set yourself free so you have more time to invest in your business strategy and personal interests? Contact a PNC Business Banker.