Recently I read an interesting survey about small business owners who struggle to unplug, relax, and take a vacation. Does this sound familiar?
If so you are not alone. In CIBC SmartBanking™survey* of 1,005 participants indicates that 65% of entrepreneurs report working more hours since becoming a business owner!
Being an entrepreneur that caters to many small businesses I see the case of burn-out more often than not. In our practice, Moore Details Inc., we take a holistic approach to the bookkeeping story for our clients. We look at more than debits & credits. We coach the entrepreneur to ensure they are at their best for their business performance, but to also be present for their family or personal life.
More than 54% of entrepreneurs have given up most hobbies & extra-curricular activities
It is surprising to me that the reason why most entrepreneurs started a business was to have a better work-life balance and freedom from their 9-5 job. For any seasoned entrepreneur, you know that this philosophy can be a pipe-dream if you don't use the proper tools to safeguard and protect your precious time.
Time is a limited resource. Once the time is consumed, you can't get it back! So as an entrepreneur it is vital for your own personal health and that of your business to operate optimally.
Here are our 5 #SmallBiz tips to optimize your business performance and get more personal time on the calendar
Define a path. Or else your business will be defined by reactive measures instead of proactive performance. To do this consider a live business planning tool and personal goal setting system.
Use an online accounting service like Xero & Intuits Quickbooks Online to carry your financials with you during the day and less time at the kitchen table every Sunday night.
Streamline communication with your accounting professional by using technology to exchange important information effortlessly in a platform environment to process payroll with services like Ceridian Powerpay Plus, pay bills, & send bank statements.
Evaluate your clientele to determine if they are your ideal client. Are they making you money? Work with your accounting pro to determine if that product you are making or the service you are delivering is profitable. It may surprise you that the greatest source of your anxiety and stress maybe coming from unprofitable ventures and clients. Can you refine your offering further to work within a niche with fewer competitors in your space? What can you do better than everyone else?
Carve out personal time. This is an absolute must. It’s non-negotiable and it must be guarded in your calendar. No exceptions to this time being dismissed for business activity. This is your time. Your business depends on you being happy and healthy. Start by waking up early and doing something that ignites your passion. Perhaps it's writing, reading a book, or taking your dog for a walk in the crisp morning air. It is amazing how vitalized you can feel after exercising for 30 minutes each day. I'm not talking about weight lifting or marathon training. It’s about getting up and moving.
61% of small business owners feel their present stress levels are much higher
For our firm, we understand that levering the right tools not only makes our practice run optimally but creates a better virtual environment for our clients. That is why we find CIBC SmartBanking™ a time-saving banking platform to streamline vendor payments, to avoid paper cheques, easily obtain dedicated bank feeds into our Xero and Intuits Quickbooks Online accounts, as well as obtaining secure bank statements to avoid unnecessary emails.
Yours in apps,