So often small-business owners do more than their fair share and take on the bulk of the responsibility in their businesses. But if you’re working harder and harder and not making any gains, that’s a sure sign that something’s not working.
You might be using outdated systems or processes to do your admin and invoicing, or your business may have outgrown them. As people do when it comes to personal wellbeing, business owners also get stuck in habitual patterns that might not be the healthiest or smartest way of doing things. Here are some signs that you need to disrupt your current way of thinking and try new ways of working.
TEN SIGNS YOUR BUSINESS OPERATIONS AND ADMIN NEED ATTENTION
1.It feels like you’re working all the time but you’re not making more money.
2.You spend less time on the part of the business you enjoy and don’t get as excited about growing your business as you should.
3.Your invoicing is done irregularly and you often have cashflow issues.
4.You haven’t taken leave or a proper holiday (without your phone or laptop permanently switched on) since you can remember.
5.You use old-school accounting systems like spreadsheets or good old pen and paper.
6.You’ve never done a business plan or haven’t looked at it in over a year.
7.You don’t have the necessary legal documents, or they are outdated.
8.Your tax slips are scattered all over your desk (when they finally make it out of your wallet).
9.You have outstanding payments older than three months.
10.You don’t produce annual financial statements.