As a business owner, there can be an incredible amount for you to juggle whilst maintaining the appearance of a ringmaster. Fortunately, there's lots of information out there to inform and support you to make sense of the circus we call business. But, because we know that your time is money, we have selected three things that every business owner should know.
The balance with ‘yes people’
In order for your business to prosper, you need a team of people who have a lot of energy and are eager to bring your ideas and vision to fruition. These are the people who say instinctively ‘yes, we can achieve that growth’ and ‘yes, we can deliver this project’; successful businesses and profit margins are often built on the foundations of these positive people. However, make sure that you also have an individual or group in your company that will tell you when things aren’t going well and, when they have good reason to do so, can say no to both you and clients. One way to better understand your strengths and weaknesses and those of your employees is to complete a Myers Briggs (or similar) test http://myersbriggs.org/ and explore the results in a team building day.
Make time for fun – yes, you heard us!
Being a business owner can be hard. It is likely that in the early stages, much of your life will be consumed by your new business. Research from the Sage Group found that 45% of business owners work 40 – 60 hours a week and a further 16% work more than 60, higher than the national average of 37.5 hours a week. To combat burnout, build in time for relaxation and fun just for you. This time will give you the chance to re-energise and give you space to think of new ideas. A popular pastime for busy people is online blackjack. Online blackjack gives you all the thrill of a Las Vegas casino from the comfort of your house or office. Have a look at this blackjack guide.
Plan for rainy days
Part of your responsibility as a business owner is to guarantee that your organisation has robust financial planning. One of the cornerstones of this is securing cash reserves. Every business, new or established, large or small, should plan for ‘rainy days’ when cash reserves may be required. Ensuring you have cash reserves for at least six months of your business’s expenses will give you vital peace of mind and will support you if you hit an economic storm along the way. Have a look at insight from Hewins Financial for advice on financial planning. If you do need to dip into your reserves, make sure that you have a recovery plan to replenish the reserves and conduct analysis to learn for the future.