The challenges of an entrepreneur and recommendations to overcome them

August 20, 2016 Throughout our career we have worked with many entrepreneurs offering them consulting and financial-accounting services using the best practices available to us, as consultants, so that their business can prosper and fulfill its purpose for which to was created. Lately, I have noticed that there are a number of repetitive aspects in the challenges that entrepreneurs face – whether they are at the beginning of the road or their business has a long history in the market. In today’s article we address 3 of the most common challenges of an entrepreneur and possible solutions. Team and task delegation Create competent teams to whom you delegate clear and well-defined responsibilities regarding the aspects related to business management. A key member of your team is the “head of the financial-accounting department.” He is the one who focuses his attention on the application of the financial-accounting regulations in force, the compliance with the fiscal aspects and the elaboration of some financial statements, which should offer a faithful and correct image to the internal and external users. Responsibilities related to customer records and sales reporting, suppliers’ records and expenses incurred, inventory records and tracking their seniority or cash flow are recommended to be allocated to dedicated individuals who can provide accurate and timely operational information. Delegating responsibilities to specialized people brings clarity, separation of responsibilities, for the business to grow in a healthy way. Profitability of the business Never lose sight of the premises that lead to the profitability of the business. Correct and timely information on the basics of a business life is vital in ensuring the continuity of a business’s activity. Building a well-thought-out business plan and turning to a specialized consultant are invaluable and increase your chances up to 100% of doing things right. When you set out, “master” the numbers and be constantly aware of the question: with the resources you have, how much can you sustain a profitable business? Also, following the profitability of the business, substantiate a clear structure of the production cost and make sure that you get a profit from which you will be remunerated, as an associate and you will be able to invest in your business continuously. consultant Call in time for a team of experts for consulting services, so that together with it you can establish the right ways of functioning and financial-accounting and fiscal optimization of your business. We are here to take care that all the activities of your company related to the financial, accounting and fiscal area are performed in accordance with the specific regulations in force in Romania and with the specifics of the clients’ approach that we have built in over 20 years of activity. . We are waiting for you to talk and together we will find the best possible solutions for your business.