Do you ever feel like you’re just going through the motions, using tactics without a clear strategy? Well, I’ve been there, and let me tell you, it’s not just a marketing or business growth problem—it affects your financials too!
When I talk to fellow entrepreneurs, I often hear them say, “Well, I have a bookkeeper and tax accountant taking care of things” or “I review reports every week.” But here’s the thing: those are just tactics in search of a strategy. No wonder the financial side of your business may feel boring or irrelevant to you—you’ve implemented tools without truly understanding how they align with your needs as a business owner.
Ideally, we should establish the strategy first and then set up the tactics accordingly. However, the beauty of finance and accounting is that even if you already have tactics in place, you can still define your strategy separately and successfully. In fact, any skilled bookkeeper would prefer their bookkeeping to align with your strategy.
But here’s a common mistake: we forget to communicate our thoughts about the business to our bookkeepers. If you haven’t picked up the phone and had a conversation with your bookkeeper about the reports you receive or discussed with your tax accountant why certain aspects are crucial for your business, they won’t be able to support your strategy effectively.
Just as you wouldn’t have marketing or sales tactics without a strategy, your financial tactics must align with your overall vision. Believe me, in every successful business, the strategy exists—it might be swirling around in the business owner’s mind (or, in my case, scribbled on a napkin somewhere), but it’s there.
So, don’t underestimate yourself. You have a solid strategy for your business. Instead of having financial tactics in search of a strategy, take that strategy and ensure your financial tactics wholeheartedly support it.
Remember, in the exciting world of entrepreneurship, a clear strategy will be your guiding compass to financial success!