If you are an entrepreneur, have you ever found yourself just “Staying Afloat”? It isn’t a fun worrying about how to pay your bills week to week. These are the days of a lot of hope and hard work, with less money to show for it than you would make slinging burgers at McDonalds.
For those that persevere, there is a new stage, “Comfortable”. You are sleeping better at night, you’ve got a good team helping you and a steady stream of business. Cash flow is better and you are beginning to make some decent money. But you are one blink away from going back to “Staying Afloat”. One significant customer, one key employee or one key vendor can knock a hole in your ship that creates an all hands on deck emergency.
Many business owners find being “Comfortable” works for them and choose to make their business work at this level.
For a variety of reasons, some of us, in order to feel prosperous, want to “Break Out” and reach the “High Potential, High Performer” business stage. Passion, ambition or wealth may be your driver, but regardless of why, making this leap is a big challenge.
The level of complexity, and skill needed in management, finance, marketing and more must accelerate dramatically to support our upward movement.
One of the most overlooked areas that has to grow is finance and accounting. Often seen as an overhead item, business owners often focus on minimizing the expense of finance and accounting rather than making it a way to add value to the business. Entrepreneurs often lack of an understanding of the need nor the know-how to acquire the talent to implement the kind of sophisticated systems required for a business to reach its high potential.