Written by: Charmie Torres, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
So you (finally) got that business started. You got the number-crunching done and your business plan is sound and doable. As a business owner, your priority is to grow. To scale. But as a small-business owner, you also face pretty specific challenges when it comes to time and budget.
Of course, you didn’t mind the hard work, the extra hours, and the weekends. You missed a holiday and a reunion thrice. But that’s ok. You poured in a little more cash because you didn’t make this quarter’s quota. That was ok too. Your business was your brainchild, your baby, and you were beyond gung-ho.… that was until your accountant told you that filing for bankruptcy was the best (and only) option.
This is my story in a nutshell. I learned everything the hard way. In hindsight, I should’ve focused, changed my product line, and engaged a knowledgeable accountant. I could’ve gotten myself a team with a particular skill set. Shoulda, woulda, coulda's; Those mistakes hurt so deep, it was humbling. To be candid, I didn’t get over it until I took a leap of faith, began a new business, and finally saw the numbers I so desperately wanted.
Here’s what I did:
I Hired A Separate Team To Do My Books – I did a good job at reconciling my financial records until things got too hectic and I couldn’t tally. Your company needs professional bookkeepers and accountants to manage accounts accurately. A tiny mistake can give rise to multiple issues with tax alone! I hired accountants only at the end of the year, thinking that this move was cost-efficient. Wrong. As I scaled my business, I generated enough paperwork for an army. It’s a considerable workload. When I invested in an outsourced accountant, I realized that not only were my figures accurate, and they were generated on time. I did away with penalties, and with their financial savvy, I managed to save thousands of dollars on the side.
I Put Myself Out There To Network – This meant attending trade shows, events, networking groups, and the like. Businesses won’t be where they are without networking. Whether it be via social media or face to face, nothing replaces human connection for that much-needed momentum – not ads, not chatbots, not AI. Networking got me in touch with similarly-minded entrepreneurs. It also gave me a feel of industry needs and niches I could enter. Why didn’t I do this before, you might ask. Because I either didn’t have the time, or I was too exhausted… which is also why I decided to outsource administrative tasks to a virtual team.
I Had One Eye On The Future – I realized that I could no longer afford to be focused on the daily grind without having one eye looking towards the future. This means anticipating the next big thing. Successful entrepreneurs can anticipate trends. As a result, they can adapt and evolve where necessary. What allowed me to do this was being free from the “office.” I realized that setting appointments, answering calls, doing customer care (while taking care of a million other tasks) led me nowhere but downhill. The moment I delegated what I could and focused on what I needed to do to scale my business, the magic began to happen.
Did I wish I had known this from the start? Absolutely! It would’ve saved me a load of money and time (and tears!). But putting things in perspective, I know that my huge learning curve was necessary to grasp the idea that focus and balance are key. We rid ourselves of excess baggage so we can focus. We delegate tasks to those who can do it better, so we can do what we do better.
Charmie Torres, Executive Contributor Brainz Magazine
Charmie Torres is the founder and Chief Executive Officer of Löngun, a business process outsourcing company. Löngun was conceived in 2018 in response to clients who needed more than accounting services. Born and raised in the Philippines and studied in one of the top universities in the UK, Charm aims to bridge both worlds to develop a diverse work culture and environment. “It was a knee-jerk reaction to offer administrative, virtual assistance, and graphic design services as well because this is what many of our customers needed to grow their ventures.” With a team of well-rounded and experienced professionals (a motley crew of accountants, customer service professionals, technical experts, graphic artists, and administrative personnel), Löngun’s mission is to help business owners focus on scaling their business by taking care of the company’s non-core activities and streamline their workflow. Also, serve as a catalyst for her Filipino employees to reach their fullest potential.
