Why? Again, it depends on who you ask. Some would say it’s down to excessive focus on an idea and too little thought into whether an idea is viable. Others might say it’s due to poor management, a lack of funding, or just plain bad luck.
There’s some truth in all of this, so to avoid making the same mistakes, ensure that you’re aware of the most common challenges.
Sharpen your business operations
Even if you genuinely have an incredible idea, it’s still just that: an idea. Pulling it off requires execution.
It’s easy to get into bad habits with your day-to-day operations and never get around to changing them, so try to look at your activities and systems from an outsider’s perspective. Is there anything that you could change and finetune?
Hold onto your best staff
No matter how great you are at being a business owner or a manager, you can only get so far alone. To truly achieve success as a firm, you need an excellent team that works well both alone and as individuals.
If handing over some of your responsibilities to your staff would increase rather than reduce your stress, either you’re a control freak or you need new employees.
But good employees that you can trust to make the right decisions are worth their weight in gold, so do whatever you can to keep them around. Check in with them on a regular basis to ensure they feel valued and sufficiently rested.
Avoid burnout and stress
We’d all agree that it’s nonsensical to force yourself to work 80-hour weeks with no vacations. Yet when we’re stuck in this routine ourselves, it’s easy to convince ourselves that we have no other choice but to continue.
Truth is, we’re not robots. Working too much can often make us less efficient — why work for 12 hours a day if you could achieve the same results in 8 hours? Adding some rest into your routine will also help to reduce your stress.
Having said that, a little bit of stress is unavoidable when you’re running a business
The solution isn’t to get rid of all possible stressors — it’s to learn that a little bit of uncertainty is something we can all learn to adapt to.
Overcome your business challenges
It’s tough to have 99 problems (and then some) as a small firm leader. Even with the best team behind you, Jedi-level psychological control, and 100% efficient business operations, there’s always a challenge around the corner.
However, by outsourcing some of your most important tasks to Gema Consult, you can take a weight off your shoulders.
Ensure you’ll start to find informations related to bookkeeping, compliance, and human resources that are perfectly suited to small businesses, so you have one less thing to worry about.
Author
Successfully Managing a Fleet of Tourism Locations, A Legacy Forged by Mentoring Hundreds of Clients to Obtain Long-term Success
Widi Papan has recently been appointed to Senior Deputy Director at Gema Consult, a hidden gem among gems. A maverick at establishing modern administration styles in an industry relying on largely outdated practices, Widi brings a unique value to Gema’s approach with clients. With clear direction for short and medium-term projects and expert-level knowledge of accounting standards, he is key to establishing successful operations for our clients.
Widi is the operational foundation responsible for Gema’s overwhelming success. His proficiency in executing technology automation, business set-ups, budgeting, cash flow recovery, debt management, capital increase planning, and business process simplification is on another level. This expertise is applied to every one of Gema Consult’s clients.