The Two Observations: What we Learnt from Working with Business Owners, Entrepreneurs and Profession
This is a condensed version a presentation I made to the Auckland Chinese Medical Association (ACMA) consisting of a group of about 100 doctors. Although directed to doctors it applies to business owners and entrepreneurs too.
Good evening, on a scale of one to ten, one being least happy and satisfied, and ten being most happy and satisfied - how would you rate your current state of accounting and finance, and by that I mean from the administration of your accounting and finance to having the right financial tools and information to make meaningful decisions so that you achieve your goals? Now ponder that for a while....
Now having given yourself a rating, whether that is 3 or 5 or 8, why is your rating not lower?
Let's move on. Working with many, many clients including business owners, entrepreneurs and professional service providers like doctors, there are two observations that I would like to make, and this is supported by research.
The first observation is known as the Intensity of Demands. The demands you face are relentless, consistent and high pressure. For doctors, you face demands such as patient care, facilities management, financial management, quality of information, safety and people/HR. The demands are real.
The second observation is called The Myth of Indispensability. By this I mean, because you are so highly qualified, motivated, dedicated and intelligent, you feel like you need to do everything, that you are indispensable. Perhaps rightly so, and I am sure you are more than capable although some of the things you do are beyond your skill set or training.
My challenge and my question to you is...are you under enough stress without trying to be an accountant at best, or book-keeper at worst?
My advice for my clients around the intensity of demands and the need to do everything yourself is simply this.
One, seek expert help. Around accounting and finance, get expert advice and support so that you have the right information and tools to make meaningful decisions to help you achieve your goals and to regain control over your accounting and finance.
Two, embrace technology. Around accounting and finance, the technology at the forefront is XERO - a simple, beautiful, cloud based accounting software. With more than 450 tools that integrate with XERO you now have the accounting and /or business tool(s) equivalent to a Swiss Army Knife on steroids. Powerful tools to help you take control of your accounting and finance.
Let me wrap this up with a story and a show of hands. Can you raise your hands if you use a GPS? (Perhaps not surprisingly, about 70% of doctors raised their hands).
I use GPS exclusively. I visit clients a number of times a week and I use the GPS to get from point A to point B. The reason I use GPS is simple. It gets me to where I want to go with the least amount of stress, with the least amount of time and with accuracy and efficiency.
Like the very advice I give to my clients and which this story illustrates - GPS is an' expert' tool as well as a technological tool. Could I have done it without the GPS? Of course, I could - but why would I not use the GPS if I could save time, stress less and gain more control?
It is a no brainer.
Thank you for your time.