Running a small business isn’t easy. No-one is an expert straight away and getting to grips with all the different aspects can be tricky. The great thing is though; there is always room for improvement. We all can try harder and do better at being a business owner.
Not sure where to start when it comes to improving yourself and in turn improving your business? Sometimes the best thing to do is to change your own mindset as well as some of your own habits. These don’t have to be huge life-changing things, in fact, sometimes, even the smallest of changes can have the biggest impact on your life.
If you want to make changes to your business, improve your productivity and just generally create a business that you can be proud of, then the time has come to make a change. Take a look through our five habits that will make you a better business owner and see if there is anything that you can try out for yourself.
Have a morning routine
When you own your own business, particularly if the work is completed from home, then it can be hard to get up and get going in the morning. This is where a morning routine can really help. Some business owners may go for a run or a brisk walk before they start the day, some may decide to sit and have some breakfast while they catch up on the news or read a book for half an hour.
One of the simplest things that you can do as a business owner is to make sure that you get yourself up and dressed as if you were going to work. Slouching around in your pyjamas may be incredibly comfortable, but it doesn’t always get you into the right work mindset.
It also doesn’t matter what time you do this routine. Some people may get up at the crack of dawn, whilst others may work later on in the day. The important thing is what you do and how you get yourself mentally prepared for the day ahead.
Learn the art of delegation
As people, we are all prone to try and do everything ourselves. This is definitely true within business. The phrases “oh it will take me longer to show them how to do it” or “I can make time” are often heard. The trouble is, sometimes we don’t have enough time, or it wouldn’t take long to pass the information on, we all like to hold onto tasks as a way to reassure ourselves that we are important.
If you are the owner, then you don’t need to reassure yourself. You are important. But so is everyone else that is part of the team. Not only will delegating tasks out help you to focus yourself on other aspects of your business, but it will also ensure that valuable knowledge is passed around, making sure that you have a highly skilled team behind you.
Realise the importance of self-care
Focusing on our businesses is something that we all want to ensure that we do. However, this can often be to the detriment of our own health and wellbeing. It is good to have passion and drive towards making your business dream a success, but this has to be balanced with self-care.
Self-care is incredibly important. Taking some time for you is the best way to recharge your batteries and replenish your energy stocks. It doesn’t have to be a weekend off, sometimes all you need to do is to sign out of work and have a bath or perhaps just sit and unwind. You will soon start to feel a whole lot better.
Don’t be afraid of stepping out of your comfort zone
Human nature means that we all like to stick with the things we are used to and that we feel comfortable doing. Whilst this can make life a little on the dull side, it can actually have a much bigger impact on you as a business owner and your business as a whole. This means, that if there is one thing that you need to try, it is stepping out of your comfort zone and trying something new.
Businesses, no matter the industry needs to grow and develop if they are going to succeed. Which means, from time to time, you are going to need to take a big step away from your comfort zone. See it is as a chance to shape the future of your business, take a deep breath and be above everything else, be brave!
We all fail from time to time. This is just a part of life as well as a part of business. Failure can seem like the worst thing that could happen, but sometimes it can be a chance to improve or make changes.
As a business owner, it can sometimes be hard to think of a failure in a positive light. However, it can be one of the best steps that you can take. Not only does embracing failure allow you to see ways that you can change and improve what you can offer. But it can also give you the push to take risks and make decisions that you might not otherwise have made.
Once you start, you will soon find that these habits become something that you can do with ease. In no time at all, you will be a much better business owner, and you will see this reflected, not only in your customer satisfaction and success but also in the way that you feel and act as a business owner!
Miranda and her husband run GPS Return a recruitment a company specialising in helping parents return to work. Not only do they help parents find their ideal, family-friendly job, but they also have a career mentoring solution which helps parents work out what it is they want to do and work on their mindset and any confidence issues, as well as practical guidance such as CV updates and interview skills. Miranda and her husband have 2 children aged 3 and 5.
In this episode you’ll find out about:
- Details about Miranda’s business that she runs with her husband
- Details about Miranda’s family
- Miranda talks about her entrepreneurial journey
- Miranda talks about fears and challenges she has had during her journey.
- You’ll hear how Miranda and her husband set boundaries for business and family life.
- Miranda talks about who inspires her
- Miranda gives advice to parents who are starting up a business
- Miranda talks about what success looks like for her
- Miranda tells us about her what her future plans look like.
Thanks for listening!
Running a small business can be a hectic time with many variables to think about from products to sales to marketing, and if you are doing your own accounting on top of that, it can be all too easy for mistakes to be made.
Those who are new to business might think they can save money by doing all of their own financial management but accounting is a skill in itself and trying to take on too much when you don’t know what you are doing, can cause all kinds of problems.
Some mistakes can be small; others can be the difference between your business succeeding or failing. Ongoing mistaken accounting practices can skew your figures and create significant issues for your company.
Here are some of the most common accounting mistakes which small businesses make so you can avoid making them as well:
Making assumptions about cash flow
Just because you’ve landed a new client, you can’t make assumptions that the money you have planned will actually come in on time. They might be late payers, or the project might go on longer than first thought.
It’s good to have an idea of what’s coming in and what’s going out in your business, but you shouldn’t assume what your cash flow is going to be based on proposed projects and potential new work.
As well as knowing what money is coming in from clients, you need to know what is going out, and the best way to do this is to set budgets in place. Have a budget for advertising and marketing and have a budget for all project costs.
