When it comes to making a choice of career, running your own business may figure quite high in the pecking order of what you what as far as lifestyle is concerned. After all, who doesn’t want to clock in and out, as and when they please? And while there are many apparent perks of the job, if you are running a business where you see it more as a way for you to live a certain lifestyle, this is not going to end well. You may have the best of intentions with your business but if you are making it work for you, as opposed to you working for it, here are some things you need to stop doing right now.
Stop Using Business Expenses As Disposable Income
You may feel you have put a lot of money into your business over time, so you feel rightly Justified in dipping into your petty cash to help get you out of a jam, such as paying a household bill. However, as time goes on you will realize that the money adds up here and there and you will soon find yourself in a financial deficit, just in time for a key client to be paid and you will find yourself struggling for the adequate funds. The best way to reset the balance if you are guilty of this is to look at your financing options, smallbusinessloans.co has a list of cash injections that may benefit you in this respect. However, it’s important to note that you may want to take this as a sign to get your finances and spending habits in check. Your business expenses are there for the purpose of the business, not your personal needs. And while a business lunch here and there is tax deductible, this doesn’t give you permission to read the petty cash drawer to fund your lifestyle.
The pet hate of any employee is to have someone breathing down their neck every minute of every day, and if the shoe was on the other foot, how would you feel? The fact of the matter is that if you are micro managing your employees all of the time, it shows that you have little trust or faith in their abilities. This also stops them growing and developing into a self-sufficient member of staff. Have a look at mindtools.com for some tips on how to cut back on this, but what you need to do is to step back and let them find what they can bring to the role that is unique and will benefit your business as well as their confidence. The moral of the story is to have some trust in your employees!
Stop Looking Over The Horizon
The big picture is always something to bear in mind, that’s if you are constantly looking at the next big thing rather than focusing on what you are accomplishing right now, whether it is business processes or systems, you are not focusing on keeping the business fluctuating in the here and now. The business leaders that I’ll look into the next big thing constantly, without addressing current issues, which should be the priority, shows that your attentions are laying elsewhere. If your current processes and systems aren’t disciplined and focused, you will never reach the end product.
Every business has issues that need ironing out, but if you are taking the time to focus on your own issues that are potentially holding the business back, this is how your business will soar.
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