The start of a business holds many promises for the optimistic business owner. In a country of filled with entrepreneurial opportunities, small businesses (those with less than twenty employees) account for about 98% of all Australian businesses. Unfortunately, recent findings have shown that many small to medium enterprises are experiencing difficulties staying afloat. The Australian Small Business and Family Enterprise Ombudsman reported in 2019 that less than 40% of these businesses are successful within the first few years of operation.
Steady cash flow, profitability, and increasing competition are just some of the common challenges that small businesses face, but with limited resources and a lack in HR support, these challenges can appear even more magnified, ultimately leading to burnout and mental distress. An article by Smart Company revealed that close to 60% of Australia’s small business owners live outside the standard stress threshold, 80% are suffering from lack of sleep, and most aren’t paying themselves the minimum wage.
Your business’ success, though also affected by other factors, relies on clear and informed decisions and set goals. This can only be achieved when you and your team have a positive mindset. So what can you do, and what are some of the little steps you should take to try and ensure a sustainable business?
1. Be mindful and aware
“The answer lies within you”. Movies have quoted this cliché line many times over, but there’s a good reason for it. If you’re not sure about yourself and the decisions you make, doubts and insecurities are sure to follow. And if you’re doubtful about yourself, how will you lead a team of people who follow your leadership?
According to the Australasian Sustainable Wellness Academy (ASWA), many of our decisions are affected by our values, beliefs, and perception of information given to us. Clarity behind what you do and why you do it often gets us to reassess our goals and objectives, and we become more likely to maintain our growth mindset, navigate through challenges, and make good choices.
Find and connect with professionals within the industry who can help you bridge the gap and grow positively. This type of support system can foster accelerated success and contribute to you and your team’s mental health and happiness.
2. Nurture growth thinking
The mindset you choose to embrace can have a positive or devastating effect in every area of your work, if not your life. It can be hard to look on the bright side, especially if you’re experiencing a turbulent season in your business. However, embracing a growth mindset encourages your team to view challenges and problems as learning opportunities, and to pave the way to take on new risks. A company with growth mindsets will not only be able to deal with problems and struggles effectively, but will also be conducive in stimulating development and innovation, says Rick Yvanovich from TRG International.
3. Keep enduring
As a business owner, you can never fully “clock-off” your thoughts even after leaving the office. Whether we like it or not, stress will always be present, and so will setbacks, difficulties, and hurdles.Make a conscious effort not to react to these events, but rather respond to them with actions and decisions while bearing in mind what your goals are and how you can use that to propel your business forward.
FlexiFund It can help alleviate some of the administrative tasks so you can focus on other aspects of your business. Through our Premium Funding Software, we can help supply quotes, manage payments from your clients, and develop in-depth reports and assessments. The software automates your entire funding and payment process, allowing you to control more transactions in less time with less effort – that’s one less thing to worry about!
Get in touch to find out more about FlexiFund It Premium Funding software. A cloud-based, easy-to-use solution developed to help you start up your in-house premium funding company.