The SIGRUN Show · Episode 213
The Mistake That Cost Me $50k and Took Me One Year to Fix
Every business owner makes a mistake at some point in their entrepreneurial journey. This is how we learn, and we must never let fear of failure hold us back. In this episode of The Sigrun Show is focused on a mistake that cost me $50k.
I do not say this to alarm you. Sometimes, mistakes are small and easy to fix, but sometimes they can be very costly. One of the most common - and most expensive - mistakes that many new entrepreneurs make is hiring the wrong person on their team.
I am an experienced businesswoman and I have been running businesses since 2004. So, I have extensive experience with hiring the right people.
But, I am also human. Sometimes, I make mistakes.
In this episode, I share how making a mistake by hiring the wrong person, and how this single mistake cost me $50k and took a year to fix. I explain how messy books eventually led to sounding an alarm to my local tax authorities, how I finally realized I hired the wrong bookkeeper for my business, and the steps I took to fix the problem. I also explain the importance of basing your hiring decisions on the person’s qualifications and skill instead of your budget.
“A sloppy bookkeeper is not a good sign.” - Sigrun
In This Episode of The Sigrun Show:
- How hiring the wrong bookkeeper can be a costly mistake
- Why I hired a bookkeeper to manage my business books
- Why I began using Paypal and Stripe to process invoice payments
- The importance of knowing the details of your business books
- How hiring the wrong bookkeeper led to my business being audited by tax authorities
- Lessons I learned about hiring a qualified bookkeeper
Key Takeaways:
- Review your business books often to ensure they are accurate.
- Hire a qualified bookkeeper.
- Remember: You get what you pay for.
