Entrepreneurs are abundant in our bustling San Francisco Bay Area. From the city to San Jose and beyond, we have brilliant minds working on ‘the next big thing.’ For start-up leaders who have secured funding and begun their new adventure, we say “congratulations.” It took a lot of energy just to get to this point!
As you know, the foundational positions include hiring someone to consistently manage a business’s financial health and growth. In many cases, new CEO’s try to handle it themselves. At least until they are ready to hire a CFO. But that is a mistake, and it becomes apparent quickly.
While a new CEO reviews products, marketing, R&D, and hires other employees, they also need to remain on top of the time-consuming task of managing the company’s financials. We know that our hard-working entrepreneurs strive to push themselves every day to achieve success. But honestly, no matter how energetic they are, there is only so much fuel in the tank. At some point, they need to rest and recharge. And that doesn’t happen when a new business owner works late into the night to manage their company finances.
Being stretched too thin can impact your new company’s financial growth
Putting off rest to complete the pile of financial tasks to keep a new business running can hinder its chances of success. And frankly, some folks find handling their own bookkeeping boring. An entrepreneur must remain sharp to be effective. We’d like to clarify that entrepreneurship doesn’t necessarily require daily accounting duties. In fact, investing in a contracted accounting professional might help the bottom line. First and foremost, a company leader needs to establish a regular sleep schedule. Because a lack of sleep affects several executive functions. The Sleep Foundation notes how being tired negatively impacts a person’s job performance. Here are a few examples:
- It’s a struggle to maintain focus. When meeting with a venture capitalist, be ready to share why you deserve their investment resources. A specific detail about why your company is an excellent opportunity for them could be the game-changer. If you miss sharing that key piece because your mind is lethargic, that’s a significant loss.
- Sleep deprivation can give a new CEO a bad attitude. When starting a business, everyone is your customer! And everyone remembers how you treated them. If you walk in with a grumpy face and less-than-friendly demeanor, the experience will resonate with those you are trying to impress.
- Over time, sleep loss will impact your health. If entrepreneurship becomes a health issue, nothing is getting done right. Not even the accounting! It’s tough to do any essential work when lying in a hospital bed from exhaustion.
The Sleep Foundation article also offers solutions to sleep deprivation, and that includes ‘seek professional support.’ Hiring an accounting expert for your new business is key to getting back on track. If you’re ready to wake up with plenty of energy for the day, please contact us. We are accounting and entrepreneurship experts who will take over the valuable work of financial management and allow you to focus on other duties.
