I'ts okay to say no

IT IS OKAY TO SAY NO!

Are you saying yes to every piece of business coming your way?

Do you hear yourself saying ‘I wish I’d never agreed to this?

Are you losing money on small jobs that aren’t worth your time?

If you answered yes to any of the above, this blog is for you.

The art of saying NO.

It can be difficult to say no to work. Especially if you are running a small business. However, qualifying leads and setting expectations is vital to move your business forward. Don’t undervalue yourself and don’t take on work that will disrupt your businesses ‘flow’.

The lesson of saying no has been a long one for our Director Paul. He is a yes man. However saying yes to everything has often put us out of pocket and disrupted our business structure, leading to confusion in the practice. Last year we implemented a very strict and lengthy onboarding process for new clients. Starting with a phone or zoom call to see if we are the best fit for the business enquiring. This then eliminates anyone that doesn’t fit into our business model and indeed if we don’t fit into theirs.

Pauls Experience

“With the help of my business coach Heather and nearly 30 years experience I am finally starting to understand the importance of no. This lesson was tested to the full this week.

I have for many years worked with Sage and in particular Sage50, unfortunately the Sage50 platform is not a true cloud product. When opening 1 Accounts, one of our unique selling points was that all of our clients are using cloud based accounting software to keep their records. Using cloud based software allows us to give up to date help and advice to clients that we (and the client) can access from anywhere. This has without a doubt helped us through this pandemic as we have been able to affectively work from home and give our clients the same level of service.

This week I had to turn down a client I acted for many years ago. Despite being a great business and nice people, they do not want to move from desktop sage 50 to Xero. It was with a heavy heart that I wished them well and did not take them on.

Was this a mad decision?

Definitely not. Our service works because all of the data is live and on hand. Our business model is based around this. Our client service would not be as good, and my team would have become frustrated with software they are not used to, or ‘experts’ in. We have taken on Sage50 users in the past, and they have all, without exception, had issues resulting in all of them moving to Xero.”

The lesson of the day

Saying no is an important business lesson. Don’t bite of more than you can chew and stick to your guns. Your business has a brand, stick to it.

movie themed

How can I use webinars to win business?

Webinar marketing is all about hosting online workshops to build a relationship with attendees and to promote and increase credibility for your business.

What’s great about webinars is that they are a win-win for both parties: attendees learn valuable content and, if you do it right, it markets or achieves a sales outcome for your business. Sounds good, right?

While webinars are a great tool to use to win business, if you don’t do it right, it can end up costing you a lot of time and effort for little reward. So this is the point of this short article. We want to show you the 3 essential steps for how to use webinars to win business.

Step 1: start with the end in mind

If you think about what you want to achieve from your webinar before you start, you can make sure that it is relevant and that it is a topic that is in demand. Before creating your webinar, explore these 4 questions:

  1. What is the purpose of my webinar? Is it just to inform clients, to stay front of mind or to sell an additional service?
  2. Who do I want there? Is it for existing clients or potential clients or both?
  3. What pain points are my audience motivated to solve? What are their biggest challenges at the moment?
  4. When will they attend a webinar? When is the most ideal time for them?

Step 2: get people to sign up, turn up, stay till the end, and to buy from you

For your webinar to be successful and for it to win you business, you will need these 4 essential processes in place:

  1. How I will get people to register – your webinar needs a catchy title and objectives that promise value and raise curiosity. You also need to pick a time and day that is best for your audience and use an email marketing tool to assist with registrations.
  2. How I will get people to turn up – streamline a process for sending email reminders to attendees (we send a total of 5 reminders to ours) and call warm prospects or people you want there.
  3. How I will get people to stay to the end – keep your attendees engaged and make them want to stay. You can do this by making the webinar highly interactive (especially at the beginning); tell them the agenda, promise something for those who stay to the end, and make it about your audience and their issues.
  4. How I will get people to buy – you need to show your audience their ‘ideal’ scenario and position your product/service as the solution to getting them there. You can do this by including case studies of clients who have had the same or similar issues and how you’ve helped them to take action and resolve them. You can also include statistics, show them the different options available to them, and have clients actually on the webinar to advocate for you in real-time.

Step 3: use the right technology

Technology can make or break a webinar, so make sure you are using the right tools. Tools that will assist you and make your life easier rather than tools that limit you. If you want to win business from your webinars, you need to be using the following technology:

  1. Webinar or online meeting software (e.g. Zoom, Microsoft Teams etc)
  2. Decent broadband and ideally a webcam
  3. Automated diary booking system (e.g. Calendly, AcuityScheduling etc)
  4. Registrant data collection tool (e.g. Eventbrite or the other event software)
  5. Bulk email marketing tool (e.g. Active Campaign, MailChimp etc)

Webinar marketing is a great way to win new business and to stay in front of your existing clients. You just need to know how to create a relevant and engaging webinar that your audience is interested in and you need to make it as easy as possible for people to remember to turn up and buy.

