You know that saying that goes, you learn from your mistakes? You hear it a lot when you are young, but it rarely eases the pain all that much, at least in the moment.
We actually prefer this saying, attributed to Warren Buffett: “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.”
It’s especially good to learn from others’ mistakes when we are talking business, where we stand to lose money, time, and possibly our reputation if we make the wrong mistakes on our own. That’s why we found this article fascinating. It breaks down the six most common financial mistakes that new business owners make, and give some good suggestions on how to avoid them. And the closer we looked at them, the more it confirmed: a good virtual assistant can actually help steer you away from blowing it in these areas. That gives you an even bigger return on your investment.
So, what are the mistakes, and how can a VA keep you from making them? Here goes:
An accounting VA knows the tax codes and laws that you don’t–and that you don’t care to. They can save you tons of money because they have the time and knowledge to make sure you are paying only what is required. Conversely, their knowledge can help you avoid red flags that may mean a costly and time-consuming audit.
Being dazzled by the topline–
(and overspending because of it). Get your VA to analyze and send you bottom line reports–every day if need be. The real numbers will keep you humble, driven, and hungry. That’s a recipe for success, especially if it keep you from pulling out the company card on a whim.
Again with the overspending! Look, if you want to make a big purchase, outsource the research on it to your virtual assistant. They can help you find the item that best suits your business needs, at a price that fits your budget. Not only do you avoid the impulse buy, but you get to make a fully informed buying decision.
If you are a true entrepreneur, your mind works in overtime, coming up with new ideas and products almost non-stop. It’s what makes you special. But before you dive in to the next thing, a Virtual Assistant can do the research that your creative mind just doesn’t want to stop and do. Have a VA can do some market research to project your current business and to see how your latest and greatest idea will fly in real life.
Confusing being busy with being productive.
Yup, this is the most common situation we see virtual assistants alleviate. In short, you’ll get the best return on your VA investment when the assistant does the busy work. That leaves you free so you can produce. Boom. Productive, not (just) busy.
Not keeping a cash safety net.
A virtual assistant can handle accounts and help set up auto-savings so that you know some amount is always going into a reserve. They can keep you apprised of current cash flow status, and they can let you know when you have reached certain savings goals. Knowing your business has something set aside for a slow patch will help you move forward in confidence, not fear, and a VA can take care of the parts you might have a tendency to avoid.
Learn from others’ mistakes–you don’t have to make them all on your own! And then let someone else help you avoid them. It’s one of the best gifts you can give your business–and your peace of mind.