Being a business owner is all about that fiery passion. They are the most motivated to work long hours and complete mundane tasks for their business. It is also true that they always have a lot on their hands, struggling to juggle different tasks to keep everything running. But sometimes, because of this overly burning passion, some business owners experience burnout. Continuously working hard with passion will never be a bad thing, but if you do this while compromising your health is a whole different story.

So, what is a business owner burnout?

Imagine a candle, leave that burning for the whole day and night, and sooner than you think, you won’t have a candle anymore – that’s literally what burnout means. If you overwork and don’t give yourself enough rest time, sooner or later, you’ll just feel exhausted, frustrated, stressed, and overwhelmed. Yes, you are the business owner and you understand that it’s your duty to keep your business afloat, but you also have to remember that you are not a super human. Overworking will only place you on the wrong path because you won’t be in the perfect state to stay focus and create smart decisions for your business.

How do you avoid business owner burnout?

Even the most motivated small business owner or aspiring entrepreneur will encounter obstacles that stand in the way of their business goals, and the first step to coping with this is, accept that this is normal. Remember, nobody has reached success with only one shot.

The moment you understand that, here are the other things you need to keep in mind:

1. Your Business Expectation should be Reasonable

When thinking about our business, we also visualize it as successful as it can be, and sometimes these visualizations are extreme. It’s not bad to dream high, but keep in mind that these dreams should be realistic as well. When outlining your business, you should always follow the S.M.A.R.T. goals outline – your plans should always be Specific, Measurable, Attainable, Realistic, and Timely.

2. Don’t be afraid to take breaks

Be easy on yourself and don’t shy away from giving yourself breaks. Whether it is a week-long vacation break, a full day-off, or several short ones within a working day, you should never say no to taking it. These breaks will give you time to reset and once you’re back working, your productivity may increase. Your mind and body will also thank you as this can be the time for you to recharge.

3. Have a Support Network

No matter how good you are in your craft and in managing a business, there is no way you can be a one-man-band for a long time. The time will come when you will need people around you to support you – be it in a professional manner or emotional manner. Remember, no man is an island so surround yourself with the right people.

Here at FAS, we understand that one of the goals of a business owner is to avoid burnout. By knowing this, we make it our goal to help business owners by providing bookkeeping and tax services that would free up a lot of precious time for business owners. Let us be a part of your support network so you can focus on what’s important for your business and still have a work-life balance. Contact us at admin@fas-accountingsolutions.com or at 713-855-8035 and let’s get you started!

We are all eager for the post-COVID-19 situation, but the worry and uncertainty are understandably still there, especially for our small business. While we are all anticipating for the new normal, it is better to prepare and plan for the upcoming changes now.

With this in mind, here are some tips we can give to help your business make money post-COVID-19:

1. Don’t Waste Time…PLAN!

It is fairly obvious that things are still uncertain but this should not mean that you should stop planning for the future. Whether you experienced temporary closure or limited business operations during this difficult time, it is important to view this as an opportunity to revamp your business into a more efficient one.

It may seem difficult to plan for now, but in reality, it is the perfect time to reconsider things as you can see the changes happening first-hand. Be proactive! Look for new strategies to implement, search for new sales channels, and be ready to make changes on how you do your business to fit the new normal environment. Good planning and being completely prepared is the best strategy you can do to guarantee that your business will continue to make money post-COVID-19 so plan…plan…and plan!

2. Focus on Your Customers

Nothing, not even the pandemic, will change the fact that customers are what makes your business go round so always focus on them and on how you will serve them better. This pandemic had drastically changed their habits and needs and your business should be the first one to know about these changes.

If you want to compete for a scarce number of consumers, it is crucial to bring them what they want.  Observe and study your market to see how they changed and how you can adjust to these changes. Just keep in mind that the goal is to continue offering them fast, reliable, and safe products and services.

