Every small business has something to learn from the professionals who have gone before them. It’s one significant way to get a new business up and running. If we were to name a few entrepreneurs, financial thinkers like Mark Wiseman always come to mind.
Mark Wiseman is a global investment manager and a top business executive. He specializes in private equity and other long and short-term investment strategies. As the Chair of Alberta Investment Management Corporation, Wiseman offers a wealth of knowledge and experience to the world of financial services. Even more, he was the senior managing director at Blackrock and served as the CEO at Canada Pension Plan Investment Board.
Apart from his impressive resume and regular involvement in business media, Wiseman serves on the boards of numerous non-profit organizations. As a small business owner, you’ll want to sit back, keep reading, and pick a few points from this business mastermind.
1. Hire an accountant
As a business owner, you’ve probably figured out your strengths and weaknesses by now. More so, you’re aware of the tasks that are better done by someone else. More often than not, financial planning and management is one such task that requires a professional touch. As no one is an island, you’ll likely need more than yourself to manage those accounting tasks. This means you’ll have to hire a bookkeeper or outsource work to a viable firm.
For the best outsourced accounting services, Fully Accountable is run by accounting outsourcing professionals who will take care of a large portion of your accounting needs. They provide more than traditional tax preparation, invoice, and bookkeeping services. They also work closely with you offering expert advice backed by data insights, financial reports, and powerful marketing tools. Their fully managed accounting services mean you can focus on other aspects of your business that require attention.
2. Don’t be afraid of change.
“If you’re unwilling to evolve, you’re likely going to get eaten alive,” these wise words were uttered by the ‘Wiseman’ himself, and it’s so true. Years ago, one-on-one marketing strategies worked better because the technological devices we have today were non-existent. Years later, advertising made waves through mass media like television, radio, and newspapers. Nowadays, most people are on their phones 24/7, so using traditional marketing is not as effective as before. You will be wasting valuable time investing in newspapers if your target market is young adults more dependent on their phones than water.
3. Don’t get too comfortable.
It’s easy to hit specific numbers that make you feel prominent and successful, but if there’s anything life has taught us, it’s never to stop pushing. Big brands are still running expensive ads, offering endorsements, and engaging on their social media pages to drive sales. And so should you! That significant figure today could be average tomorrow, so don’t just think for today or get comfortable with today’s Achievements. Rather, think about the next ten years to manage your success.
4. Don’t wait to be motivated.
Do you have workers on a payroll? Bills to pay? Kids to look after? Then you can’t depend on personal motivation alone. Sometimes, you’ll wake up feeling down, discouraged, and entirely out of ideas. That’s no excuse to stay at home and brood over your feelings. Discipline is vital to get you to work in the morning. You may not have all it takes to finance your dreams now, but staying consistent and unperturbed will gradually, yet surely get you there.
5. Plan for different scenarios
Mark Wiseman isn’t stating that you should see the cup half full, he simply means you should plan for the worst and expect the best so you’ll be ready for what comes. Ensure you’re looking at the different outcomes that could result from the decisions you’re making. It’s one of the best practices in business, and contrary to what many think, it gives peace of mind. When you’re ready for anything, very little can surprise you. So, regardless of how great business was the last year, ensure you’re financially prepared for what the next year could bring.