Bookkeeping is Hard: especially for the self-taught. Despite Intuit's efforts to simplify it, my business degree didn't prepare me for QuickBooks. The complexity of monthly financial reports led to many sleepless nights.
Doing It with Someone Else Would Have Been Better: Being a solo entrepreneur was tough. Having someone to ask questions would have been invaluable. Now, I'm part of a support group and have access to Intuit's experts, plus my team provides regular answers.
Being a Solo Entrepreneur Had Its Advantages: Working alone had perks like complete control over work quality, no internal meetings, and keeping all revenue. However, working with a team and seeing them grow is now my preference.
Don't Be Too Fast to Make Changes: Testing before making changes is crucial. We quickly adopted a subscription pricing model, resulting in a 25% revenue drop. It was a good move, but better testing and client feedback were needed.
Hire Slow and Fire Fast is Real: This advice is tough to follow, but essential. Each lesson was hard, and I'm still learning.
Don't Be Too Eager to Take Clients On: Some of my most costly mistakes (after hiring the wrong person) had to do with working hard to do work for the wrong client. It's okay to say no to clients that aren't a good fit. Misaligned clients can cause more headaches than benefits. Focus on quality over quantity.
Delegate with Review: Delegation is key, but always review the work to ensure quality. Trusting your team is important, but oversight helps catch errors early and maintain standards.
Conclusion: These insights can help you navigate bookkeeping and running a small business. Remember, bookkeeping is hard, but doing it with someone else can make it easier. Being a solo entrepreneur has its advantages, but don't rush changes. Hire slow and fire fast, and be selective with clients. Delegate with review for success.
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