In the post titled, Stress and the Small Business Operator #1, we listed some of the common causes of stress for small businesss owners.
These include:
- Inability to find workers who do the job as well as you do;
- Employees not always turning up – leaving you with more to do;
- Insufficient earnings;
- Long hours;
- Inability to get away for a break or holiday as there’s nobody suitable to manage the business;
Last time we discussed Managing Employees. This week, we’ll consider profits.
Insufficient Earnings
If your business isn’t making enough money for you to survive comfortably on, it’s time to do some tough thinking.
Can you build it up or is it time to give it up?
If the problem isn’t that severe, get ready to rally! Explore ways to increase your takings and cut back on costs. As an example, can you offer a service level that’s better than your competitors? If so, your customers probably won’t baulk at a small price increase – and that small price increase can actually translate into a large change in the profit level.
If you’re likely to make more money and work less hours in a day job, the chances are you’re also under a great deal of financial stress.
I firmly believe that resilience and persistence are most-have attributes when it comes to business. That said, sometimes it is better to jump ship than go down with a sinking ship. If you’ve lost interest, and find yourself getting deeper into debt just to meet basic living expenses maybe it’s time to talk to your accountant about options regarding selling or closing down.
The truth is that a large number of small business operators are working very long hours for what amounts to a pretty ordinary take-home pay. If you are buckling under the strain and can’t remember the last time you woke up looking forward to your day, it’s time to seek some professional advice.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis | Facebook
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What a great resource!
HELP! I want to switch servers and don’t mind selling all my stuff off first but can i get my loot and stuff over to another server? If so, how?
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