When most of us decide to go into business, it’s because we want to do what we love. Whether it’s cooking, construcion, designing, or consulting, we’ve got a passion, and we’re ready to turn that passion into profit. But here’s the thing about running a business: it’s a lot more than just doing what you love. In fact, it’s like building a house from the ground up. And here’s where it gets tricky—you might know how to install the cabinets, but what about grading the land or framing the structure? These are different skill sets, and unless you’re a general contractor, you’re going to need some help.
The Many Hats of Business Ownership
When you’re running a business, you’re not just the chef or the designer; you’re also the salesperson, the marketer, the HR department, the accountant, and the janitor. Each role requires its own set of skills, and sometimes, even within those roles, there are specialized skills that you just don’t have. Let’s face it—nobody is an expert in everything, and pretending otherwise can lead to some serious issues.
Think about it like this: if you were building a house, would you ask the plumber to install the roof? Sure, they might give it a shot, but would you really want to live under that roof? The same goes for your business. You might be able to handle the bookkeeping, but are you confident enough to take on the role of a CFO? And what happens when tax season rolls around, and you realize your bookkeeping wasn’t quite up to snuff? Suddenly, you’re paying what I like to call the “dumb tax” Don’t Understand My Business (from Cash Flow Mike) – learning the hard way that there are gaps in your knowledge that cost you.
The Reality Check: You Don’t Know It All
Let’s just get this out in the open: you don’t know it all. I don’t know it all. And that’s okay. The real problem arises when we think we know more than we do. We might assume that because we’ve been running our business for years, we’ve got everything figured out. But as so many financial Guru’s often point out, business finances aren’t as simple as balancing your checkbook. The roles of a bookkeeper, an accountant, a tax preparer, and a CFO are vastly different. Each one brings a unique perspective and expertise to the table. Expecting one person to handle all those roles is like expecting your plumber to be your electrician, roofer, and HVAC technician too.
Who, Not How
There’s a excellent book by Dan Sullivan and Benjamin Hardy called Who Not How. The premise is simple but powerful: stop trying to do everything yourself. Instead of asking, “How can I do this?” start asking, “Who can do this for me?” It’s a mindset shift that can change the way you run your business. Instead of spending hours trying to learn the intricacies of tax law or marketing funnels, find someone who already knows what they’re doing and let them handle it. This frees you up to focus on what you love—after all, that’s why you got into business in the first place.
Conclusion: Focus on What You Do Best
So, what’s the lesson here? It’s simple: stay in your lane. Focus on what you do best, and find the right people to fill in the gaps. You don’t need to know everything—what you need is a team of experts who can handle the things you don’t know. That’s how you build a successful business, one that not only thrives today but can be sold tomorrow for what it’s truly worth.
Or, you can keep trying to do it all yourself. You might learn a lot along the way, but trust me, that education is going to be expensive. It’s called the dumb tax for a reason, and it’s a price that no business owner needs to pay.
Instead, let’s all have a little fun, make some money, and enjoy the ride. After all, that’s why we’re here, isn’t it?