You’re bursting with great ideas for your business, have loads of energy to get them going, are a great optimist, and you can’t wait to get out there and make your dreams become reality.
Trouble is… you may not have the best financial management and planning skills around.
And that missing piece to your entrepreneurial self could pose a serious setback on your journey.
That’s why if you have most of the tools to be a success, except being financially savvy, it's a good idea to let someone else fill in those blanks.
Robbins and Company Chartered Professional Accountants can do just that. They help their clients navigate the numbers so they can continue working in other areas of their operation where they excel.
“It can be hard for many entrepreneurs because it takes two, different personality types to have the complete package,” says Susanna East, a partner with Robbins and Company Chartered Professional Accountants, which provides financial planning and tax preparation in the Comox Valley, Campbell River, Powell River, Parksville, Port Alberni, or Nanaimo areas.
“The abstract person is more the go-getter, while the concrete person thinks more about how much it’s all going to cost,” East adds. “And that realist mindset really starts at a young age, at school where those financial basics aren’t really taught.”
That’s where some remedial financial lessons, ranging from the pretty basic analysis of profit and loss, to more sophisticated tax strategies, come in.
“At the end of the day, it’s all quite straightforward, because many business owners simply go out and work and don’t always pay enough attention to their bank account,” East says.
And making them more aware doesn’t have to be scary. Merely, it’s a dose of reality that gives them an honest picture of how viable their operation is and where they can improve.
“What we do is empower people,” East says, adding her company offers potential clients a free, one-hour consultation to get an overall picture of their business, answer their questions, and see what can be done to improve their business.
“There’s also a lot of government programs out there that can help with launching a business,” she says.
The younger generation can also benefit from becoming financially aware thanks to the many banking apps now available, some through financial institutions.
“They can be great, especially if they are a budgeting app where you can track your money in and out,” East says.
But no matter what your age and financial acumen, it’s a step in the right direction to assemble a team of professionals - accountants, investment advisors and lawyers - to assist you.
For more about how Robbins and Company Chartered Professional Accountants can play a role in making you more money savvy, visit their website at powellriveraccountant.ca.