It’s a common joke among small business owners: I’m the CEO and the sales guy and the billing department and I make the coffee. As the founder of multiple successful software companies, including personal finance management service MoneyStream, I’ve certainly used that line more than a few times.
Of course, we don’t complain about making the coffee. Hey, someone’s got to do it. But there has to be a limit.
I’ve been fortunate to work with numerous entrepreneurs over the years. One of the pitfalls they fall into is the wasted timed on low-payoff work like running to get office supplies. Meanwhile, they short the activities that drive growth, such as negotiating a lucrative contract or persuading an existing client to grow their business.
Managing your personal and business finances is not low-payoff work. But it’s not your core competency either. Fortunately, you don’t have to be a CPA to properly manage your finances. Here are a few tips for saving time on financial management.