Ask for help: Money management can get overwhelming for many business owners. Don’t be afraid to ask for help and support – even accountability – from your family and friends. Be wary of taking direct financial advice, though.
Set aside time each month to assess your business finances: Schedule an hour or so on your calendar to look at your financial health, update budgets, set aside taxes, etc.
Skill gaps
While the business examples we’ve listed above range philippines phone number example in expertise needed, for each business, you’ll need at least some knowledge about the field you’re working in.
skill gaps while maintaining your business:
Add education to your business budget: Spend it on books, courses, and workshops related to your needed skills.
Take advantage of free and online training resources: Thanks to the Internet, you can get a world-class education on a budget, all from your home. Take advantage of free courses and low-priced online training.
Schedule time each week for learning: If you don’t schedule it, it’ll be difficult to prioritize. Budget time in your week, as little as half-an-hour, to upskill.
Lack of time
If you’re like many first-time business owners, you’re probably still working a full-time job to put food on the table. That leaves limited time to balance your free time between your business and other non-work obligations.
Another thing to note is that you’re often doing the work of a full team, including answering the phone, filing paperwork, and dealing with vendors. It can feel like you just don’t have enough hours in the day. Here are a few ideas to optimize your time management:
Set clear boundaries around your day: When at your job, focus only on your job. When you set aside time to spend with family and friends, put your full attention to it. Likewise when working on your business.
Learn to say “No”: In other words, guard your “Yes”’s wisely. When you aim to please too many others around you, it gets increasingly difficult to spend time growing your business.
Use time blocking: Use Google Calendar or any other calendar app to visualize how you’re spending your time and get a realistic view of your time budget.