As a Business Owner, How Can You Compensate for Your Weaknesses?

By Rich Bond

Inc. Magazine’s article on “How the Most Effective Leaders Turn Weaknesses Into Strengths” really resonated with me because I work with so many business owners. Many of these owners don’t even know they have a weakness.

As the article says, “Face it, you can’t be good at everything.” It then goes on to talk about how to make up for the skills you lack. The first step is to recognize and accept what you don’t know or aren’t good at.

Most successful entrepreneurs are highly creative risk takers. Their weaknesses are usually the activities that require a lot of attention to detail. This often includes finance. Unfortunately, their businesses will suffer if this critical area is left unattended.

That’s why Step #4 in the article is so crucial: Hire the skills you lack. If you can learn to give someone a task you don’t understand and then get out of the way, that’s a sign of true trust.
But do you trust yourself to hire an expert in an area as important as finance – the care and management of your company’s lifeblood?

That’s where owners can skimp, but really shouldn’t. As a business owner and financial recruiter, I’ve seen how the right finance people – like a controller or CFO – can add real value and improve the bottom line.

What’s your view of finance? Is it an area of weakness? I’m open to discussing your views and experience with finance (or lack of experience) and sharing mine. Richard.Bond@BondandCompany.com.

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