Navigating Business Finances with an ADHD Brain
Ah, finances. The very word can evoke a range of emotions, from mild confusion to outright panic, especially for those of us whose brains tend to operate on a more… creative wavelength. For me, the world of balance sheets, VAT returns, and forecasting often feels like trying to decipher an ancient alien language. And let's not even get started on the shiny things.
The magnetic pull of a new gadget, a "must-have" tool, is often irresistible. Logic and existing possessions be damned! The justification for why this new acquisition is absolutely essential is usually swift and convincing, even if I already own something remarkably similar – or, in some truly spectacular cases, the exact same thing that has simply vanished from my awareness.
Take the saga of the man bag. A couple of years ago, the thought of a new laptop bag took up significant real estate in my brain. Sleep was a distant memory as I eagerly awaited its arrival from the Amazonian depths, completely disregarding the small mountain range of perfectly functional bags already residing in my wardrobe. The grand unveiling was… anticlimactic.
It was a good-looking bag, no doubt, but a crucial two inches too small for my laptop. Now, a rational person might have simply returned it and ordered the correct size. Not me. In a feat of mental gymnastics, I convinced myself that what I really needed was a smaller laptop – lighter on the back, you see! A swift trip to Currys ensued, and a new, smaller laptop was acquired to fit the undersized bag.
Fast forward two years to this very week. Browsing a gadget shop with my daughter, a beautiful laptop catches my eye. The familiar "I must have it" siren song begins to play in my head. My daughter, bless her observant soul, gently reminds me, "Dad, aren't you sure you have one of those at home?" And there it was. The very same small laptop I'd bought to fit the ill-fated man bag, used for a week, and then completely forgotten about until this very moment! The financial logic? Non-existent. The allure of the shiny new thing? Utterly compelling.
Then there's the treacherous landscape of subscriptions. As I’ve confessed before, my enthusiasm for new software solutions often outweighs my follow-through. The siren call of a free thirty-day trial is almost impossible to resist. "I can always cancel," I tell myself, knowing full well that the likelihood of "future Phil" remembering to do so is slim to none.
The result? Monthly direct debits silently draining my bank account for software I’ve long forgotten I even signed up for, let alone used. The fear of actually checking my bank statements only compounds the problem, allowing these phantom subscriptions to continue their stealthy financial drain.
Running two limited companies, both VAT registered, only amplified my financial anxieties. The deadlines, the paperwork, the constant need for meticulous record-keeping – it was a recipe for overwhelm. After years of last-minute tax returns and a general feeling of being perpetually behind the financial curve, I finally realised I needed help.
Now, you might reasonably ask, "Why not just hire a bookkeeper, Phil?" And that was a logical consideration. However, after years of feeling like I was constantly scrambling to scale the business while simultaneously battling financial admin, I recognised the need for someone more… well, "grown-up" than me to take the reins. Someone whose primary focus would be keeping the finances in order.
Bringing Rob on board as a business partner was one of the best decisions I've ever made. Having known him for years, trust wasn't an issue. Suddenly, tax returns were filed on time, bills were paid promptly, invoices went out like clockwork (and were actually chased if they weren't paid – a task my inner people-pleaser found excruciating!).
Crucially, any new software subscriptions now had to pass the "Rob Test." His sensible approach, allowing a few days of consideration before committing, usually gave my impulsive brain enough time to move on to the next shiny object, saving us a considerable amount of money in the process.
So, if you're an entrepreneur, especially one who recognises some of these financial foibles, take the sensible route. Either outsource the financial aspects that consistently wreck your head, or, if you can, find your own "Rob" – someone grounded and financially savvy to keep you on the straight and narrow.
Trust me, the peace of mind (and the savings!) will be more valuable than any fleeting gadget.
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