5 ways to make your small business run better

Below, Xero Sales Director Jo Copestake

Whether it’s to pursue a lifelong passion or gain flexibility and find work-life balance, there are many reasons why small business owners choose to do so. However, despite these benefits, running a small business also comes with many challenges. Late-night paperwork, managing cash flow, and meeting ever-increasing costs of doing business all come to mind. All this goes hand in hand with broader macroeconomic factors such as inflation, slowing economic growth, and talent availability and retention.

Our latest report, which explores how running a small business impacts different aspects of people’s well-being, finds that these challenges are taking center stage in the lives of small business owners. suggests. The survey found that UK small business owners were the least happy and satisfied with their lives, more cheerful (38%) and more active and energetic (36%) than any of the seven countries surveyed. , or much less likely to feel fresh and rested. (32%) in most or all cases.

Mental health is important not only for individuals, but also for business and livelihood success. Therefore, finding ways to improve it should be a priority for small business owners.

make work more fun

The report specifically explores the role fulfillment plays in the well-being of small business owners, finding that 58% of UK small business owners say they feel fulfilled by activities they do at work more than half of the time. I have found that you are reporting that . The fact that small business owners find meaning and purpose in their work is very positive, and perhaps the reason why many continue to run their businesses in the face of challenges. But as a result, 42% of his owners are less satisfied with their work.

For a country dependent on a small business economy, this is a sad reality and we must find ways to help small business owners thrive. Creating an environment in which they find fulfillment and enjoyment, by adopting new habits or adopting more supportive policies, is a great starting point for improving their well-being.

With that in mind, here are five considerations that can help small business owners find more purpose in their work.

1 Automate small tasks

By automating admin-intensive manual tasks, small business owners can save time to focus on more interesting and creative aspects of their business. This is probably what inspired many to start a business in the first place. But that is often easier said than done. Our previous survey found that only 1 in 5 of her small business owners considered themselves to be tech adopters.

Small businesses often struggle with technology adoption for fear of the uncertainty and difficulty that comes with investing in something new. But they are not alone in overcoming those fears. Technology companies, industries at large, and governments also have a responsibility to adapt their language to position technology adoption as a series of small, incremental steps rather than big all-out bets.

2 keep learning

A growth mindset that focuses on lifelong learning and development, not just results, can make your day-to-day work more enjoyable. This may include taking online courses, taking practical business training in areas such as digital marketing or social media, or making time to enjoy new hobbies that inspire creativity, such as art or meditation. .

Not surprisingly, the main problem that prevents many business owners from doing so is the lack of available time. Small business owners find it difficult to set aside time for this type of learning when there are so many other things to manage. That’s why leveraging technology to automate time-consuming tasks is a great first step. But there are also ways the government can help small businesses find time to upskill.

For example, governments can offer tax relief to business owners to train them in critical digital, financial and business management skills. Improve awareness and access to digital training. It also makes tax efficiencies for small businesses to invest in digital tools, training, and equipment.

3 Redesign roles

Many small business owners find themselves playing multiple roles in their business because hiring people is not only difficult, but expensive. However, one of the freedoms the owner has is his unique ability to create his own job description. In fact, flexibility and freedom are what attract many people to starting their own business in the first place.

While it may seem like an additional expense, it is possible to outsource certain roles and responsibilities through suppliers or through apps that meet the specific needs of business owners. In many cases, the money pays off, enabling you to perform important tasks faster and with higher quality, while helping your business grow and thrive.

Therefore, owners should consider setting aside regular “career reviews” for themselves to assess what could be added or outsourced to make their work more fulfilling.

4 Connect with the community

It is important for small business owners to look for opportunities to spend time and network with others in their community, including other small businesses in their neighborhoods, accountants and business coaches, and customers.

Connecting with others, especially customers, helps owners feel inspired, connected to the core of their business, and helps remind them why they are doing what they do. Sharing experiences and listening to others is also a great way to learn new ways of doing things, gain inspiration and new perspectives.

5 Avoid the “Good Enough” Fallacy

Small business owners tend to fall for the status quo as “good enough” practice. It is natural. Proven processes and solutions are safer and require less mental energy than unproven experiments. But when small business owners are challenged to improve even the “good enough” standards, they will find interest and fulfillment in whatever they do.

Considering upgrading technology and upskilling employees within your business can help create the positive impetus needed to switch from “good enough” to better.

time to reset

Small business owners are dealing with all kinds of changes, challenges and opportunities, but they can be overwhelming and take your mind away from the passion behind your business. We hope that incorporating some of these tips will help small businesses regain more enjoyment and fulfillment in their daily lives, resulting in better overall well-being.

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