In this interview with Shawn Giewont, our Certified Rockstar CPA speaks directly to many things most people fear as they venture out into the world of small business.
If you only get one message from the group at Square One Show, it should be this:
Do not let fear keep you from pursuing your dream.
One of many things we all do in our journey through life is make mistakes. And we will certainly have many more opportunities as we start our small business. With Shawn's expertise, listen to this podcast and realize there are many mistakes you can avoid, way before you make them.
If there is one common denominator among all businesses, it is money.
What questions should we be asking to avoid many painful mistakes? Do I even need to talk to or hire an accountant as I start my small business? For many people, you may be starting on a shoe-string budget and the last thing you want to do is spend what little money you have on things that seemingly do not help you get your product or service out there.
But here, Shawn talks about the fact that accountants do many things to protect that small nest egg you are using to start your business.
You need to overcome that fear of spending your money on an investment, like hiring an accountant.
Why is it such an important investment? He or she will give you quality direction and help you avoid doing things you shouldn't be doing, prompting you to do the things you should. Because no one likes to find out things after the fact.
Wouldn't you rather get clear direction from the start from a professional that knows what the business landscape is like and will give you educated advice on the things you should and should not do?
Some of the simple advice Shawn gives in this podcast can be extremely helpful. For example, you need to be accounting for all of the revenue you receive. You don't have to go with some extravagant accounting software, because there are many free ones available online, such as Mint. And as Shawn put it, just jotting the specifics of income and expenditures on a piece of paper will help you see if you are actually making or losing money.
The fear most people have is the truth, when it comes to their business. Many people have a great idea, but as they start to develop it and work it as a business, they forget or don't want to know what the numbers are saying.
Now, keeping track of every little expenditure may be difficult for you, but if you aren't turning a profit, the reason just might be that your costs are higher than what you are charging.
So really what this all boils down to is this: Do not fear the things you do not know, but rather surround yourself with people that can help you and will help you make the best decisions for your business. And that includes seeking the advice of a trained accounting professional. Their expertise will not only help you save money, but in the long run help you make great money decisions and add to your bottom line to keep you from spending money carelessly or in a misguided way.