Do You Need Business Surgery or Business Vitamins?

# Understanding the Importance of Business Vitamins Over Business Surgery

In the entrepreneurial world, it's not uncommon to postpone addressing financial hygiene until a problem arises. On the latest episode of "Keep What You Earn," Shannon dives into the stark choice many business owners face: business vitamins or business surgery. Let's unravel the insights she shared and explore why it's so critical to invest in the financial health of your business from day one.

### Business Vitamins: The Preventative Approach

We're all familiar with the adage, "An ounce of prevention is worth a pound of cure." Just as we know we should eat our vegetables and exercise regularly for our physical health, your business's financial health requires similar preventative care—these are your business "vitamins." These practices might seem mundane in the thrill of launching and scaling your business, but they are the bedrock of sustainable growth.

Business vitamins include setting up a dedicated business bank account, tracking income and expenses diligently, filing taxes on time, and maintaining organized records. Implementing these steps from the get-go lays a foundation for success. Shannon emphasizes the power of good habits and systematized processes, such as using project management tools like Asana or ClickUp to keep track of financial matters diligently.

By making these tasks part of your regular routine, you'll develop a deeper understanding of your business's financial health, enabling you to make strategic decisions and delegate more efficiently as your business grows. Moreover, frequent check-ins with your financials help avoid the shock of discovering issues when they've snowballed into significant problems.

### The Cost of Neglect: Business Surgery

The term "business surgery" refers to drastic measures taken to solve financial problems that could have been prevented. Just like waiting until the jeans don't fit to address a weight problem, ignoring the financial aspects of your business until you see a major tax bill or other financial crises means you'll need significant—often expensive—interventions.

Not only is business surgery more costly than taking daily steps for financial wellness, but it also disrupts the flow of your business operation. Shannon highlights the high demand for professional help during tax season and at the end of the year, which could leave you scrambling for assistance when it's hardest to find. Playing catch-up not only leads to stress and potential inaccuracies but often incurs higher fees as professionals may have to redo years of work. It's an expensive lesson in why it's essential to maintain those vitamins—regular, healthy financial habits.

### Hire Help When Necessary

The importance of asking for professional assistance cannot be overstated. This help might come at various scales—from a simple audit of your financial processes to comprehensive accounting services. Just as you wouldn’t hesitate to see a doctor when you're sick, don't shy away from contacting a financial professional when your business's fiscal health is in question. Remember, accountants expect to assist with challenges; it's their specialty.

As Shannon stresses, most accountants have seen it all. Your disorganized books are likely no worse than many cases they've already handled. Professionals in this industry are there to guide and educate you, not to judge the state of your finances. If you're candid and willing to learn, they can train you to better handle your business finance and avoid future hiccups.

### Final Thoughts

Running a business is demanding enough without the added stress of financial issues catching you off guard. Take Shannon's advice to heart: implement those business vitamins early on to maintain the health and viability of your business. When issues arise—and they will—it's always best to address them head-on with the help of professionals. Doing this can save you from the trap of 'business surgery,' letting your entrepreneurial journey be a story of growth and success rather than one of crisis and costly recovery.

Don’t wait until you need a major fix; start with a manageable routine that includes those vital business vitamins. It's the smartest investment you can make for the long-term success of your dream.

What you'll hear in this episode:

06:35 Improve efficiency, delegate, respect professional help.
07:41 DIY mistakes may cost more to fix.
11:17 Seek help and embrace preventive measures. Trust.

If you like this episode, check out:

The Power of Diverse Mastermind Groups for Comprehensive Growth

How to Break Free from the Corporate 9 to 5

Best Ways to Negotiate Business Deals

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.