People start businesses for various reasons. Some want to pursue a passion, others have a desire to make more money or escape the regular nine to five. Many believe if they work hard enough they can do it, but it takes more than hard work to be successful.
In all the articles and studies one can find about why small businesses fail, they all report similar findings, from insufficiently researching the market, improper planning, lack of knowledge and training, and choice of poor location, to the lack of capital needed to sustain both the business and the owner’s personal expenses.
Among the reports, one of the primary reasons for failure is poor management, especially of finances. Entrepreneurs and business owners sometimes believe they can do everything by themselves, including bookkeeping and accounting, without specialized training.
As business owners, trying to do everything by ourselves only undermines our efforts and our results are less than perfect. The truth is we cannot do a great job at anything if we are spread too thin. Outsourcing the things we are not knowledgeable of or good at gives us the time we need to really focus on our "why" of starting a business in the first place.