Having your own business, whether big or small, gives you a lot of flexibility in terms of schedule, planning, working hours, etc., but it does come with its own challenges. Small business owners find themselves playing lots of varying roles, ranging from being the boss to answering customer queries, being the financial head to marketing products… the list goes on. Similarly, large business owners have a ton of responsibilities to juggle, many of which they find very difficult to manage alone. As such, as a natural progression of any business, the owner will eventually start to bring on new employees. While this can undoubtedly help to ease the workload and take some pressure off the owner, it is not without its challenges.
The friction and clash of ideas amongst employees, demands to increase wages, and some employees not working as per requirement and then another team of employees to keep an eye on ‘those’ employees. It can be very easy to find the organization and employee structure is soon beyond control.
As the to-do list grows ever longer, employee issues replicate, and the mental capacity to handle all the stress also reaches its brim, business owners can often find themselves under an immense amount of pressure as they engage in the never-ending struggle to strike a balance between time and workload.
The million-dollar question is: What can be done to avoid all this chaos? Are there reliable ways to minimize stress and increase work efficiency?
Rest assured, we have got you covered here.
First things first, you need to take some time out to properly evaluate your situation and the challenges you are encountering. Let’s take a look at some of the steps you can take to regain control of your business and your life.
The Perks of Hiring a Business Consultant
If you feel that you are staring into an abyss and have no idea where to start to get your business better organized and on track, you should consider investing in the services of a business consultant.
Business owners all too often can’t see the wood for the trees. A business consultant can be highly effective because he or she will be able to see your business and the problems you are encountering from a fresh perspective. Your consultant can work with you to understand and identify the issue at hand and point to possible solutions. In the event of a difficult situation, your consultant is your go-to person. You could engage the services of a consultant on a long-term or short-term basis. It depends on how much assistance you need, the budget you have available, and what you are hoping to achieve from the relationship. At the very least, make sure you map where you are against where you want to be and put in place a solid action plan by which you will achieve your business goals.
Saving Cost and Time
As already discussed, being a business owner often means you have to wear many different hats and be a jack of all trades. An employee comes to work and leaves after a few hours to live his personal life, whereas a business owner takes his worries home and is constantly entangled in thoughts. While this isn’t a very healthy approach, it is unavoidable and ultimately comes with the cost of losing precious time and also money. What needs to be done in this case? Should a business owner bid farewell to his business at the end of the day and start afresh from the next working day? Ideally, that’s how it should be, but considering the very nature of man, it is easier said than done. The best solution to this dilemma is having a third pair of eyes to identify and pick up potential errors before they become major business mistakes. In many regards this is a sound investment because it is often easier to prevent errors than it is to rectify them.
Look for a business consultant that provides business advice, has a good working knowledge of the market in which you operate and the associated challenges, risks, and opportunities, such as government grants, training programs for your employees, and so on. Many people don’t realize that investing in the services of a business consultant could actually save them money in the long term. Many third-party consultancy organizations or individuals can even analyze your finances and give you tips on how to reduce costs and give you a heads up if you’re spending more than you really need to.
Having a Backup Plan
Having a Plan B is necessary, especially for business owners, because as unpredictable as life can be, there is no guarantee that tomorrow will be as bright as today. In businesses, having a backup plan means identifying a potentially catastrophic event beforehand and taking measures to protect yourself, your business, and your employees. An experienced and credible business consultant with professional indemnity insurance can help you identify where the risks lie in your business and what actions you can take to mitigate and avoid them.
Regardless of your approach, you need to understand the importance of retaining the enormous responsibility of being ‘responsible’. Small business owners, self-employed persons, and freelancers often find themselves during a difficult situation. This situation can be anything from an angry (and unreasonable customer) to a customer who has a natural right to be displeased with the services you have provided. We can’t please everyone. There are several ways to handle this situation. For example, your priority should be to sit the customer down and come to an agreement. If things do not go well there, look for ways to plan a safe exit to minimize the loss. It can be possible to transform a dissatisfied customer into a happy one; it is all about your approach.