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Common Accounting Fears among Business Owners - PPT

It does not matter whether one has been in the business recently or for many years; each business owner goes through their own set of personal and professional fears.

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Common Accounting Fears among Business Owners - PPT

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  1. Accounting & Business Consultancy Common Accounting Fears Among Business Owners

  2. Owning a business of any scale is more difficult than assumed. It requires a balance of skills, luck, the ability to take appropriate and timely decisions, and the appetite to take a lot of risks. When it comes to professional fears, it does not matter whether one has been in the business recently or for many years; each business owner goes through their own set of personal and professional fears. They are real and also part and parcel of owning a company and being the boss. These fears often also hold back business owners in one or more areas and hinder growth, for the company and its employees. The fear of uncertainty caused by having a clear visibility in the financial health of their business is probably the biggest fear that keep business owners awake in the night. w w w . m y m c o n s u l t a n c y . c o m . a u 2

  3. This article also explores other forms of fears which a business owner may have. Fear of Change Fear of Information Fear of Cost 3

  4. 1. Fear of Change Change is inevitable but yet we all fear it.

  5. Fear of Change Change is inevitable but yet we all fear it. Quite often we see business owners are reluctant to change the way they have been doing business. They fail to embrace technology and implement newer processes and procedures in their modus operandi. For example, business owners have been in the habit of doing accounting themselves, whether they belong to an accounting background or not. But as the business expands, its accounting requirements and demand for technical support increases. However, it is commonly observed that business owners either fear delegating work or find it hard to trust employees with their financial data. Either way, the fear of change is common and most business owners don’t adapt to the changing dynamics of their company. If you can relate to it, we assure you that you are not alone. To get your business to expand further, you have to acknowledge when your business has outgrown your accounting practices. The fear of change shouldn’t hold you back from adapting to new and latest organizational systems. 5

  6. 2. Fear of Information The fear of ‘not knowing is just as real as is the fear of ‘misinformation’.

  7. Fear of Information The fear of ‘not knowing is just as real as is the fear of ‘misinformation’. Unfortunately, the fear of information that happens as a result of pending, unorganized, inadequate accounting, can cause more damage than a business owner might have considered. We know that every business is at a different stage in its life cycle, which brings its own challenges. Business owners sometimes don’t know how much cash is coming in or going out. They don’t have access to the right data to make decisions in a timely manner. Therefore, it is important to get familiar with your figures on a routine basis and to not let the fear of information make you hesitant in understanding more about your business. If so, the ‘not knowing’ can cause serious damage to the financial well-being of the business. w w w . m y m c o n s u l t a n c y . c o m . a u 7

  8. 3. Fear of Cost For any business owner, time is money.

  9. Fear of Cost For any business owner, time is money. When it comes to accounting this concern becomes, even more, real and apparent; a fear that is also most difficult to conjure. It is common for business owners to question and indulge in self-doubt over the cost of accounting services. For many entrepreneurs, the fear of cost is often related to the question of what are they paying for it and if it is even worth it. An entrepreneur is right in their approach to question the value they are acquiring against the price, however, it is equally important to remember that there is a price for quality service. Entrepreneurs think along with the price versus value parameters, even regarding their goods/services. So, consider approaching accounting also as an investment and not an expense. w w w . m y m c o n s u l t a n c y . c o m . a u 9

  10. Thanks! We are looking forward to start a project with you! Accounting & Business Consultancy info@mymconsultancy.com.au 0437157610 www.mymconsultancy.com.au Disclaimer : This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website. 10

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