I honestly don’t like this type of attention to detail.
I have a professional bookkeeper/accountant who I outsource it to.
I like to ignore the detail part of finances, but entrepreneurs really can’t.
I was anxious to hear what some real accountants had to say. Luckily, I have someone in my network who is an accomplished accountant and bookkeeper, and someone I count as a good friend.
Valerie Gonyea is someone I was blessed to meet in person, and then share some meals and several conversations with over the years.
Here is part of her feedback on Eight Lunches:
OK, yes, I know I am right up against your requested deadline, but I wanted to be sure that I read – and absorbed – the whole thing.
I’ll just start out with my **only** negative comment, which is that this is not my favorite type of book format, the “ongoing conversation”. But because it was YOU talking, it was much easier for me to appreciate. If I didn’t know and respect you the way I do, I probably wouldn’t be drawn to this “conversation”. That’s just me, though.
That said, I am thrilled you did this project. Although very little of the content seemed new to me, I believe that is because I read your blog so there are many common themes, obviously. They are all very good themes and very, very relevant. I can only guess that many people try to pick your brain in this way and so this book will be a great way to short-circuit those precious time-suck conversations.
… I get the homework each chapter, is there more to them? I know you follow up with some email correspondence for clarifications, but it seems like you could add some more self-reflective questions at the end of each chapter, whether you relate them to your convo or not.
This stuff is NOT natural for most people to think about when they are just getting started so maybe add some additional questions at the end of each chapter that really forces the reader to think beyond their comfort zone…or worse what they THINK they know! This is particularly relevant to lunch 3: Packages.
I, of course, really appreciate the chapter about finances. One thing that Paul says is that he’s missed entering some expenses and you make a comment about this being more of a chore part of a business rather than a key focus.
I don’t want this to sound self-serving but a good bookkeeper for 3 hours/week at $40-$70 per hour could really help with this. Paul could get some referrals and as long as he is able to give CLEAR direction as to how expenses should be categorized (and a GOOD BK can help him get clear on this) then he can get more focused on his main goals, sales and marketing. I mean I have one client who has very thin margins and he is very particular about how the expenses get categorized…we work well together because I am equally careful and I ask questions when I am unsure. I HELP him stay focused on the business and my cost is a true business benefit. Just my .02 on that.
I also think that you could clarify that this is really a 2 step process, the first step is the uncomfortable number crunching but the payoff is to get to the second step which is the conclusion drawing, as you call it.
random thought: somewhere in the passive revenue/packages convo maybe relate to ordering at a fast food restaurant….look I HATE that stuff and I really resist doing it if there is ever a better option, but in a pinch, I know I can drive up to a window and order a #3 and get a burger, fries and a drink, addressing all of my needs so I can focus on what I am actually trying to get done that day. Again, just a random thought.
Isn’t she amazing? Thank you for taking the time to read and absorb it… !
Valerie had some other excellent suggestions, which I’m incorporating into the book.
It pays to know awesome people!