You’ve got to be fit for business – physically, mentally and emotionally – it’s as simple as that!
Most people go into business to create a certain type of lifestyle. They hope to make plenty of money for enjoying the trappings of wealth. However, business – large or small, start up or long established – also brings stress… on your body, your mind and your relationships. Here’s what I’ve learned about the lifestyle factors that can directly influence your business success.
In my experience, the most successful businesses owners are those who plan, seek expertise, listen, and empower those around them.
While hard work, long hours and stress go with the territory, so too does the need for good health.
Successful business leaders understand achieving what is commonly referred to as ‘work-life balance’. But it’s not easy. For most, it’s a work in progress that involves integrating personal management planning with business management planning.
Naturally, your personal plan should include regular exercise and recreation, eating food that nourishes and sustains rather than hardens your arteries, and even if you don’t need a lot of sleep, enough rest to remain alert and able to cope. Importantly, your plan should include time for enjoying and appreciating your family and friends. It’s no fun being a lonely millionaire or the wealthiest person in the cemetery.
Implementing your personal management plan is directly aligned with implementing business practices that will support you. Here’s some I recommend:
#1 Customised cloud accounting systems can reduce time spent collating financial reports; enable others to do the legwork (i.e. data input) for you; and allow you and your accountant access to financial information from anywhere at any time for informed decision making.
#2 A one-page business plan will indicate where you are now and where you’d like to be in six months, a year, two years etc. along with KPIs (Key Performance Indicators). Having a clear picture of where you’re at and where you want to be can relieve stress and save you the grind of reworking your goals month in month out.
#3 Cash flow projections will provide a proactive snap shot of the money coming into the business and a timeline for what needs to go out. It takes away the guess work, enables you to plan and enables you to make better decisions, faster.
#4 Recruit good people who are technically competent, believe in what you are doing and are committed to helping you achieve success.
#5 Implement an advice team of ‘on-demand’ advisors who can help you carry the load of decision making and attend to completing specialised tasks. You’ll need a business accountant and a lawyer at the very least, then as your business grows you may need a lender, risk advisor and so on.
What you should do next…
Consider a CFO service:
It’s a reasonably new concept for business owners, and their financial management teams, to be supported by an external financial controller who analyses financial data, contributes to business strategy and generally provides informed fresh perspective.
Customise your Xero systems:
Most business operators have a cloud accounting system. Customising it to suit your specific business needs and your personal management style will enable you to access better information, faster.
Plan your tax:
Proactively planning your tax has the potential to save thousands, smooth out otherwise lumpy cash flow, provide insight about your tax liabilities and eliminate any unwelcome surprises that can cause you stress.
If you found this article helpful, and you need advice for implementing business strategies so you can succeed in business, extract wealth and enjoy personal prosperity, please contact me on +61 2 9699 9171 or email email@example.com
This information (including taxation) is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Make Cents Accounting strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.