First and foremost I would like to apologize for not posting more frequently. I have recently been involved with getting a new client up to date with their record keeping and it’s taken most of my free time. I always personally handle new clients so that I understand their business before I hand it off to junior staff. If you’ve read my prior posts I lament about getting an accountant early on and getting things in order instead of catching up.
Many of you already know this, but to start and have your own business takes guts and a lot of B***s. I’ll substitute B***s with the word Confidence going forward. Taking that leap and putting your money in harm’s way on a daily basis is not for the faint of heart. Normally individuals with this kind of appetite for risk have an abundance of confidence in their abilities and desire to follow through on their business plans.
This is an absolutely essential quality to have and must be in place to facilitate sales, cash flow, and operations. These 3 key areas will need guidance, coaching and vision to sustain the initial business and see it through its inaugural year. Most small business owners and entrepreneurs can sustain their optimism through this start-up phase, but when things start to get serious (either in a good way or bad) is when you need that confidence to stick around even more. Having the ability to stick it out through growth spurts, cash crunches and competition means turning that confidence into persistence. Your staff, partners and bankers will all look to you to see them through these challenges.
No one said you had to do it alone. Confidence and indeed persistence, can come from many sources. Knowing you have help and options when these challenges arise feeds your confidence and enables you to push through roadblocks to come out the other side. That’s why choosing your partners and advisors wisely can help you formulate options you thought you never had. Knowledge is Power. Power is Confidence.
‘Till next time.