Are you too self-reliant in business?

posted by 3 years ago in Tips
Are you too self-reliant in business?

As an SME entrepreneur your business is often your main priority. And when establishing a business, it will take a lot of will power and determination. But what if you could do all of this without being 100% self-reliant?

According to a study conducted by Real Business, SME owners have lost out on collecting their earned points and are, in fact, putting their business in a field of risk because of how self-reliant they are. Two in five of the SME owners questioned believed that their company would not last longer than a week if they were not there whereas one in ten believe it could manage for just three days.

Being self-reliant brings other factors into the equation for example the owner’s wellbeing and physical/mental health, which can cover your business with a cloud of smoke. Over time of being too self-reliant and weakening yourself could lead you to ultimately crash meaning time off work and leaving people lost because of how self-reliant you are within the business. The study; “For Love Or Money” also revealed that a portion of owners are ploughing their own personal wealth into the business, which is something that is not highly, if at all, recommended.

So how can you save yourself and your company from crashing into a wall?

Employ decision makers

If you employ senior members of staff with high experience then they can make decisions, relevant to their department on your behalf meaning less stress for you. Obviously before you allow them to make decisions that affect the business you will gain trust and show them how you want things to work.

Use software

So many businesses owners juggle too much at once, and it causes a knock-on effect to other parts of the business because of time restrictions and not having time for so many priorities. For example, it is so easy and cheap to implement accountancy software which can help with the admin side of things – making tasks more accessible and less self-involved.

Take a holiday!

The longer you sit in the office without a break the more you will become obsessed with the company which again causes unhealthy habits. Business is important and it does become a point of focus but it shouldn’t be your only focus. Take some time out and relax, spend it with loved ones and just switch yourself off – you deserve it!

And finally, breathe!

Being less self-reliant doesn’t mean you are giving up on your business, it just means you are handling it in a healthier way. Becoming obsessed can really take a noticeable strain on your health physically and mentally so make sure that it doesn’t come down to that because you can and will run the risk of running your business down the drain along with yourself!