My life dramatically changed a few weeks ago…I became a grandmother! This is one of my greatest hopes realized; however, as I prepare for my new role as “abuelita (grandma in Spanish),” I must also prepare in my other role as business owner. This is such an exciting new chapter for my family that I want to be a part of, but what will that look like with my accounting firm in full swing?
Summertime is typically slow for accountants, but SMG’s Bookkeeping Boot Camp is picking up steam and I occasionally travel to industry events and conferences. The idea of temporarily stepping away from my business seems foreign, but I know how precious time spent with family (especially little ones) is. When raising our children, my husband and I decided that I would postpone my career and dedicate my time fully as a stay-at-home mom. I wouldn’t give that time back for the world. As soon as I heard the news about my grandchild on the way, I committed to finding a balance.
And so I was on a mission: what steps need to be taken, specifically from a financial perspective, to keep a business running at arm’s length? Here’s what I learned:
Set up a bank account for a future “you” substitute. This is the part of the business that I am working on right now.
Track your time to see where it’s going and what you are doing; this will help you decide what to start delegating. You’ll discover some amazing things during this activity!
Document in writing or by video your standard operating procedures. I can’t stress this enough. Documenting what you do is a life-saver for your business when you have to step away.
Do not be afraid to delegate! This will take time but eventually you will see the fruits of your labor. I know your business is also your baby and it’s hard to let go of some activities, but this is how you know your business will survive.
Empower your team to work independently. There will be growing pains but, in the end, this is liberating. Sometimes I feel that I get in their way. Do not be a roadblock.
Finally, be aware of what I call “martyr mentality.” Guilt can easily creep in if we’re not always busy-busy-busy. No holidays. No weekends. Even vacations are working vacations. This needs to change. Think back to why you started your business. Time freedom was likely a huge incentive. You work endlessly for your business – don’t let life pass you by!
To our clients, rest assured: SMG is in the very best of hands while I take time to enjoy our family’s new bundle of joy. We're here to support your business needs every step of the way. Don't hesitate to reach out and schedule a free consultation with us today!