I’ve been working with entrepreneurs for a long time – over 30 years. Regardless of the details related to the person/business, I’ve have noticed two traits shared by each and every one of them: entrepreneurs never have a shortage of ideas and they are emotionally invested in the business.
As an outsourced CFO, I help entrepreneurs and small businesses set & achieve their goals. I’ve learned that it’s important to listen to and understand every idea so that I’m prepared to assist with their financial implementation. I work with my clients to develop a detailed financial plan so that we have a clear picture of the risks & rewards ahead of them. This leads to better-informed decisions and, ideally, profitability.
Sometimes, this can include explaining why certain ideas might be counterproductive to achieving bigger goals and could lead astray from the main path. Pro skateboarder/cultural icon / serial entrepreneur, Tony Hawk, learned the importance of listening when your accountant recommends throwing the brakes on and discussed it in his keynote address at the 2018 AICPA ENGAGE conference.
Mr. Hawk shared five pieces of advice for entrepreneurs, all of which I think are valuable:
- Don’t get too far away from your core – branching out is key to growth, but don’t lose sight of what got you there
- Know when to say no – not everything is the right fit, and that’s okay
- Hire the right people – trust, skills, and cultural fit are all important
- Delegate and don’t feel you have to do everything yourself – this is why it’s crucial to hire the right people
- Stay true to what drives you – grow, but don’t feel pressure to keep up with passing trends
You can read journalist, Courtney Vien’s recap of Mr. Hawk’s speech for the Journal of Accounting here.
Feel free to contact us if you need help implementing your growth ideas.