Many business owners can become victims of their own success. The very skills and talents that helped them go from being a tiny new start-up to a becoming a successful venture can prove limiting if the entrepreneur does not learn to delegate the responsibilities of the day to day job of running a business.
Some tasks should never be delegated, or at least remain highly monitored, like checking daily banking activity. It’s your money and verifying banking transactions will keep you aware of how much cash is available and help prevent fraud.
Most other tasks of your business should be systematized so that your employees are empowered to not only perform their task but have the freedom to improve the system. In fact, the entrepreneur’s goal is to hire people who can perform their assigned tasks better than the entrepreneur can.
The first team member is usually going to be administration and bookkeeping. Although this role can seem unimportant, it is crucial for your company’s long term success. Many business owners have been surprised by unpaid taxes that they assumed their bookkeeper was paying. If expenses and revenues are not correctly recorded your company’s financial statements and tax filings will be wrong.
For your business to be scalable, you will need to work out systems and processes for every aspect of your company. Otherwise, the growth of your company is limited to how much time you can spend on each aspect of their business. By including your team in building out your systems you will benefit from their insights and creativity. You may even find time to take a vacation.
American Receivable is a top-rated factoring company that offers their clients fast turnaround times at competitive prices. We are still owned and managed by the original founders who understand what it takes to make companies successful. Call us today to learn how American Receivable can help you succeed.
American Receivable has helped companies deal with cash flow issues for 43 years. We are experts at helping our clients mitigate credit risk while speeding up their cash flow. Call us today at 800-297-6652 or schedule an appointment to learn how accounts receivable factoring improves small business cash flow. In the DFW area, call 972-404-4726. To find out how invoice factoring can help get your small business off the ground, call Jack Stieber or Brad Gurney or complete our quick application form.