3. Take Care of Your Business’ Credit Worthiness

As we emerge to a post-COVID-19 world, it is critical that small business owners can obtain funds to cover costs and other financial obligations – this is where credit worthiness comes in. Always be mindful of your business’ credit score because neglecting this can affect your ability to borrow money in the future.

Your small business’s ability to access capital is more vital than ever and if your credit score had been disregarded, you might face some financing problems that can bring serious problems to your business.

4. Encourage Cashless Transactions

As we slowly return from distancing, isolations, and lockdowns, we should still be wary about handling physical items outside since the virus is not yet completely gone. If your business handles a lot of cash payments, maybe it is time to change that to a more contactless transaction.

Encourage your customers to use card payments or even utilize online payment services to reduce hand-to-hand contact for your customers. Not only will this help your customers stay safer, but it will also ensure you reduce staff exposure to risk.

It is true that we can’t say what will happen in the near future, but we can always try out best to set our path to reach our goals whatever the external situation may be. So, always be prepared and keep going to keep your business running.

If you need bookkeeping and tax services support, let the FAS Bookkeeping and Services help! You can contact us today at admin@fas-accountingsolutions.com or 713-855-8035.

While having your business closed for a long time due to the pandemic is difficult, re-opening it also comes with its own challenges that might be as equally tough. Things have definitely changed ranging from customer habits, safety, and health protocols, and sales trends, your business should be able to adapt to these changes as well as you re-open.

Here are some of the common challenges small businesses are facing and our suggested solutions on how to get through them:

Challenge 1: The Right Time to Open Again

Solution: Go back one step at a time

Timing is everything. Just because your state or city has given the green light to open stores again, that doesn’t mean that you should. There are many other considerations to think about before turning that signboard to “OPEN” again. The best solution for this is to open by phases. It’s like testing the waters slowly until you get back to your full operations again. It will also lessen the risk of wasting assets and time.

You can start by opening at 30% capacity, then as sales go up, you can increase it at 50% capacity. You can also consider only opening on selected days where there is a high percent of foot traffic. The main thing here is to observe the trends that are happening and maximize those data to your advantage.

Challenge 2: Safety Regulations Expenses

Solution: Ask for a COVID-19 surcharge

Imagine this: Your business has been closed for a few months, you have no income, and the moment you go back, you are faced with an added expense for following all the safety regulations set for small business. The expense of buying safety essentials like alcohol or sanitizers, face masks, disinfectants, and protective gears will definitely take a big chunk of your income. Of course, you can’t cut any of these if you want to re-open, so one way to solve this issue is to share the expense with your customer because, at the end of the day, you are spending this cost for their safety as well.

Adding a small percentage of surcharge to your customers’ bill is acceptable, you just need to be very transparent about it. Notify them about it ahead of time, explain where this surcharge is going, and never surprise them with an added bill. Doing this can also increase your customers’ trust in you because they can see you are being honest and putting their safety first.

Challenge 3: Getting Your People Back

Solution: Update policies and offer Work-From-Home setup

Re-opening your business is one thing, but getting back your people to work is another. Not all will be willing to get back outside to work because the virus is still at large. There is also a public transportation challenge to face. With this in mind, you should be able to update your policy to answer all of their worries.

Set-up a temporary sick leave where if a staff fell ill, they can work from home for at least two weeks or if possible, just set-up your staff to Work-From-Home temporarily. You need to remember that your decisions should consider your staff too because, without them, it will be hard to keep your business afloat. Their safety should come on top too especially when they are interacting with customers.

There are many challenges to re-opening after the strict lockdowns that we have experienced, but with the right mindset and a well-thought-out plan, you’ll be able to get back to your A-game in no time.

As you re-open and tackle all these challenges, keep in mind that FAs Bookkeeping and Services is here to assist you with your bookkeeping and tax needs. Let us start helping you! Contact us at admin@fas-accountingsolutions.com or at 713-855-8035.