What Really Matters

Posted on: June 7th, 2021

It’s your business.  You have to make the tough decisions and you will reap the reward.  Building good financial systems and listening to a qualified business advisor will keep you out of the pitfalls that can trap a growing business.  And that can get you to what really matters in the end.

We’ve identified 7 pitfalls that can trap a growing business. Here is a review of pitfalls 1-6 and the questions you need to be asking to avoid them:

• Pitfall #1: Gaps you don’t know about in your financials.
  • “How do I know the true state of my business?” 
• Pitfall #2: Falling behind on taxes and compliance.
  • “How does legal compliance affect my industry and product?” 
• Pitfall #3: Reports that don’t provide useful information.
  • “What metrics do I need to see on a weekly, monthly, and quarterly basis?” 
• Pitfall #4: Forgetting why you are in business.
  • “Why am I doing this now?” 
• Pitfall #5: Not planning for the future.
  • “What will it take to get there?” 
• Pitfall #6: Giving up too soon.
  • “How far must I go for my dream to become reality?” 

Pitfall #7: Mistaking the reward for the end.

Discipline, strategy, and analysis become a way of life on the road to success.  But even after you’ve built a business around these values, that doesn’t mean you’re done.  Knowing when and how to reinvest is essential to the legacy of your life’s work.

“What does success look like?” 

Only you can answer that question—but you need an outside perspective to develop your vision into a responsible strategy. While you will have worked your entire life to get there, you can never be fully prepared for that moment when your dreams truly come within reach—or the questions that moment will bring.

Success brings many friends, but not all will be driven by your vision.  Who are you working with that will look you in the eye and say, “You’ve made it. Now, where do you want to go next?”

What Really Matters

You are the one responsible for your business and for the people who depend on it.  That is a heavy load to carry. Stumbling into one of these pitfalls can keep you from accomplishing what only you can do.

MLA exists to support business owners as they fulfill their unique purpose.  We understand that only you can bear that burden, but we are dedicated to supporting you and your finance team with everything they need. Together, we can help you accomplish what really matters.  Contact us to learn more.

To share this content with others, download our “7 Pitfalls That Trap a Growing Business” whitepaper.