That way you will know exactly what money is due to go out of your business account every month and why, and you won’t be tempted to spend ad-hoc on special offers for advertising or one-off project costs. Setting budgets helps to keep you on track.
Leaving book keeping to the last minute
It’s vital to keep accurate records of all the money coming into and leaving your business account, and the only way to do this is to keep on top of your book keeping. You need to record every business transaction accurately.
If you leave it all to the last minute you might find receipts missing, transactions recorded in the wrong category and your books will be a mess. The key to business success is making sure all of the financial records are up-to-date and correct.
Not understanding employees vs contractors
You need to understand the difference between employing people in your business as employees and using contractors. There are different taxes and financial requirements so make sure you are very clear on the law and very clear on what kind of contracts you are offering.
Trying to do all of your finances yourself
While it’s true that you will have to pay for an accountant to support your business finances, trying to do all of the accounting by yourself is one of the most common mistakes small business owners make.
Even if your business is small and the finance is simple, as you grow and expand it will become more complicated and more time-consuming to manage all of the finances by yourself. You don’t want to be up into the early hours balancing the books so let someone else do it for you. Accounting services offered by companies like Crunch allows small businesses to simplify their accounting needs through their unique approach.
Using cash to buy a set of stamps to post out invoices is still a business transaction, no matter how small and you need to make sure you record every single transaction accurately. It’s all too easy to forget some of these smaller transactions and overlook them.
But if you forget a number of smaller transactions in your books, it will all add up, and your business accounts will quickly be affected and become inaccurate and potentially misleading records of how much money you are actually spending.
Not making sure your books match your bank account
While it’s important to keep records of all of your income and outgoings, it’s also vital to check your records against what is actually on your bank statement. It’s all too easy to overlook small expenses that you might forget about.
You need to make sure your accounting records match with every transaction that shows up on your business bank account so that you have a very clear and accurate picture of your actual real-time business finance.
If you employ a book keeper to help you then you need to tell them everything that goes on within your business and you need to keep records of all transactions and copies of all receipts to give to them at least every month to make sure all the transactions reconcile, so your books always match your bank account.
Cheryl Davis Freelance Writer
Who’d expect that a daughter having tantrums over seams in her socks would lead to a life-transforming discovery!
This is how Nina Khoo discovered she & her daughter were part of the 15-20% of the population who share the naturally occurring temperament trait of High Sensitivity. Discovering she was Highly Sensitive was like finally finding the right user-manual to her life, & it explained why her daughter was sometimes really bothered by things like scratchy labels & seams in her socks.
Nina is now passionate about raising awareness of the Highly Sensitive Trait. She coaches Highly Sensitive Women to be strong & inspiring role models for their children through her unique program ‘The A, B, C of High Sensitivity’.
In this episode you’ll find out about:
-Details about Nina’s coaching business
-Details about Nina’s family
-Nina talks about her journey in becoming a personal development coach for highly sensitive women.
-Nina talks about fears and challenges she has had during her journey.
-You’ll hear how Nina manages running a business and family life
-Nina talks about who inspires her
-Nina gives advice to parents who are starting up a business
-Nina talks about what success looks like for her
-Nina tells us about her what her future plans look like.
Thanks for listening!
Hurricanes, Tornado, Floods, and wildfires are some of the natural disasters that can cause a business loss of up to $ 150 billion. Notice is usually given before there appearances, can your business survive the natural disaster? A good entrepreneur is one who knows how to endure such a crush before they lose everything. That is why with the tips provided below, you can prepare your small business for the next tragedy before it’s too late.
Create a response plan
Surviving a disaster needs preparation, a loser will act after the tragedy has destroyed everything including people’s life. Have a written plan that entails all the actions that the company will take in case of a natural disaster. Ensure all your employees are aware of the idea, and for your tactics to work out, you have to ensure there are several meetings for the same if something new comes to your attention. More so, your employees have to be aware of the escape route plans, the usage of the firefighting tools and so on. You can establish a remote system and appoint some employees will work from home if there is a shutdown.
You have to review regularly your the insurance coverage of your business to be sure of enough coverage. Investing in insurance coverage is the best weapon during a natural disaster. That is why you must have an insurance cover that caters for extended coverage, property loss, business destructions, and business closure. It should cover for all natural disaster in case one of it happens.
Create a good communication plan
Since your property is covered and can be recovered after a breakdown, losing your customers will be a loss, that is why you have to have a communication plan. Employees are part of your business, so they should be aware of your communication plan so that after a temporary shutdown, you will be able to win back your customers and clients. The method is efficient if you manage all communications but have some people leading the clients’ contacts, customers contact, and even the insurance company contact.
Storage of company’s data
Back up plan is an essential plan for your business. Retrieving customers contact lists and data after a shutdown is easy if stored in the cloud or other database systems. You should have a reliable hard drive, and a copy of it stored in another office at a safer place. Moreover, with the company’s data in the cloud, employees can still access information on important documents, and ongoing projects, thus, they continue working remotely.
Build strong relationships with the employees
Employees are your family and relatives when it comes to business. A good relationship eases the recovery process procedure after a loss. You should also ensure clear communication to your vendors and clients after the disaster so that they also be aware. Your small business can face lots of challenges after a disaster like incapabilities of making a delivery. But keeping your clients updated will save you the loss.
Not everybody can prevent the next natural disaster, but with the above plan, it might save you more than you could have lost. The above method can help your business to be back on its feet earlier than you expected, only if you implement it.