What not to do when you run your own business
14th December 2016
December feels like a funny month doesn’t it? People can be very focused on Christmas which can mean that not a lot gets achieved. And with the end of the calendar year approaching it’s a good time to take stock and do some thinking about your business.
We know only too well that it’s easy to let running a business run away with you, so here are our three top tips for what not to do when you have your own business.
1 Don’t stop learning – you probably got into business because you were an expert in your field. Don’t fall behind by neglecting your professional development. If you have a team, it’s also important to invest in them. The old wives’ tale goes that the chief financial officer asked the CEO, “What happens if you invest in people and they leave?” The CEO responded, “What happens if we don’t and they stay?” Why not give The LEP a call to ask about their funding for training? All training costs can be offset against taxable profits
2 Don’t ignore retirement – it’s easy to focus on making money for the here and now, but don’t forget to plan for your retirement. Auto-enrolment is becoming more of a pressing issue for companies with employees. We know when all clients’ auto-enrolment dates are and will be in touch in good time, but give us a call if you need to check about your situation. And make sure you seek advice from a qualified Independent Financial Advisor about your savings options. Take a look at our blog on pensions here
3 Don’t forget to prioritise your health and wellbeing – almost without noticing you can get swept up working lots of hours, skipping lunch because you’re busy and not getting any fresh air, but that won’t keep you healthy and happy in the long run. Make sure you set time aside for yourself, take proper breaks from work to recharge and try to stay active. Even standing up while you’re on the phone can make a measureable difference to your health as sitting fast becomes the new smoking. Take a look at our tips about health insurance as a business expense for more inspiration