“Business opportunities are like buses, there’s always another one coming.”
Small business planning – main issues
Running a small business feels like an ongoing battle between time necessary to provide a quality service and time required to complete all administrative duties. Days are never long enough and most business owners never find the time to work on the business, because they constantly work in the business.
But the life of a business owner does not have to be that hectic and out of control. Sometimes few changes can go a very long way and provide surprisingly pleasant outcomes:
- Manage your cash flow
- Create Emergency Fund
- Separate your personal wealth from business assets
- Create your business strategy
- Build your client database
- Systemise your business
- Become a Project Manager if you have a team.
- Outsource all the work that is outside of your specialty
- Insurance cover is the foundation of the survival of your business if you cannot self-insure (if you do not sufficient assets to pay off liabilities).
- Plan for Business Succession
Running a small business is not an easy task. The above listed issues need to be discussed, planned in details and implemented as soon as possible to introduce business efficiency, lower financial stress, and more time for personal life or business development as well as general enjoyment in running your own business.
If you would like to discuss the above listed issued in details and receive more great business ideas feel free to contact me.