New Habits - Good practice for small business owners
- Business Rescue Business Growth
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At the beginning of the year we look at making changes in our lives, with getting fit topping the list (Ok, so joining the gym helps!). But seriously, sometimes changing our habits can help us reach our goals. For example, to increase fitness levels, instead of taking the lift at work, why not walk up the stairs. Establishing good habits works well for our personal and business lives. By making this a priority for your small business in 2020 you will reap the rewards. A habit is defined by the Cambridge English Dictionary as ‘something that you do often and regularly, sometimes without knowing that you are doing it.’ If you do something regularly bad habits can easily set in without you noticing. It is a good idea for small business owners to keep an eye on standards and establish new good habits and improve systems if there is an issue. The early part of the new year is the ideal time to review things and establish best practice in your business.
7 tips on good habits and best practice that will help your small business thrive
By establishing good habits, they will eventually become part of your routine. For example, doing five business development calls or actions each morning might seem daunting but before you know it this will become the established way of doing things, a daily habit that will help your business grow.
Best practice is important for small businesses, by following correct procedures for your business and industry you will ensure that everything is done the right way and increase efficiency in the workplace.
Here are some hints and tips from the Be Rescued team on good habits and best practice that will help your business thrive:
1. Revisit your business plan
The new year is the ideal time to revisit your business plan, particularly now that we are out of Europe and on the transition period so changes are likely to happen. So why not make this an annual custom going forward? Don’t consign your plan to a dusty vault, dig it out and review it. Look at what has worked and what hasn’t worked. Check that you are still on course to achieving your objectives. Adjust your strategy to reflect any market insight you have gained during the past twelve months. Perhaps you have a new target customer group and need to reconsider your marketing strategy. Your plan is a living, breathing document that will help you plot the route map for your business, use it and review it regularly.
Remember the 7 P’s rules to a better business - Proper Planning and Preparation Prevents Piss Poor Performance. By regularly reviewing your plan and revising as necessary to suit the current environment, you will set your business on the path for growth. At Be Rescued, business planning is a speciality. We have helped small business owners across a range of sectors develop plans that work. Call us for a chat to find out how we can help your business.
2. Get a new year financial health check
We think a lot about our own health at the beginning of the year but what about the financial health of our businesses? How much time do small business owners dedicate to ensuring that procedures are in place to manage finances effectively? With so much to do, it is easy to get into the habit of only doing things when we are required to do so such as submitting tax returns.
However, by getting into the habit of regularly reviewing the way things are managed and setting up best practice for accounting procedures, small business owners can ensure their business stays healthy when it comes to finances.
What’s more, you don’t need to be an accountant. There is lots of help out there from accountancy software package providers such as Quickbooks, Kashflow, Xero or Pandle to name the few. Making Tax Digital has meant that even more businesses are using this type of packages. Tech is making new ways for small businesses to manage their finances real time, emerging players such as Countingup, a small business banking and accounting app to name one. Whatever you use, the key is to establish good practice across the business.
3. Banish negative thoughts for good
Fear of failure and self-doubt can stop small business owners trying things and block the route to achievement. From the get-go it is crucial that start-ups (and indeed establish businesses) get in the habit of pushing negative thoughts away for good and focus on the future. Look towards the next step. Learn from any failures. Focus on what you can do and be positive!
However, running a small business doesn’t always go smoothly. If you do encounter difficulties act as soon as you become aware of them but at the same time take comfort in the fact that other small business owners will most likely have come across the same issue. There will be tried and tested solutions. Be Rescued are here for when you need that extra bit of help. So, don’t panic. We’ve helped a number of companies turnaround. Contact us to see how we can help.
As a micro business you might have become used to going it alone but remember – no man or woman is an island. By asking for help you might be surprised how much your business will benefit.
4. Develop resilience
One of the biggest obstacles for small businesses to overcome is uncertainty. As mentioned above now that the UK has left the EU, with the advent of the transition period there are still uncertain times ahead for small business owners. In particular, there are questions around what the trade deal is going to look like. It is easy to get in the habit of being reactive rather than proactive. However, you can do certain things now to make life easier.
Acting now by reviewing your weak points and developing resilience you will be so much more able to cope with uncertainty. It is crucial that small business owners take steps to ensure that their business is strong enough and in particular that the right support in terms of staff and outsourced help is in place. This will help you deal with any potential difficulties should they arise.
It might sound challenging but developing resilience is easier than it sounds and something we can all do. “Business resilience is no different to personal resilience,” according to businesswoman Judith Armstrong. “Ultimately it’s about your support network – as an individual, building resilience comes from your friends and family, in a business it comes from your relationship with your customers, your staff, your shareholders.” (The road to resilience: how firms can navigate turbulent times, 30 May 2018 https://www.theguardian.com/small-business-network/2018/may/30/the-path-to-resilience-how-to-thrive-in-turbulent-times)
So, resilience should be a habit for life!
5. Stay on top of things
As small business owners, we have to do so many things from managing our accounts to developing a marketing strategy. Then there is the need to actually run the business itself. It can be really difficult to stay on top of things. However, it really pays to get in the habit of checking all is well with procedures and practices in your business.
Schedule in time to review your IT systems. Are they up to date? Microsoft has recently stopped providing updates for Windows 7. Outdated software can leave business networks vulnerable to cyber attacks. It is vital that small business owners check their business operating systems.
As a small business owner, the buck stops with you. You need to know what general laws apply and the legislation that is specific to your industry. Join a trade or professional association if you don’t belong to one already, they are a really useful source of information.
Why not get in the habit of grabbing a coffee and spending a few minutes every couple of months to check if there is anything new you should be aware of that could affect your business.
6. Innovate
If things are going well it’s easy to sit back and enjoy the moment. As small business owners we work hard so deserve a pat on the back when everything goes to plan. However, while you should take time to enjoy the moment, it is crucial that you get in the habit of keeping an eye on the future.
Even the smallest changes can sometimes make a big difference. By tweaking something (being automation or new processes) you could increase sales. So, respond to innovations in your sector and develop new markets to help your business grow.
7. Make time
It is essential that as a small business owner you make time to work on, not just in, your business. By spending time on developing your business you will come up with ideas and may even boost growth.
Running a business means we don’t always keep regular hours. Don’t forget to make time for you too. As well as working on your business spend quality time with friends and family, and make sure you keep up any hobbies. By having a healthy work life balance, you will get into good mental health habits.
Forming good habits will have a positive effect on the business that will spill over into your personal life. If you need any help with your business, contact Be Rescued.