Since the beginning of this decade, the business world as we know it has changed. Lockdowns, remote working, and hybrid learning have taken their toll on businesses and families. As a small business owner, it’s been a tough time for many, and while some have been forced into a compulsive break, it’s not necessarily one that’s been welcome. However, now more than ever, it’s vital for business owners to take a decent holiday and switch off from their business to recharge, refocus and refresh.
In this update, we look at three common reasons why it can sometimes be a struggle for business owners to step away from their business while offering tips to help address the (lack of) balance.
Chasing the cash
Without a strong cash flow and network, a business will likely crumble. The saying cash is king is not a lie! All the while that you’re chasing cash, something else generally takes a backseat. You need to get on top of the cash flow for your lifestyle to change for the better.
If you’re planning correctly and have systems in place to ease your cash flow pressure, you can move to a position of being ahead of your cash flow and not constantly chasing your tail. This is where the Bartercard ecosystem can assist as it offers a cash alternative.
Bartercard is a great business network you can easily tap into by exchanging goods and services instead of paying cash! You can access a wide-reaching business community, access experts, products, and services, generate more customers, save, and earn cash. You’ll be able to tailor the help you need easily and strategically.
Lack of planning
Growing a business and making money means you must have a solid plan in place. But when you’re caught up in the day-to-day grind, dealing with environmental factors outside your control, it’s too easy to put off long-term planning until tomorrow. It’s a catch-22 situation; you want your business to grow, but without giving yourself time to plan, then long-term business retention isn’t secure. And, when the core of your business isn’t secure, it’s impossible to step away and have a lifestyle beyond work. Having a good plan means you know where you’re going and what you need to do to get there. Most businesses benefit from outside help when it comes to planning, which is where the Bartercard network can help. With Bartercard’s services, you can access convenient guidance for sustainable growth to work towards short and long-term goals.
Management and goal setting are an investment in the future of your business. What’s in it for you? It’s simple: the capacity to grow your business, make more money and allow you to take the time to balance your lifestyle between work and free time.
We all want a solid company culture based on shared values that allow our employees to rise to the challenge. But your business is your baby, which can mean you find it hard to let go. If you’re too much of a ‘hands-on’ manager, you’ll never be able to step back and let your employees build the foundations of your vision.
So how do you deal with that? Firstly, give your staff more autonomy when you are around. That then naturally translates to you being able to take time off without stressing about it. You’ll rest assured that the business is running smoothly when you’re away.
Need help developing your culture and team? Then here’s where the Bartercard ecosystem can help again. Reach out to professionals in the network and tap into their valued services without paying cash.
Secondly, it is essential to build loyalty amongst your employees and show them that you value them. This is where being a Bartercard member can pay off. Reward your best-performing team members with offers you can obtain through the Bartercard network, for example, hotel accommodation, dinners, and travel – all these products and services are available to Bartercard business owners as trade dollar donations. And if trade dollar donations are kept under $300/person a quarter, there are no tax implications as it is recognised under fringe benefit rules.
Habits of Highly Effective Small Business Owners
As a business owner, you can find more work-life balance by avoiding chasing cash, planning, and empowering your employees. Your business doesn’t have to overtake family and personal time.
Our ‘7 Habits of Highly Effective Small Business Owners’ eBook offers tips to help you to develop a successful business AND have the lifestyle you want by guiding you to create:
- Access to a business network that provides a legitimate, alternative payment system to cash
- A plan for sustainable growth
- A company culture that empowers your team so you can take that holiday, knowing everything will be just fine.
Bartercard is New Zealand’s leading business trading currency, with thousands of cardholders nationally using the trade exchange to gain new customers and generate increased sales income. Isn’t it time you joined?