Is my accountant regulated?

Is my accountant regulated?

Would you trust your life to someone who was not a doctor?

Would you be defended in court without a qualified lawyer?

Of course not. Yet many businesses trust their livelihoods to unregulated accountants.

Why does being regulated make a difference?

To be regulated accountants have to be a member of a professional body. The main professional bodies are:

  • ICAEW
  • ACCA
  • CIMA
  • AAT

In order to practice as an accountant with a professional body, you have to have a practicing licence and hold professional indemnity insurance. You also have to do continued professional development. An unregulated accountant does not have to have any of this in place.

As a member of a professional body they will be regulated by law under the Proceeds of Crime Act Money Laundering Regulations (AML) with very strict rules to comply with.

How to check if your accountant is regulated.  

When you sign up to an accountant, you will receive their terms of business (engagement letter). This will set out the basis of the contract between them and you. In that proposal there should be reference to their professional body and details of their AML procedures. If there aren’t, this should be your first red flag.

Questions to ask your accountant:

  • What professional body do you belong to?
  • Can I have a copy of your professional indemnity insurance?
  • What CPD do you do?

If the accountant isn’t regulated they HAVE to register with HMRC under the AML rules. This is the law. The link below will give you the details and allow you to check if your unregulated accountant is actually registered with HMRC.

https://www.gov.uk/guidance/money-laundering-regulations-supervised-business-register

Our experience

When taking on new business, we always request hand over information from the previous accountant. Normally this is relatively easy, however for one of our new clients it has been far from it. We have been shocked by the quality and correspondence from the previous accountant. After looking through all the information, we have found out that this particular accountant is unregulated. This ultimately meant, our client cannot report the accountants actions to their governing body. Leaving them with one option, legal action.

The client put their trust in this accountant and have been left with extremely messy books, which could result in more tax and potential fines.

Make sure your accountant is regulated, this way if something goes wrong your accountant has certain standards to adhere to, ensuring your finances are kept in order.

Calendar and alarm clock

When do I need to send my Tax Return Information to my accountant?

Your self-assessment tax return is the document that is needed to calculate how much tax you owe personally. This return includes your dividends, employment income, rental income etc. One way to ‘stress out’ your accountant is to send them your tax return information in January. However, many people don’t understand why January is so stressful for accounting firms. Therefore we wanted to explain why sending in your information before January is so important.

Important dates explained

The tax year runs from April (of the prior year) to April (of the current year). For example, if we send you a request after April in 2020 for your self-assessment tax return information, it will be relating to information from April 2019 to April 2020. So the start and the end of the tax year.

The deadline to complete the return and pay any tax will be the following January, so in this case the 31st of January 2021. This gives you 9 months to get the return submitted and tax paid from the end of the tax year.

For anyone who has to pay a payment on account, this will be due the following July, so in this case the 31st of July 2021.

self-assessment timeline

The way we work

At 1 Accounts we use a system called Karbon to request self-assessment tax return information. At the end of the tax year on the 6th of April, we send out an automatic email requesting all the information we require to complete the return. We then send an automatic reminder email once a month for five months to those who haven’t uploaded the information. If you still haven’t sent in any information after this, you will get chaser emails from one of the team.

If you haven’t used our Karbon system before, it is nice and straight forward. All you have to do is click ‘manage checklist’ on the email.

Karbon checklist

This will then direct you to create a pin number (make sure it is memorable). If you forget your pin, just click on the ‘forgotten your PIN?’ hyperlink and follow the steps.

Pin number

Once you are in, you will be able to see a checklist where you can comment and upload the information we have requested, or ask any questions. These comments come through to the team like an email.

Once you have completed a task we ask you to tick it off. The open tasks are what triggers the automatic reminders and so ticking them off will stop them.

If none of the information requests apply to you, we still need you to write N/A in the comments so we know it doesn’t apply.

Once you have completed your checklist and ticked off the tasks, please just log out or close the window. Your progress will be saved and we will be notified

For anyone sending us information after the 15th of December, there is no guarantee we will be able to complete the return on time.

So why Is January so stressful for accountants?

With January being the deadline for self-assessment tax returns, naturally many people leave it until the last minute. If you are completing your own return, then that’s fine, however waiting until January to give the information to your accountant will not make you very popular. No matter how much accounting firms prepare, January is always horrible. Not only are the Christmas festivities over, last minute tax returns are a given. If you have left your tax return until the last minute, bear in mind, that you are not the only one.

We advise you to send in your information any time between April to August. This will give us ample time to complete your return. The sooner you send us the information the sooner we can complete the return. We prioritise our returns on whoever sends us the information first.

On a side note, if you are looking to buy a house, your returns will need to be completed for your mortgage. If this is the case you will need to send us your information ASAP and let us know well in advance.

