Stay true to proven processes and systems
Being a business owner is not for the faint of heart. It takes a type of determination and patience that cannot be found in many other lines of employment. These days, in the chaos of a pandemic, this is certainly truer than ever. It will take patience and diligence to get through these, hopefully, last few months of this economic-straining event. Businesses that have had processes and systems in place before this thing came on shore are certainly faring better than those without them. Processes and systems are anchors amid the stormy seas. You have something to hang onto. These guardrails allow you to weather these storms with greater peace and less uncertainty.
I often speak to advising clients about how owning a business is a marathon and not a sprint. More times than not it will take time to grow and mature your business into a profitable entity. I see many clients chasing money instead of staying true to sound and proven processes and systems. I see many exerting great amounts of blood, sweat and tears for a few more bucks. Many times, people do this to validate that their business has a purpose for existing. They say to themselves, “See, they want my product or service (heavily discounted) so my business must be serving a purpose.” But this is a trap, because what a business owner is doing is exchanging their time and material for needs that always exist out there in the economy.
There is always a person looking for a deal or a discount. I mean, come on, who doesn’t like those clearance racks at your favorite retail spot? But, this doesn’t serve the business or its owner well. This only prevents it from finding its real purpose in the local economy. Instead, after a few months of chasing money, a business owner should begin to put up some boundaries or guardrails for customers they want—and for those that they don’t. They should better define why they are in business, who they are serving and how they want to service their needs. Even those with a 40-page business plan learn some items they researched and planned for don’t actually work…and so they adapt. This is where the marathon begins: building boundaries through sound processes and systems that can help you weather the storms that will inevitably come.
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Blog by Jason P. Bailey, CPA – Business Services Manager, Senior Tax Professional
Learn more about Jason and the rest of the Storen Financial team here.