03 9008 5950

Fast Paced Accounting and Small Business

6d457c518dfb281c2c6fae072bd4a90eEverything in life and business in recent times seems to be about moving faster. That said, I don’t believe moving faster for the sake of moving faster should always be the goal.

As an example, let’s look at some of the recent sports to change regulations and introduce new formats to improve the speed of the game. The first easy example is cricket, which introduced 20/20 in 2003 and since this time, the new format has seen a vast rise in popularity. However, talk to most long term fans of the sport and they will tell you that test cricket is the only true way to watch. This point is most highlighted by the recent Indian tour to Australia during which all four tests ran over 5 days of enthralling sporting action.

It was during the cricket that I noticed advertising for a new form of tennis being launched in the next 2 weeks by Roger Federer. Fast 4 Tennis as it is to be known is a faster version of the game many of us have come to enjoy. Again, I can see the benefit for people who may not be true fans of the sport but want something entertaining to quickly watch on a particular evening. However in the same vein as the cricketing example given above, some of the greatest matches in recent memory have been some of the longest, including the Australian Open final in 2012 played over five sets and a new record of 5 hours 53 minutes.

Now, however, we move to the point of how this affects small business and accounting. I think there’s an important focus that needs to be placed on taking time to do things in business. Although I’m not saying that businesses should sit around and wait for things to happen, and understand the benefits of certain industries of moving fast (our company implements cloud software and therefore we need to facilitate change week on week), good things take time.

One of the most important questions to ask yourself in business is often whether you want something done quickly or done well.

As is often mentioned in the trades industry, but I think applicable to every industry around the world, measure twice and cut once!

As a small business owner ask yourself whether you are forsaking quality for speed.