Growing Your Business

The #1 Challenge That Most Entrepreneurs Face

The #1 Challenge That Most Entrepreneurs Face

Entrepreneurship is a dream for many people, although to say that it takes quite a bit of hard work and determination is an understatement. They are easily the only people who work 80 hours so they don't have to work 40

Being an entrepreneur requires many tasks, including providing the assurance that the face of the business is attractive and valuable to customers, while everything behind the scenes is running smoothly.

Often, business owners find it difficult to effectively manage all of the facets of their business operations. With so many businesses, both new and old, failing, it's critical to iron out the wrinkles and address potential weak spots in the management of your business. 

So What is the #1 Challenge?

No matter what kind of business you run, whether you're a telecommuting contractor or it's a brick-and-mortar establishment, you're going to face numerous challenges as you start and grow your business.

The focus of many entrepreneurs is in acquiring more clients or customers, which involves a variety of duties, including advertising, product or service creation and refinement, customer service, and more. Additionally, business owners with employees have to worry about hiring, training and employment law, and, in some unfortunate cases, parting ways with employees who no longer serve the needs of the business. 

What the majority of entrepreneurs have in common — no matter their niche — is that they find it difficult to keep up with their finances and track the numbers. Come tax time, most entrepreneurs are thrown into a frenzy, trying to recover documentation over the course of the previous year, so they can claim maximum exemptions and keep their tax responsibility as low as possible. 

What a CPA Can Do for You

As an entrepreneur, your most important realization is that your time is incredibly valuable. While it is essential to manage cash flow in order to succeed, this may not be where your time is best spent, nor may it be an area in which you have talent or strength. There's nothing wrong with that. In fact, in most cases, a passionate entrepreneur with a dedication to growing his or her business is going to be much more effective at dedicating time to advertising and gaining new customers and clients. But if you're not going to manage your cash flow and your business's finances, who will? 

A CPA, or “Certified Public Accountant,” offers a variety of services that will not only free up your valuable time, but also keep your records in perfect order and help you overcome the challenge of being involved in the finances of your business while having so many other important tasks. In turn, this increases the chances of your continued success. Long ago, CPAs were seen as little more than “numbers crunchers,” but their role in assisting entrepreneurs with the accounting side of their businesses has grown exponentially over the years. Many CPAs offer virtual CFO services and cloud accounting, so you can be confident that your time is being spent where it matters most. 

When to Contact a CPA

Don't wait until you are financially struggling to reach out to a Certified Public Accountant. If you're a new startup, get a CPA involved from the get-go, and you may never have to worry about the financial affairs of your business, other than reviewing timely reports and providing approval for certain matters.

If you're currently involved in business ownership, beginning work with a CPA can be one of the smartest financial moves you make for your business. When choosing a CPA to handle your financial affairs, make sure it's someone with experience, who has credentials that can be verified, and with whom you are comfortable.

When you address the challenges you face as an entrepreneur head-on, your chances of success soar. Contact a CPA today.

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Sherri Hastings

Sherri Hastings

Tim Murphy is the managing member at Murphy & Murphy, CPA, LLC, a full-service certified public accounting firm, with emphasis on tax preparation, audits of governmental, educational, and non-profit entities, retirement planning, estate planning, business valuations, litigation support, and banking. He is a Certified Public Accountant in Maryland and Virginia. Tim is also a CERTIFIED FINANCIAL PLANNER professional, Personal Financial Specialist, Accredited Estate Planner, Certified Valuation Analyst, and Investment Adviser Representative.

MURPHY & MURPHY, CPA, LLC.
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