Every professional seems to feel that they are the most important part of the business. The Sales team feels that they are most important; Finance & Accounting may feel they are most vital; and Marketing may feel the same, as could those who are in product development, purchasing, or manufacturing.
Every business has to have something to sell, of course. It could be a product or a service. Without this, it has no business. Yet, if people don’t know about the product or service, it can’t be sold. That means no money. And while a company can operate for a limited time without tracking its finances, that will only go for a while, and this ignoring of the accounting will eventually sink the company one way or another.
So which part is most important? Sales and Marketing? Product? Accounting? These are the three pillars of a business. Each of them has to work in harmony and equally hard in order to make the company successful. For a business owner who has a background in sales, this tends to be the part that is concentrated on. Sales become the number one pillar and drive the business. This can make for some great success, of course. But it can also hold the company back. If the other pillars are not managed, then they will become weak and the company can fall. It’s the same as if a company only watches the accounting. This can be perfect. But without a good product or enough sales, the company will still fail.
In the accounting business, the aim is to help keep that one pillar solid, so that our clients can concentrate on the other two in their businesses. It’s also the intention of any business owner who hires sales and marketing people. In these instances the owner is either a product person – someone who knows and develops the product or delivers the service, or has reached a point where s/he needs help doing the sales and marketing that s/he is already doing to capacity. Too many small businesses either try to d it all themselves or try to cut costs by getting a lower quality service to manage one of those pillars. And it costs in the long run.
Far too often we see, at Makes Cents Accounting, people who have either completely neglected their finance pillar or have come from a firm that didn’t really care about them. Sometimes they come from dong things themselves, when they really didn’t know how to. And sometimes they come from places that really are a lower level firm that is only capable of basic bookkeeping, if that. And sometimes they come from a big, reputable firm that really isn’t interested in the smaller businesses, so assigns the work to a junior staff member who doesn’t have the skills or experience necessary to a good job. And those small business owners find Makes Cents. Thankfully for both of us!
We, of course, like getting clients. And those clients really appreciate that what we do for them fits their needs and does it right, giving them the attention they need. That’s why we are small business accounting specialist. We don’t work with the big companies. Our biggest clients have only two or three owners. And those owners do the main work in the companies. Always. Most of our clients don’t have any staff other than the owners. And our biggest client has eight, including the owner.
While at Makes Cents we do know all of the three pillars of business, otherwise our business wouldn’t still be around, we specialize in helping with only one of those pillars. That is the foundation of our business! And it’s why we sometimes use the consultation of others for our sales or marketing. They do something on one of these pillars better than us. We recognize that it’s important – as important for our success as our service is, and as important as taking care of our own finances and accounting (luckily we’re already good at that part).