There’s nothing wrong with hating finance. Finance is math, and who likes math? 58% of Americans, apparently. But that still leaves roughly 2 in every 5 people who don’t like math at all.
Ask that 58% about how much they like math when it involves their money, and you may find those numbers dwindling. But see, you can’t even talk about hating math without using math. Sadly, we just can’t do away with it — especially in business.
Like it or not, you have to understand finances if you’re running a business. Otherwise, you’re not running it. You become a deaf conductor who is just hoping beyond hope that your orchestra is still playing the right tune.
You need to be able to hear and understand the financial noises your business is making, or it won’t last for long.
There are ways to take the burden off. Some methods will help you carry the burden. We suggest a mixture of both: ease into it and learn to master finance at a speed that works for you!
1) Use Quality Invoicing Software
Using good invoicing software doesn’t just let you offer your customers professional, elegant invoices. That’s a massive perk — a professional face for your brand is a huge factor in building trust — but invoicing software allows you to manage your finances so much more easily.
Your ideal invoicing service will help with the problems you have, and not throw up any new ones. Some software interfaces can overcomplicate things by offering too many options, but the best invoicing software providers will remove the clutter and make your life so much easier. It’s well worth a try.
2) Hire an Accountant
You can always just go old-school. It’s certainly not the worst idea. Even better than using an accountancy firm is to hire an in-house accountant. This means that you’ve got a relationship with the person running your finances, and they have a personal interest in your business’s success. That kind of thing matters.
If you’re only just realizing how much you hate finances, then this is a must. It might be a while before you get used to having to crunch those numbers, so having someone you trust around to do it for you is a great idea.
3) Hire an Accountant to Teach You!
As mentioned above, you do need to get a grasp of the numbers, one way or another. This is another huge benefit of hiring an in-house accountant as opposed to going with an outside firm.
Developing a strong relationship with your finance manager is good for your business in more than one way. Firstly, you’ve got someone who is around to help you understand the important stuff one-to-one. Secondly, taking an interest in your employees’ work is one of the key tenets of good business management.
Feeling as if you are a useful and integral part of a business is important to any worker. You can build a great work environment and learn on the job in this way.
4) Find a New Angle
If you still find your mind playing elevator music whenever the numbers come up, try to approach them from a different angle. You’re obviously invested in your business’s success, so let that be a start.
Play around with the ‘what if’s of a situation. What if we freed up resources to invest in this promising area?
What if we gave up on this area that seems to be a dead-end? Think about the results before the money, and you may find it easier to engage with the math behind the ideas.
Don’t Rush — But Don’t Stop
Learning how to engage with business finances isn’t easy for many of us. It’s just one of those things that have to be done. Make it easier for yourself with alternative approaches and the best aides you can get. Best of luck!
Some other articles you might find of interest:
Make your business rock with these business plan writing skills:
Startup’s Guide to Write a Business Plan
Would you like to know how investors value a startup?
How Do Investors Value a Startup?
