Across party lines, only 27% of small business owners say they expect changes in government regulations to have a positive effect on their business, according to a recent CNBC/SurveyMonkey. Ironically, the quarterly report shows confidence among Democrat small business owners increased four points to 51%, while Republican small business owner approval dipped seven points to 63%.*
Simply put: Public policy changes are not blowing up or enhancing your ability to get more done.
Small business owners are very dedicated to their businesses, and it’s their internal fortitude that drives their success. Sometimes, however, it also gets them into trouble. Although self-sacrifice is certainly an admirable trait, trying to do it all by yourself is a surefire way to workplace burnout and careless mistakes.
More than a third of small business owners have carried business costs on a personal credit card. One in four have taken a personal loan. Using your personal finances may be a suitable option if you’re starting a business and you don’t meet the minimum for a business loan. If you fall behind on your payments, however, you could endanger your personal credit.
Stephen Covey once wrote, “Don’t prioritize what’s on your schedule; schedule your priorities.” Once upon a time small business owners measured their success by how busy they were. Long hours. Late hours. Weekend hours. At the end of the day, where does that get you? Task saturated, I bet. Look at your list and determine what can be put off, delegated to an employee or outsourced.
Have you ever had an employee take advantage of you? Eventually you resent the employee for allowing you to give too much. The truth is self-sacrifice doesn’t always serve the other person. You are denying them the experience of caring for themselves. Better trained employees will free up more time for you to work on your business rather than in it.
Taking Your Business to the Next Level
At Inspire Federal Credit Union, we make it a point to move your business forward. We appreciate the opportunity to hear about your business, your vision and challenges. For banking, business checking, merchant services and more, call Inspire today at (215) 788-5270, extension 22308.