3 things I wish I had known about owning a small business [Video included] | Willem Gous

3 things I wish I had known about owning a small business [Video included]

My life, business and cash flow would have been better had I known these 3 things about owning a small business.

Work never ends

Work for a small business owner never ends. I tried working 8 hours a day and I tried working 16 hours a day but the work never stopped. Trying to “finish” the work is futile. Set your working boundaries, when you get back to the office work will be waiting for you, it won’t leave. Be gentle with yourself, have a life and a business, you can.

I am not as brilliant as I thought I am

I might have a good business idea but my idea is only as good as it solves problems in my clients life. I thought I was the fountain of good business ideas, not really. Ask your clients what they try to do why they struggle, how they currently solve it and then work with them to create a better solution.

Keep score or fail

I assumed I made a profit most of the years I ran my business. I did not watch my expenses and neither did I watch my profit margins. Because I was making money I was doing well. But when the business bombed on me I started paying attention to my finances and realised I was burning about 40% of my overheads on crap. Know where you spend money, know where you make money.

DO NOT see your accountant as someone you send slips and statements too. Form a relationship with your accountant, understand what they do and let them understand what you are trying to do, then you can both work towards building a financially sounds, profitable and financeable small business.

Apply these 3 things and your business and your life will be much better.

Have you ever looked at your business as a collection of conversations?

Some conversations you are having well, others not so well, while some not at all. The ones you are NOT having well can be costing you a lot of money.

Knowing which conversations to improve can help you unlock profits within your business in the fastest, most efficient way with the least risk.

Get your FREE Tool to unlock new opportunities and profits within your business.

Willem Gous

1 Mar, 2018

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Have you ever looked at your business as a collection of conversations?

Some conversations you are having well, others not so well, while some not at all. The ones you are NOT having well can be costing you a lot of money.

Knowing which conversations to improve can help you unlock profits within your business in the fastest, most efficient way with the least risk.

Get your FREE Tool to unlock new opportunities and profits within your business.

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