Working on your business and not IN it
As a small business owner, you are probably running a one - man show. You do your own job and also fill in for everyone who cannot come to work. You work in your business because after all, that was your passion and you started your own business so that you could work on it. But soon after, you figured out that your business was not just about the things you loved, but also everything else that came with it - worrying about the rent, the staff, the customers, opening times, the book work and the ATO. There is only one You and slowly you started feeling the stress.
Have you had a look at the processes? How is work done in your business? Will your business grind to a halt if you are not able to work there? Will it be possible to pay the bills only if you work?
The profitability of your business should be calculated AFTER your labour is replaced. Otherwise, it is no more than a job which will stop paying once you stop.
Moral of the Story: Since everything in your small business is your concern – right from marketing, analysing customer behaviour, cash flows, employees, choosing fast selling product lines, bookkeeping, accounting and last but not least, the Tax Office. Overlooking even one of them can mean big losses.
So, what are you thinking? Start now, honestly assess your business and think of how you can replace yourself in your business and use your expertise to grow and not just struggle to survive.
With love from Parul and Wagga Accounting