Common Business Problems and Tips to Solve Them 

Three of the biggest challenges are:

1. Managing their time
2. Achieving a work/life balance
3. Finding financial planning confusing

Time Management

Business owners have 101 things to sort out and limited time to do so. They mentioned working past midnight, giving up their weekends, and missing family events.  

Solutions suggested by other members included:

• Using Stephen Covey’s matrix time management tool from his book, “7 Habits of Highly Effective People” 
• Applying the 80/20 Pareto rule
• Reading “Eat that Frog!” by Brian Tracy 

There are many other ways to improve your time management. Whatever tool you use, it needs to work for you. Different people need different tools. 

Achieving a work/life balance

It’s very easy for a business owner to keep on working. The business owner is often the last person to recognise that they are overstressed and likely to become ill. Achieving a work/life balance means that you will work smartly to maximise your resources (time and money) so that you can have time away from work – with family, with friends, doing hobbies, and/or relaxing.  

Identifying and achieving specific business goals whilst maintaining a balance is not easy but can be achieved by:

• Learning which areas to outsource
• Utilising automation tools and 
• Applying time blocking. 

Understanding financials

A business can have a large turnover but not achieve a profit or enable a business owner to earn a living. Growing a business means increasing your net profit (your bottom line) and enabling you to earn from all the hard work of running your business.    

Ask a professional to help you:

• Forecast cashflow
• Understand operating and net margins
• Assess trends 

So that you can optimise your business financially.