Business Advice: Tips to Avoid Burnout

Portal CFO How to Avoid Burnout

It happens to the best of us: burnout. Of course it does. Getting your business off to a good start, keeping an eye on profits, employees, competition, inventory, can wear anyone out. It take a lot of time, energy, and focus. So how does one avoid burnout and stay consistent? In this post, we’ve compiled some of the most common sense tips to avoid burnout in your business

Tips to Avoid Burnout:

Take time off.

Many business owners work more than forty hours a week. They may start early in the morning and work late at night, squeezing in as much time to work as possible.

However, if you don’t want to experience burnout, you are going to need to take time off. If possible, don’t work every evening and weekend. Your body and mind needs time to unwind and relax, so you are ready to go back to work!

To do that, you should work set hours.

It is important that you set aside certain times for work and times to have off. You shouldn’t just try to work every free moment that you have. Then, once they are set, make sure that you follow them.

Spend quality time with your family.

Even though you are probably working on your business for your family, it is still important that you find time to spend with those that you love.

Spending time with your family can really help you relax and enjoy life. This is necessary to avoid burnout!

Burnout is real, and it can be disastrous to a business. Many businesses fail because their owners overdo it.  To avoid it, you need to make sure that you take time off every day.  You can’t work twenty-four hours a day. You also can’t work seven days a week. In order to be successful, it is important to set a schedule and stick to it!

Remember, running a business successfully does not need to be complicated.  Keep it simple!

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4 Ways to Grow Your Business from Small to Prime

Grow Your Business with Portal CFO

Many established businesses don’t become corporate overnight. It takes time and loads of resources to grow your business from small to prime.  It also takes capital, skill, and the ability to weather the storms of hard economic times that might threaten to set you back.  The magic wand for success is in figuring out how to bring in the profits and ensure the capacity needed to sustain that growth into the future.

What are the steps a small or mid-sized business owner should take to set their business on a consistent upward trajectory? Below are areas you might want to look at to grow your business from small to prime.

Accounting and financial reporting overhaul

Accounting is in simple terms a summary of your income and expenditure. If the items in your records are too generalized, it might be difficult to pinpoint conclusions from your financial transactions. The reason that it is important is so  you are able to tell which areas of your bookkeeping may need adjustments.  With improved accounting, you will be able to keep accurate and precise track of purchasing costs, wages for staff, taxes, owner draws, and other vital accounting and financial information.

Leverage on partnerships

Another great way to grow your business is to establish a connection with your suppliers and the competition.  Not only will you enhance your access to helpful industry information, stats and trends, but you will get to learn the areas where your competition is doing a great job.  Perhaps you will find out things that you could replicate in your business.

Get the bank loan

Your business might be doing so well in terms of improved profit margins, that all you might need to do is find ways to increase your sales and expand on your way to becoming a prime brand. Consider seeking the services of an expert to help you draft a compelling pitch to your preferred lender. They will give you valuable insights on how to fine-tune business components like the business plan, cash flow analysis, budget, financial projections, and any other aspect of your business the lender may ask about.

Perform an evaluation

If you truly want to come out of flat growth revenues, unchanging reported profits, and increasing costs, then reviewing your management team is not a bad idea. It may be time to consider a change in personnel with fresh ideas and energy for emerging challenges. Based on the size of your business, a restructuring initiative may be something you should consider in your growth and sustainability plans.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more interesting topics to help you successfully manage the challenges of growing your business profitably, please search our blog at our website