How to be a better small business owner

2nd September 2021

There is no better time to reflect on your business, assess what you’ve done so far and look at what you can do in the future, maybe you’re still doing great and maybe you’re struggling but its important to ensure that you are moving with the times and currently they are moving fast.

Whilst its natural to look outwardly on what’s going on, it’s just as important to check in on yourself and look for ways to improve your own performance, it doesn’t have to take long nor involve many hours of deep meditative thinking, after all there are only so many hours in the day and you are just one person; to that end we have put together 5 of our favourite and most valuable pieces of advice out there at the moment.

Make decisions

It might sound obvious and even ridiculous, but the buck stops with you and you need to be able to make decisions quickly and effectively. Seeing as decision making is directly linked with confidence, remind yourself that you are the owner and the expert in your business. If you are unsure about factors that are preventing you from making a decision, its perfectly reasonable to seek advice, that in itself is making a proactive decision for your company.

Take care of yourself

We talk a lot about mindfulness and wellbeing here at Accounting Clarkes and there’s good reason for it, it is difficult to function effectively if you’re run down from lack of sleep, a bad diet and have had no exercise or even a decent amount of sunlight. Make sure you’re taking a breather, get some fresh air and some good food and you’ll feel like a new person.

Foster and nurture relationships

Whether its with clients of other staff members, remember to take the time to get to know people, you’ll find better working relationships all round if you look up from your screen from time to time. People like to buy from people and not just faceless companies and are even more likely to buy from someone they respect and trust, so think of them like little plants that need care and attention and it will take you a long way.

Be passionate about what you do

In the dead of winter, in the middle of a pandemic, even just on an off day there needs to be something to keep you going and it has got to be more than just a paycheck. Remember back to when you started your business, you saw a niche, you had the drive and you wanted to do something with it. If you’re feeling a bit flat (and you’ve already tried our second piece of advice) maybe its time to rethink what you’re doing; after all if you no longer enjoy it, no one else will either and family, friends, colleagues and clients will all suffer because of it. There’s no need to throw the baby out with the bath water though, small changes might significantly adjust how you feel so take this opportunity to look how you could freshen it up.

Streamline

There’s very little room in a small business for ‘fat’ and this goes for any padding of your time and energy as well as your bottom line. Prioritise what’s important (including that all important time for yourself) and learn to say no gracefully.

There’s no harm while your there keeping an eye on the ‘fat’ in your accounts too so pay attention to your costs and keep a close eye on them. Are all your outgoings necessary, are you getting the best price for your supplies and check your processes too; your time is a cost and needs to be spent wisely.

 

If you need help identifying where changes can be made, we’re here, supporting you and your business so call us on 07796 954685 for clear and honest advice on how to make sure your finances are as healthy as they can be