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Get Ready Early - Fringe Benefits Tax (FBT) 2022

It’s that time of year again: time to think about your Fringe Benefits Tax (FBT) return. Employers must lodge an FBT return if they’ve provided fringe benefits to any employees or associates during the FBT year. With the FBT year ending 31 March 2022, you’ll n.....

Business - 3 min read

There are many attributes that make a person good at business and entrepreneurship. Creativity, a willingness to learn new skills, open-mindedness, and attention to detail: all of these are extremely helpful in business. But there’s one quality that is absolutely essential to success in business, and that’s perseverance.

What is Perseverance?

Perseverance is “steadfastness in doing something despite difficulty or delay in achieving success.” Synonyms for perseverance include persistence, tenacity, determination, staying power, indefatigability, steadfastness, and purposefulness. 

Starting or running a business is definitely difficult, and delays and challenges occur frequently. Business is not for the faint of heart. Those who develop the attribute of perseverance--and it can be developed if you don’t feel you have it now - find ways to overcome the challenges that inevitably arise in business.

How to Develop Perseverance

Not everyone is born tenacious. Some of us must struggle to develop perseverance, but it can be done. And if you do manage to develop perseverance, you will be able to compensate for other weaknesses. For example, if accounting is not your greatest strength, perseverance will make it possible for you to still get through your accounting challenges.

Try the following strategies to become more persistent, tenacious, determined, and steadfast.

Define Your Purpose

Without a clear idea of your purpose, it’s very difficult to want to push through when obstacles block your way. People without a clear purpose become easily distracted. When a challenge arises they find a way to excuse themselves from tackling it instead of facing it head on. Think about what you really want to achieve, and remind yourself of your purpose frequently so you don’t get sidetracked.

Create a Plan

Once you know what you want, you need a plan. If you’re an entrepreneur, perhaps your plan is to create a new business. This plan requires concrete steps, strategy, collaboration, and ongoing support. With a plan in place, you’re better able to make your way through each step, even when the going gets tough.

Develop Relationships With People Who Support Your Goals

Ally yourself with a person or a group of people who care about your goals and will help you to persevere. Of course, in business, you have a built-in team (your co-workers) who should be able to help you with your goals. Unfortunately, sometimes co-workers allow their competition with one another to eclipse their business’s goals. Don’t allow this to happen. Pull together and persevere as a team. If you’ve developed your own perseverance, it will be easier for you to lead your team through challenges.

When you’re tempted to give up or settle for less, try pushing a little harder. Be innovative if your normal approach doesn’t seem to be working. Reach out to experts for advice. Give the problem your focused efforts, and block out the negative comments of those who don’t want you to succeed. As you can see, perseverance is the vital ingredient. Do all you can to develop it. 

 

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