While this article focuses on entrepreneurs, it applies equally to those following a career.
A common trap for most entrepreneurs is to become bogged down in the daily operations of their business(es) to the extent that they are unable to make clear, strategic decisions. In the extreme, going to work becomes increasingly difficult and may even result in a dislike for what they do, having forgotten the passion for starting in the first place.
Below, are some fixes to the above problem, although it is advisable to approach a suitable professional accountant for a deeper analysis of the issues which may be causing problems. Before looking at these fixes, it’s important to note that hard work is key for the success of any business. As Ray Krok (founder of McDonalds) famously said: "Luck is a dividend of sweat. The more you sweat, the luckier you get”. However, it is good to qualify “hard work” by differentiating between (good) hard work, which is key and (bad) hard work, which is a waste of time.
So, what can you do to get your business working for you (rather than you working for it)?
- Identify time-wasters. Keep a track of tasks you do for a week or two. Analyse these and get rid of everything that does not generate revenue for you or does not take your business forward in some way.
- Delegate, delegate, delegate. Most small business owners struggle to let go of their business. However, it can never grow if you keep doing everything. It is important to stop micromanaging your employees.
- Manage customer expectations. Many problems arise because of “demanding” customers but these can be avoided if their expectations are clearly established and communicated.
- Set boundaries and keep them. It is critical to establish the boundaries between work and the other parts of your life. It is easy to blur the lines between business and your private life when you are the boss.
- Use systems which help you and don’t frustrate you and waste time. At The Tax Shop, we are experts in implementing systems (accounting, payroll and more) which help our clients to efficiently manage their business(es). These are designed to free you up and to make your life easier.
There are enough stresses in our world, having a business should not to be one of them. Feel free to contact a Tax Shop near you for advice about your business.