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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Being a business owner doesn't come with a specific job description, and this is why business owners often feel stressed and anxious. You take on the weight of the entire business, even when you've hired people to help. That's because, ultimately, the buck stops with you. It's enough to keep a person up at night.
If you feel that your business is running your life (instead of you running the business), you're not alone. According to a study by employee well-being consultancy Health Assured, 71% of small business owners are experiencing high levels of stress, and 89% of owner managers admit to working while on vacation. A lifestyle such as this can result in long-term damage to your health, personal life, and family relationships.
What can you do to do less, get more, and live more? How is it possible to be a business owner and get your life back?
You can't do it all by yourself. If you want to lead a balanced life, you're going to have to delegate some of your tasks to other people, but it's important to realise that not all forms of delegation are equal.
For example, if you hire a new payroll administrator who is unfamiliar with the systems you use, there will be a fairly steep learning curve. Your new administrator will require lots of your time and attention in the early days and will probably make some mistakes that will cost you time and money.
Eventually your new payroll administrator will be up-and-running, but what if she goes on maternity leave or finds a job with a shorter commute? You'll have to spend time and money looking for a replacement, and the whole training cycle will begin again. This kind of delegation is unpredictable. You may experience periods of less stress, but the stress comes back, and there's always a hovering sense of responsibility.
Instead of doing the hiring yourself and having to train all of your employees, consider outsourcing. Outsourcing is a way to delegate without having to invest so much of yourself into the details.
Back to the payroll administrator. What if you outsourced many financial tasks, including payroll, to a company that already has its own systems in place along with its own work force of qualified employees. If one of their employees leaves, they will take care of replacing them while guaranteeing that the services they provide to you go on without a hiccup.
With outsourcing, you won't have to invest your own time into training either, and your own personal liability will be greatly reduced. Companies that provide outsourced services guarantee their work. If something goes wrong, they will be responsible to take care of the problem while you continue to enjoy your evening out with your family.
Let's face it: you like some parts of your job better than other parts. Continually having to handle aspects of your business that you feel unqualified to manage or that you genuinely dislike is a major cause of stress. Remember that there are people out there who really do like those tasks that you dislike. In fact, they like them so much that they've built their own businesses around them. Why not rely on their expertise and passion to boost your business so you can focus on the things you do best.
Reducing your stress will help you to get more out of life. Narrowing down your areas of responsibility will allow you to live more and achieve the life balance you've been missing.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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