Recognise your strengths & limitations
Do you repair your own photocopier?
While it’s a mechanical task that may be accomplished with the use of a manual, why do so few business owners do it? The answer is generally that they recognise that somebody else can do it more efficiently, reliably, and cost-effectively.
So why do many overworked business owners take the reverse approach when it comes to business structure set up, tax planning, capital gains tax, financial analysis, and a host of other highly specialised areas?
They get out the text books or ask, “Dr Google” to help them develop professional accounting expertise.
There is nothing wrong with trying to solve problems yourself, if it is cost-effective to do so. However, if the time you spend in accounting tasks was invested in winning more business or improving service delivery for clients, you would generally get better returns.
As a business owner, you need to be across the fundamentals of your business and have a working knowledge of all the important areas for day-to-day operations. But you don’t need be an expert in every aspect of your business.
Recognise your strengths and limitations. Outsource what you are not best at to the professionals and see what a difference it makes to you and your business!
At AGC, our taxation professionals are rich in taxation knowledge and experience across Australia. Experts in dealing with complicated taxation matters, offering exceptional support and advice. Whether you are an individual, an entrepreneur or a business owner, we can provide you with specialised tax services, including tax planning; taxation lodgement; taxation audit & assurance and tax advice.