“I Need Help”

These three words are so misunderstood, especially by Entrepreneurs.

Asking for assistance is sometimes incorrectly perceived by Entrepreneurs as a weakness in leadership or deficiency. Or as, it is too expensive to ask for help. Nothing could be farther from the truth!

It is widely accepted that Entrepreneurs initially start businesses because of unique, innovative ideas – not because they are professional chief executives. It is not fair to expect that Entrepreneurs are well versed in all major functional areas of a business. Asking for help in areas that are not their strength is not a sign of weakness.

In fact, soliciting assistance at the right time is rational and could save Entrepreneurs time, people resources, and money in the long term. As a strategy, Entrepreneurs may want to create a Mastermind Group of advisors whom they can ask for help at any time.

Asking for help at the right time is smart business.

Ravi Patel

www.patelCFOservices.com

Effectiveness of your Accounting Department

Entrepreneurs need to periodically assess the effectiveness of their Accounting Department.

The most obvious criteria is whether Entrepreneurs consistently receive monthly statements on a timely basis and if they are accurate. However, past data is merely a reflection of what happened, but does it help you to make better decisions?

An effective Accounting Department is one that moves from just preparing financial statements to analyzing and meaningfully reporting on the data to help Entrepreneurs monitor trends and make optimal decisions.

In addition, Accounting should be closely involved in preparing budgets and financial projections and measuring and reporting on actual versus planned results.

Entrepreneurs, have your Accounting Department become your decision-making support team rather than just “bean counting.”

Ravi Patel

www.patelCFOservices.com