Our Co-Founders Jamie Davison and Nathan Hood have listed down three common mistakes that business owners may encounter and some tips on how to avoid them:
Giving up
Every business goes through some challenging and difficult times, and this is especially true for start-ups. There may be a certain period where your business is not bringing in enough profits to support your operational expenses and payroll, or you lose a big client that you are counting on to reach your goals.
Use these hurdles as an opportunity to learn and become better business owners. Develop your team and your own resilience and apply what you’ve learned from these challenges to any challenge you may face in the future. You’ll realise the next time this problem comes up that it wasn’t really that difficult to deal with in the first place.
Need some administrative work done but you had to lay off staff? Let Carbon Group do it for you! Outsourcing some of the work may lighten the financial impact on your business as compared to hiring in-house staff.
Forgetting the reason you started your business
There may be several reasons that motivated you to start your business. Whether it was to become your own boss, or to have more control and freedom over your time to achieve more flexibility and work-life balance.
If you started your business wanting a better work-life balance, you might find yourself working for 12 hours on a daily basis, even on weekends! Start asking yourself if this was what you really wanted. Take a step back and find a way to get your time back. You might need to reassess what you’re doing and what you want your business to achieve.
You might need to make some crucial changes after some introspection but at the end of the day, you need to follow through on why you started your business in the first place.
Doing everything yourself
You are not a machine! You may want to start taking on everything yourself and this will make running your business extremely difficult. Instead of being able to focus on what you specialise in, you’ll be stuck trying to learn things you can get other people to do, which may eventually cause you to burn-out.
Hire the right people or outsource those jobs to professionals who can actually make it easier for you to focus on winning time back for yourself and for your business. Not only will hiring the right people reduce your workload, but they can also provide valuable insight into what your business needs in that specific area are.
Carbon Accounting & Tax specialises in working with small businesses to help them take control of their business’ success. We provide our clients with the relevant tools to make informed business and personal decisions.
Never let mistakes put you down, instead, use them to learn and build a better business and become a better entrepreneur. Learn what your business is and what you want your business to be and surround yourself with people that believe in your vision and can help you achieve them.
Have more questions or need support?
Our team is here to help.