Remember your tax is due in January?

Your tax is due in January. This means that if you leave sending your information until the last minute you could end up with a large unexpected tax bill to pay straight away. If you return gets completed early, you will be able to prepare for paying any tax in January. Or for those lucky people, get a refund early.

Overall, accountants all over Britain ask nicely that you send your tax return information between the months of April-August so we can give you the best possible service and eliminate stressful Januarys once and for all.

If you have any questions on your self-assessment tax return please email jade@1accounts.co.uk

documents

What information is needed to complete my personal tax return?

…… AND WHY!

It’s that time again ….. tax returns!

From the 6th of April, accountants start to request information from clients. In this blog, we will go through what information accountants need and why.

At 1 Accounts we request the below information from all of our clients via our Karbon software. A secure virtual checklist gets sent to every client automatically on the 6th of April. For more details on when and how to send your tax return information to us please *click here*. Not all of the checklist points apply to everyone, however, we ask all of our clients to write N/A by the tasks that don’t apply, this confirms to us that they aren’t applicable.

karbon checklist

Bank Interest

You have to declare your bank interest received on your tax return. You do not have to pay tax on any interest under £1,000 if you are a basic rate taxpayer or £500 if you are a higher rate tax payer. If you are an additional rate taxpayer, you will have to pay tax on all of your bank interest. However, regardless of the amount you still have to declare any interest you have had. Depending on your bank you will get an April summary that will tell you your annual interest. Your bank should also be able to provide an interest statement on request. Failing both of these, you can just look through your bank statements and add up any interest received, however, this could be long, time-consuming and most of all boring.

Details of Dividends

Your dividends are taxable income (after £2,000), so they have to be declared on your tax return. To send us the details we will need the dividend vouchers. If you do not have these you will be able to ask your accountant managing your business to send them to you. If you are a 1 Accounts client and we look after your company, we will have the dividend information for that business.

If you have invested in any shares, you will also get a dividend certificate. Keep hold of these even if just for a small amount as this will also need to be declared.

Details of rental income and expenses

We will need to know the gross rent. This is the amount of rent that you are paid before any management charges. We will also need a list of your expenses obtained throughout the year. If you have an agent you should be able to ask for a ‘rental statement’. If you don’t have an agent please send us a spreadsheet of your expenses and details of the rent paid to you every month.

Some of our rental clients use Xero to keep track of their income and expenditure. If you would like a version of Xero to be able to do this, just let us know.

Donations Under Gift Aid

This one is a little trickier to find the information. If you have donated through ‘just giving’ or have a monthly subscription to a charity you will be able to find the donation given. All we need is for you to add all the donations together to give us the total figure donated, confirm who you donated too and that it was made under gift aid. Remember that donations made under gift aid will REDUCE YOUR TAX if you are a higher rate taxpayer and so it is worth noting down whenever you give to charity.

Pension contributions

This is another one that you could get tax relief on, depending on the type pension scheme and how the contributions are made into the scheme. We will need the details of all the amounts that have been paid into a pension scheme, whether by you or on your behalf by say your employer. Dependent on your pension provider you should be able to get a statement for the year. If this is applicable we will need to discuss this with you further.

Employment income

If you are employed we will need details of this income from either the P60 or P45. This is because it is part of your total taxable income for the year and is needed to decide your tax band. We will need your P60 or P45 from any employer for whom we don’t run the payroll and don’t worry, any tax deducted at source under PAYE will be deducted from your tax bill.

If you are in receipt of you pension, we will also need this P60 as well.

Details of any other income

If you have had any income that we have not listed above, please tell us. Even if you are not sure it applies. This could include the following:

  • P11D employment benefits received.
  • The sale of capital assets.
  • Inheritance income (if not handled within the estate).
  • Sole trade income (if turnover is above £1,000 we need to know).
  • Sale of shares.
  • Cryptocurrency sales.

How can I reduce my stress?

As 2020 nears its end, it probably would be described as a very stressful year for many people. Perhaps, for some, the most stressful year of their lives. Covid 19 has literally turned the whole world upside down. First and foremost, many have lost their loved ones, in the most awful of circumstances; not being able to visit in hospital, or perhaps being able to attend a funeral or have their family around them to grieve. Many have been left very ill in the still unexplained ‘long COVID’. Then there are the wider effects of social isolation and loneliness as we are forced to stop meeting with our family, friends and community. O.K so we have zoom or the telephone, but it zoom isn’t available to everyone and even that is just not the same as face to face interaction. Then we have work; many find themselves unemployed and in financial hardship, and those that own their own businesses facing challenges that a year ago were unheard of.

