Small business ownership – inside and out
We spoke with bookkeeper and business owner Tash Black about her thoughts on running a small business.
What made you want to be a business owner?
It was something that I had always wanted to do, I wanted to be my own boss. I wanted the challenge of making something mine and experiencing the rewards of reaching my goals and being successful.
What impact did owning your own business have on your family life?
I was working long hours and part of most weekends to prepare for the week ahead and to grow the business, while I barely missed any of the kids sporting events, school assemblies or birthday parties, sometimes there wasn’t enough days in the week just to have a “family day” let alone have much of a holiday. Even when we did holiday I was never fully present, I was always thinking of work, replying to emails etc.
What were the main pain points you felt in your business?
The one thing I underestimated when I went into business is the amount of time that I needed to put into the business (if only I knew then what I know now). It was no longer normal working hours, it was late nights and weekends, doing bookwork, dealing with staff issues, submitting quotes, ordering stock or purchasing new equipment, constantly thinking of new ways to grow the business and improve cash flow.
Looking back, would you do anything differently, what sort of support did you need?
I was so bogged down in the businesses day to day running that I didn’t have time to find ways to do things more efficiently or to way up the cost of outsourcing things that I didn’t need to be doing, it was just quicker to keep doing it the way I was instead of spending time looking for other ways.
We have all heard the saying you need to work ON your business not just IN the business. I really wish I had of spent more time working ON the business and had an Accountant that had given me better advice and better support. I would have had more “family days” and enjoyed my holidays a whole lot more.
Do you have any advice for small business owners?
Knowing what I know now, It’s REALLY important to step back and take the time to look at your business and to set yourself both short and long term goals. Think about the jobs that someone else could do better and more efficiently than you and consider outsourcing them to free up your time. Invest in a good Accountant and Bookkeeper to help you set up better processes within your business, it could be as simple as getting them to do a “Business Health Check” to help identify key points within your business that could be improved or implemented that could save you a considerable amount of time and money and improve your cash flow.
Don’t think…. “I can’t afford to do that”, you can’t afford not to! You could free up time to put back into the business to increase your income or to give you back more time with your family to do the things you enjoy.
How can Porters CA help you?
We know what makes small business tick. We understand your pain points and the solutions to give you control, peace of mind and understanding. You can pay less tax, earn the profit you deserve and reclaim your weekend, just ask us how we can help.