When Is The Right Time To Invest In Growth?
We talk a lot about how many small and medium-sized businesses don’t need expensive software to maintain their books. In fact, we recommend online products like Quickbooks Online to almost everyone we work with. It’s an easy-to-use, online platform that enables small and medium-sized business owners to accept payments, pay bills, and run payroll online without having to invest in an expensive software you’re not ready for.
If you’re using a product like this and it’s working for you, that’s great! However, for many businesses there comes a time when it is necessary to invest money in products that provide more functionality than you’re currently getting. This transition can be terrifying. Nearly all of the business owners I meet come to Fix-It Accounting with a degree of anxiety about their finances. This is especially true in the beginning when your business is growing and you’re hoping to get a return on your initial investment.
Unfortunately, some business owners maintain the same level of anxiety for the life of their business. And while their original goal was to minimize spending in order to reduce their risk, the long-term consequence is a business that never grows.
The question clients generally ask is, “how do I know when it’s time to invest in growth?” Truthfully, there is no single answer to that question. Every business and business owner is different. Often the answer comes down to a question of resources. How much time and energy is being directed toward managing your bookkeeping and accounting due to an outdated or inefficient system? Are your best salespeople wasting time running reports manually because your system isn’t capable of providing the service you need? Are you just bursting at the seams?
When it’s time, you’ll know. The important thing is being willing and prepared to invest in software, office space, staff, and other resources you’ll need to help you grow. At Fix-It Accounting we provide varying levels of service so that we can continue to grow with you as your company begins to take off. Our Quickbooks Online Training teaches business owners the ins and outs of the platform and provides ongoing support. On the other end of the spectrum is our Virtual CFO services that provide everything from bookkeeping and accounting services to acting as a business advisor.
Our commitment at Fix-It Accounting is to help you achieve financial peace of mind no matter what size your business is. Contact us today for more information about how we can serve you and help you grow.