For increased financial security, it helps to discover your money temperament—and Ted McLyman can help you evaluate your financial beliefs and behavior to better equip you for success.
How to Handle Administrative Details When You’re a Big-Picture Person
A lot of the success of a new business depends on attention to detail and the fine print. This comes naturally to some, especially if they have prior administrative experience. But those who are new to management may be unaware of everything that goes into business management, especially if they’re big-picture types, with an eye on the long term. Having ambitious goals is great, but you’re not going to arrive at those goals if you don’t check all the little boxes along the way.
Start by being informed.
If you aren’t aware of good administrative practices, you may be at risk of making risky management mistakes. Confusion about how to manage a company and its finances can be a major roadblock for those who struggle to master this area of entrepreneurship. So take some time to research best financial practices and the basics of business taxes. Read up on how to budget, manage inventory, and oversee payroll. Even if the different components of financial administration seem confusing at first, the more time you spend understanding these areas, the more they will come together and begin to make sense for you.
Delegate and outsource.
While it’s important for you to be informed about the minutiae of running your company, that doesn’t mean it’s a great idea for you, personally, to oversee every aspect of the day-to-day. While ignoring what goes into your company’s functioning is one form of poor management, the opposite choice of extreme, micromanagement can be just as bad. Therefore, delegating certain tasks to employees who are specifically trained to handle them is a good way to make sure the boxes are being checked without your constant oversight. Certain jobs that don’t require deep immersion in the company, or that are only periodic, can be outsourced to contractors and freelancers. This might include such tasks as inventory, website creation and social media marketing.
Work with an accountant.
Money management is such an important part of a healthy business that it’s not worth risking mistakes if managing the books isn’t in your wheelhouse. Having the expert eye of an accountant monitoring your financials regularly ensures your business stays on track. Plus, at tax time they can help you meet important deadlines, avoid errors in tax calculation, and take advantage of any business deductions. Working with an accountant can also help you become more educated about business finance. They can guide you in making financial forecasts, and review accounts to estimate business growth over the year, too.
Make use of software and other tech.
One great benefit of being a business owner in today’s world is the wealth of technology that’s available. So even if you aren’t naturally detail-oriented, there are apps and software that can act as your virtual assistants, reminding you about deadlines and keeping all your data neatly organized and easily accessed.
There are also systems you can use to manage your email marketing, communicate with team members, and track your employees’ work hours. For example, a timesheet calculator that integrates with an automated payroll program will help organize and streamline your payroll process. Automating timesheet calculations will also help you keep up with the nitty-gritty details of payroll management, such as paying for overtime and correctly classifying your employees.
By tapping into an array of digital tools, you will put yourself and your business on a clearer path to success.
Being a big-picture person means you have a lot of excellent ideas and that you pursue your goals energetically, but it’s important to balance these skills with attention to detail. Learning to attend to the small things, and relying on alternative resources to manage procedural steps, will help you as you guide your company toward the future.
Thank you for your kind consideration!