In the last decade, the landscape of the business world has undergone significant changes. Factors such as lockdowns, remote work, and hybrid learning have impacted both businesses and families. Small business owners, in particular, have faced challenges, with some forced into an involuntary break. Despite the difficulties, it is now more crucial than ever for business owners to take a much-needed holiday, disconnect from their business, and rejuvenate, and with the festive season just around the corner, now’s the perfect time to switch off.
This update explores three common reasons why business owners may find it challenging to step away from their business and provides tips to address these issues.
Chasing the Cash
Maintaining a robust cash flow is vital for the survival of any business. The constant pursuit of cash, however, can take a toll on other aspects of the business. By planning effectively and implementing systems to ease cash flow pressure, business owners can position themselves ahead of the curve. The Bartercard ecosystem offers an alternative by enabling businesses to exchange goods and services, fostering a wide-reaching business community, and providing access to experts, products, and services. This approach helps in saving and earning cash strategically.
Lack of Planning
Growing a business requires a solid plan, but day-to-day challenges often lead to the neglect of long-term planning. Without a secure long-term plan, the sustainability of the business is compromised, making it difficult for owners to step away. Bartercard’s services can assist by providing guidance for sustainable growth and helping businesses set and achieve short and long-term goals.
While wanting a strong company culture is natural, being overly hands-on as a manager can hinder the growth of the business. Granting more autonomy to staff members allows for a smoother transition when stepping back. Bartercard’s network provides access to professionals who can assist in developing company culture and team dynamics without a cash outlay. Additionally, rewarding top-performing team members with Bartercard trade dollars for products and services like hotel accommodations and dinners fosters loyalty.
Habits of Business Owners
To find a better work-life balance, business owners are encouraged to avoid the pitfalls of chasing cash, neglecting planning, and micromanaging employees. The “7 Habits of Highly Effective Small Business Owners” eBook offers valuable insights to help create a successful business while maintaining the desired lifestyle. Download the eBook here.
Bartercard, New Zealand’s leading business trading currency, provides a platform for businesses to connect, trade, and thrive. Joining Bartercard opens opportunities for new customers, increased sales income, and a more balanced approach to work and personal life.