As an entrepreneur, you may have heard or even said some version of the following phrases: “We can’t afford a finance team,” “My needs are simple, I’ll just build my own budget,” or “I’m going to learn how to do the books myself.” These sentiments may seem practical or even admirable, but in reality, they can be harmful to the growth and success of your business.
One common misconception is that finance teams are only necessary for larger companies with complex financial structures. However, even a small startup can benefit from the expertise of a finance professional services. They can help you create a solid financial plan, monitor cash flow, and make informed decisions about investments and expenditures.
Saying “I’ll just build my own budget” might seem like a cost-effective solution, but it can lead to a host of issues down the line. Without a finance team, you may not have access to the latest financial software and technology, which can make it difficult to accurately track finances. Additionally, creating a budget without the guidance of a finance expert can result in overspending, underspending, or overlooking important expenses.
Learning how to do the books yourself might seem like a way to save money, but it can actually be a huge time sink. As a founder, your time is valuable, and it’s better spent focusing on other aspects of the business. Plus, if you make mistakes when managing finances, it can lead to serious consequences like legal trouble or missed opportunities.
It’s also important to remember that investors do care about the numbers. When seeking funding, investors will want to see a clear and accurate financial plan. Without the guidance of a finance team, you may not be able to provide the level of detail and accuracy that investors are looking for.
In short, while it may seem like a good idea to forgo a finance team, the reality is that it can hurt your business in the long run. By investing in a finance team, you can ensure that your financials are accurate, up-to-date, and in line with your business goals. This will allow you to make informed decisions, impress investors, and ultimately drive the growth and success of your company.
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