How to alleviate stress for small business owners
WHILE small business owners (SBOs) are often considered entrepreneurial, financially independent and successful, there are many challenges they face in their daily routines that are anything but.
According to the Department of Industry, Innovation and Science’s study of Small Business and Mental Health in 2020, “While most SBOs felt that what they do is worthwhile (average rating 7.2/10) and are more likely than not to rate themselves as happy (6.8/10) nearly one in three (28 per cent) reported a diagnosis in the last 12 months of either stress, depression or anxiety”.
The study claims that the main factor contributing to this stress, depression or anxiety for SBOs are financial concerns and concerns about the impact on family and personal life.
At STS Accounting Group, we focus on helping alleviate the stresses of running a small business. It seems simple, but a bookkeeper offers great benefits for SBOs.
Five ways a bookkeeper reduces a SBO’s stress:
More time to focus on business and personal life
Despite all good intentions, an SBO typically gets bogged down with paperwork; reconciling records, sending and paying invoices.
Handing over these tasks to a professional frees up time to grow the business through sales, marketing and product/service development, as well as freeing up time for personal enjoyment.
No doubt every SBO has good intentions, but mistakes are costly. The incorrect recording of any income or expenses may result in a fine from the ATO. A bookkeeper will ensure your books are up-to-date, organised and accurate, taking the pressure off the SBO.
Helps manage cashflow
A key factor in running a successful business is cash flow. A bookkeeper gives you hands on assistance in understanding your cashflow. Knowing where money is coming from and going to, enables a SBO to have the data they need to feel confident in managing and growing their business.
With apps, email and zoom, employing a bookkeeper can all be done remotely. Freeing up time without in-person meetings, double ups on administrative tasks giving back much needed mental space for the SBO’s business and personal life.
Grows with the business
Typically, a bookkeeper can grow with the business. If a business is just starting out, they can do minimal work, but still keep the paperwork part of the business running smoothly. Then as the business grows, they can take on more hours, as needed. This enables a bookkeeper to be a cost-effective, stress-free business decision for a SBO.
So if you, or someone you know, are one of the one in three SBOs feeling stressed, anxious or depressed, the start of the new financial year is a great time to talk to one of STS Accounting Group’s expert bookkeepers.
With nearly 30 years of experience, teams online (and in person) in Torquay and Winchelsea, we are equipped to connect SBOs with the best bookkeepers in the region.
Get your business on track in the new financial year, contact our expert team today – just one conversation can change your financial path for the better.