How to sweat the small stuff as an entrepreneur

You started your business because you had an innovative idea that you believed would benefit the lives of your target customers.??

But before you know it, the administrative headaches of actually running a business are getting more and more intense, slowly preventing you from providing the best services possible to your customer.??

So what can you do to ensure that the small stuff about running a business stays small, and doesn’t dwarf all other elements of your entrepreneurial journey???

In this blog we’ll be taking a look at the common issues that prevent entrepreneurs from growing their business, and tips on how not to sweat the small stuff, so that you can focus on innovating your business and its growth.??

1. Outsource support.?

One of the most impactful things you can do as a business owner is to outsource your areas of operations. In order to do this effectively, first you need to evaluate what is draining your time and resources.??

Take a look at your last working week, for example. What did you spend your time on? Were you managing to fulfil your client responsibilities consistently? Or were there sneaky invoices, expense receipts and emails cropping up, distracting you from doing these responsibilities? Be honest about how you’re spending your time each day. Once you’ve got an overview of what is really taking up your time, then categorise everything you do into 3 areas:??

• What has to be done by me???
• What can I automate???
• What can I outsource to someone else???

While you might be able to use online tools and training to learn the basics of things like accounting, social media management or HR, chances are there’s already someone out there who is a genius at that thing, and won’t charge you too much to take it off your plate altogether.??

2. Let’s talk about money.?

According to a recent report from CBI , 38% of businesses fail because they run out of cash. While it can be tempting to just sweep all financial concerns under the rug, out of fear of not knowing where to start, getting the finances of your small business sorted is paramount to ensuring the success of your business. One of the easiest ways to solve this problem is to outsource your financial responsibilities to a qualified accountant.??

But wait, how much do accountants charge for small business??

This all depends on the size of your small business and how much support you need from your accountant. If you’re a sole trader who just wants some guidance on your self assessment, the cost will be cheaper than a limited company with a team of people looking for ongoing support with their payroll. For these smaller, one off projects, accountants charge anywhere between ￡25-￡50 an hour, but for larger companies the rate can fall anywhere between ￡125 and ￡150 per hour.?

And I don’t understand VAT. How does VAT work for small businesses???

VAT (value added tax) is an incremental tax that is added onto the price of products and services by businesses who are VAT registered. But don’t worry, only businesses with a turnover of over ￡85,000 who have to register for VAT. If your turnover is greater than this, and you do need to register for VAT, you’ll then be responsible for:??

• Charging clients and customers an additional VAT fee on top of your base fee??
• Keeping detailed records of all your VAT charges.??
• Completing a VAT return and sending this to HMRC every 3 months.??

What about extra funding and financial support that’s out there for small businesses. How can I apply for small business rate relief, for example???

Small business rate relief is a discount on business property charges. In the Leeds City Region , for example, if your business only occupies one property at a value of less than ￡15,000 you are eligible for this relief. This relief, along with other financial support systems, are designed to help small businesses remove the financial barriers that prevent them from achieving their business goals.??

3. Think about the bigger picture: create a killer strategy.??

Creating a strong business strategy will help you to keep the small stuff small, and maintain a key focus on continually innovating the offering of your small business. A strategy isn’t something you write as part of your business plan, left to gather dust and never to be looked at again. Your business strategy should be a living, breathing document that details the main elements of your business operations.??

If you haven’t already, write a strategy that contains:??

• The problem that your service targets and how your business provides the solution to that problem.??
• Your financial predictions and goals.??
• An analysis of the market and where you sit within that.??
• Competitor analysis.??
• A plan of your business operations.???

When it comes to goal setting and looking towards the future, don't be put off my goals that might seem unrealistic right now. Running a small business requires management of the day to day operations of your business, all whilst keeping an eye on the overall direction of your growth. But the small stuff shouldn’t get in the way of big thinking.??