Are you “Stuck in the Weeds”.
Here’s a few tips to take back time, reduce stress and get back to business. Accounting, entrepreneur tips, owner managed business.
As we embark on the second month of 2020 it is worth taking time to reflect on business goals and current performance.
The buzz of the ‘new year, new start’ has faded and it is likely, for many, that old patterns have remained.
Are you achieving the goals and plans you set for your business?
Have you completed the key tasks on your action list that will help you to move forward?
Have you even got a goal or action list?
Many business owners find that as their business grows their time gets taken up with operational tasks. Often, they are the sole point of contact and authority for many areas and can spend their days ‘firefighting’ as problems or issues arise.
In short they have become ‘stuck in the weeds’
When this happens, attention is deflected from the key actions needed to ensure growth, profitability and sustainability.
Here are some suggestions to help you to get back in control of your time and your business:
- Review. Examine processes and eliminate unnecessary steps. Ensure tasks done are essential and have purpose – if not then “out with it”.
- Automate. Automation provides time saving, increased accuracy and reduced duplication of workload. When implemented it will save a business owner time and money as tasks are taken care of and data becomes visible at the touch of a button. Areas for automation include bookkeeping services such as invoice entry, credit control, with marketing, customer on boarding and follow up also examples.
- Outsource. If you are lacking the space or the resources to complete certain tasks, or if they are costing more than you can afford seek to find a reliable 3rd party who can assist. This can be used for stages of product creation, distribution, and support services such as customer service, marketing, HR and financial advice.
- Seek Professional Help. Don’t put your head in the sand when complex issues come up. They will just take twice as long to resolve and likely cost over and above. If you have missed a deadline with HMRC, your customers or employees are in dispute or your cash flow is keeping you up at night, get an accountant or lawyer – someone with the right skills to assist and tackle the issue. Even better take action around key risk areas for your business before an issue arises so that you can be prepared and can mitigate asap if needed.
- Let Go. You are not the only person who can do the job. As business owners we tend to think we know best and without us the business would fall apart. That is often not the case and spreading the workload can not only give you space to breath but empower those employed by you to engage more fully and subsequently increase their productivity and drive.
- Finally remember Why Do You What You Do – get back to basics of the business and reconnect with why you started in the first place. A business, like anything, thrives when it is given passion and energy. Step back and set some goals for the future to keep you motivated and on track.
At Bright Vision Accountancy we are passionate about helping businesses grow and reach their potential. If any of the areas mentioned in this article resonate with you please feel free to get in touch to see how we can help.