Why You Should Do What You're Good At—And Outsource All The Rest

Posted on: 3 December 2018

Many people decide to set up a small business because they are an expert in a particular field and feel that they have a product or service that would be of use to the general public. Yet many of these entrepreneurs fail to appreciate just how much work is involved in running an enterprise like this. They end up taking on a very time-consuming and stressful job instead of putting themselves on the path toward freedom. There is a much better approach to this, however, and it involves outsourcing. Why should you seriously consider outsourcing to help you manage your life and grow your own business?

Managing Your Time

You may have heard of the phrase 'horses for courses', and it is very applicable here. Most people are good at doing something or other and very bad when it comes to a host of other tasks. If you try to take on all of those other chores and responsibilities, your time management will be very inefficient. Instead, you need to be very clear and delegate all the tasks that you are either not very good at or simply do not like.

Where to Start

Delegated task number one is likely to be your bookkeeping. This is a task that requires careful consideration and daily work, and it's definitely something that can run away from you if you're not careful. You may procrastinate and put this off for days and even weeks at a time but will eventually get around to it. When you do so, you may have lost some of the paperwork, forgotten a lot of the details and may start to estimate some of the data as a consequence.

Problems Ahead?

You may run into trouble when you try to fill in those all-important tax returns or might be late in submitting your BAS or GST. If this behaviour were to continue, then you may get a letter or two in the mail from the ATO, and this is where your problems could begin to compound.

When It All Gets Too Much

Accounting regulations and laws change quite frequently, and it can be challenging for the average entrepreneur to keep up with this. It's far better for you to outsource all your bookkeeping needs so that a professional bookkeeper can be responsible for it. You can focus on what you're good at and continue to outsource some of the other tasks as you proceed. This is a far better way to live the life of an entrepreneur, as it will eventually give you more freedom and less stress.

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Accountancy: Counting Together

Hello, my name is Stuart and I live in Sydney, Australia and this is my accountancy blog. I have always loved numbers. When I was a little kid, my granddad would sit me on his knee and make me recall the times tables. I also remember counting all the money in my piggy bank and my dad explaining the concept of compound interest to me. Although I didn't enter the accountancy trade, I still keep in close contact with the industry and like to keep up with what is going on. I hope you find this blog very useful and that it helps you to save a little money one way or another!

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