Every session will provide a list of the Big Ideas that you can take away from the audio or video content. This is not an exhaustive list of ideas, so remember to take your own notes!
The problem that most small business owners experience: they don’t know what they’re getting into.
Entrepreneurs have a tendency to focus on the parts of the business that are more fun, like what kind of equipment they’re going to purchase and what marketing will look like.
When we’re going into a new venture, you don’t know what you don’t know.
New business owners must learn to develop channels of distribution (getting in front of your target market more effectively).
New business owners must also get around people that will be strong peers and advisors to help them navigate some of the more difficult problems and thereby avoid costly mistakes.
Three people to get in your corner:
- Legal counsel
- Accountant
- Bookkeeper
All three people should be separate, and able to give advice in the same direction. If someone is giving advice that doesn’t coincide with the others, it may be a sign of a problem in your company that you need to address.
Your legal team should understand contracts, employment issues, and liens.
Your accountant looks through all of your financials at the end of the year, and everything needs to be handed over to your accountant in an organized manner for tax purposes.
Bookkeepers are in your finances on a regular basis: weekly if not daily, depending on the number of transactions.
Bookkeepers and accountants can tag-team on helping to set up your Quickbook accounts and your chart of accounts, but some simply have their bookkeeper do this.
Why should your bookkeeper and your accountant be two different people? Because they provide accountability and checks-and-balances to each other to prevent mistakes and mismanagement, and to receive different perspectives on the finances of the company.
