Imagine you have just completed a marathon; 26.2 miles behind you. What’s the first thing you want to do? Chances are—collapse, relax, recover, and never get off the couch again.
This desire for rest follows most grand endeavors. When we channel all our energy into one pursuit, we’re not left with much to work with. This may not be a problem for a marathoner, but it is for an entrepreneur.
Any self-starter knows the work it takes to secure funding, to form the financial foundation on which to build a business. He most likely also knows how difficult it can be to call upon his energy reserves and move forward from this point to start actually doing business.
If you’re one of this set, feeling exhausted before you’ve even (really) begun, perhaps unsure of where exactly to begin, take a breath. You don’t have to navigate the waters alone. Let Ashish Rangnekar, co-founder of BenchPrep, be your guide. Here is an overview of his advice to you:
1. Fly Solo
You may be tempted to start interviews the second you step foot in your new office. Don’t. New hires will lessen your workload, yes, but remember—you have to pay these people. You’ve just acquired a ton of capital, enough to start a business, and you don’t want to lose it all to salary expenditures. Immediately bringing on additional staff may pressure you to grow quicker than is best for your company.
2. Steer clear of specialists
When the time does come to hire (Rangnekar recommends waiting one month) don’t solely seek out specialists. Specialists demand higher salaries. And while you may one day wish to have on hand a graphic designer, social media manager, and an SEO expert, you likely don’t have the money to make that happen right now.
Instead, look to bring on employees who can acquire these special skills, employees who are intelligent and willing to learn.
3. Invest in your hires
The eagerness of your hires to learn must be met by your willingness to teach them. Don’t delegate tasks to them and expect them to just “figure it out”. Their attempts to do so may lead to major errors that could cost you big time. Instead, invest time in them up front. This is easier said than done; at the one month mark, you likely have very little time to invest. But any work you put into developing your employees now will save you time in the future. Plus, the fact that you’re paying your employees less than you would specialists frees up some resources to train them.
4. Foster team unity
Another temptation that arises when bringing on new hires is delegating the daily work to them without inviting them to see the bigger picture. You know what your company stands for, its vision and direction, but do they? Not unless you tell them. Failing to do so opens the door for inconsistency. If each of your employees is not aware of your company’s identity, how can they reflect it in their work?
By sharing your goals for the company with your employees, you also provide them with a sense of purpose. It’s easy to get worn down in the daily grind and let your work suffer the consequences, but if aware of how a task serves the greater purpose of the company, you can more readily muster energy to do it well.
5. Voice your gratitude
There are likely several important people who helped you get to where you are right now—in the position of a fully funded business owner. Don’t forget about them now that their help has paid off, especially those with a financial investment in your company.
Rangnekar advocates involving investors in the decision-making process. This is perhaps the best way to show them your appreciation. If investors feel like a part of your company as opposed to simply a contributor to it, they’ll be more inclined to stay involved throughout its lifespan.
It is simply not realistic to think that one person can effectively control all aspects of a company. There is simply not enough time in the day to devote to client relationships, daily work and, above all else, financial statements.
Most entrepreneurs aren’t business professionals by trade. They’re experts in their given fields—scientists, engineers, and cosmetologists who desire to work for themselves. Hiring an outsourced accountant allow these individuals to focus on their strengths, on the work they enjoy.
The first month of operations is the perfect time to bring on an accountant. You have a lot of money that you likely don’t know exactly what to do with. We can help. Our outsourced accounting and CFO services experts routinely work with start-up agencies such as yours to ease their workloads in this early stage.