With a vaccine on the horizon there is light at the end of the tunnel, but in the meantime how can we control the stress that we feel. As we know long term or chronic stress is bad for us. Unhealthy levels of stress release high amounts of hormones like cortisol, norepinephrine, and adrenaline which trigger various reactions in the body such as hormone imbalance, adrenal fatigue, chronic inflammation and reduced immunity. The hormone Oxytocin on the other hand is known as the ‘anti-stress’ hormone or ‘love-hormone’. Oxytocin is the reason you fall in love with your newborn baby and why cuddling and nurturing feels good. Both hormones have essential functions in your body but they should work in balance.

kitten hanging off sofa

Make one simple change rather than trying to tackle it all at once.

So how can we help ourselves during these incredibly stressful times, reduce stress and stay healthier? There is much we can do, but it’s important to take baby steps and change one thing at a time. If you try to do too much at once, the changes won’t stick, and you’ll find that you just end up more stressed.

Recognise what is causing your stress by asking yourself these questions.

  1. Are you trying to do too much? What can you say no too?
  2. Are you getting enough good quality sleep?
  3. Are you taking time out to relax and take care of yourself?
  4. Are you eating well to give you energy to tackle the day to day?

We have all heard the metaphor ‘you cannot pour from an empty cup’ and this is true, if you take care of yourself, you will be more able to take care of others. How often have you found that the more ‘stressed’ you become the more things start to unravel at work? You can’t concentrate properly, people seem to annoy you, you become more forgetful? Then when you get home, you find yourself tucking into the chocolate, bickering with your partner or shouting at the kids?

Take control of one thing at a time, and the changes soon add up.

Take sleep for example. Lack of sleep has the same effects on the body as stress itself, so not getting enough or good quality sleep is going to make you feel stressed before the day even starts! Lack of sleep is also likely to make us crave more junk food and affects our memory, attention and decision-making abilities, as well as making us more emotional.

Tips for good sleep

Sunshine

Get a good dose of sunlight every morning for at least ten minutes. Going outside is best, but you can even just have your cuppa by the window. The exposure to the light helps set your body clock.

Stop using devices an hour before bed. Just as the exposure to the morning light affects our body clock, we are more sensitive to the ‘blue’ light in the evening and exposure to it through devices tells our body that we should be awake. If you can’t resist, get blue light blocking glasses.

Write down your thoughts before you go to sleep. Often when we go to bed, we have a million things going around in our head, getting them down on paper can ‘offload’ our brain enabling us to sleep.

Do not eat 3 hours before bed. Eating late is a stressor to our bodies, so eating earlier helps us to move out of a stress state into a ‘thrive’ state.

Avoid liquid stress. A glass of wine is tempting after a stressful day and as alcohol is a sedative, we often think that it helps us to sleep. But alcohol disrupts our sleep and wakes us more during the night, it also blocks our deeply restorative REM sleep.

Avoid caffeine from midday. One quarter of a cup of the coffee you enjoyed at lunchtime will still be in your body at midnight!

Saying No!

It’s so easy to overstretch yourself and to feel pressured to say yes to everything. Take some time to work out your boundaries so that you have got time to say yes to the things you love such as taking a bath, reading a book or going for a walk. Remember, doing the things you love balances out the effects of stress.

Getting to grips with time management can make time for self-care

Saying no is easier if we have a plan. Evaluate your daily and weekly tasks and don’t be afraid to ask for help and support. For example, can you delegate other members of the family to cook on some days? Or perhaps put on a load of washing. Giving people specific tasks on specific days can be more successful than a ‘it would be nice if….’ Which might get overlooked!

Schedule in time with friends and family (even if it is on zoom), this is just as important as the other things in your day!

Alarm clock

Wake up 30 minutes earlier. Sometimes having some time to ourselves first thing in the morning can give us that space we need to feel refreshed and revived. You could journal, meditate, stretch or go for a walk, or even just have that few minutes of calm before the day starts.

Schedule your times for checking your emails and scrolling social media. You’ll be amazed how much time you can save when you do this!

Taking regular breaks at work can help you feel alert and well and focused.

Make time for being active and getting outside because fresh air can impact your overall health. Can you park a little further away from work, or pop out for half an hour at lunchtime or kick a ball around with the kids when you get home?

Sound of music

Eat, Drink and Be Merry

Often, ‘what to eat’ can be a source of stress in itself. There are a thousand ‘diets’ on the internet telling us what to eat drink and when to eat and drink. It shouldn’t be this complicated. And it’s not. What is important is for us is to eat a wide variety of foods that are as close to natural as possible. If we eat whole foods when we are hungry, we won’t need to snack on ‘junk’ foods. The best way to do this is to plan our meals ahead of time for the week. Some people prefer to ‘batch cook’ on the weekend. Shop for these meals and organise who is cooking them on which days. If we do this, the odd ‘treat’ or ‘take away’ won’t matter so much. It’s being in a good routine the majority of the time that makes the difference and the more organised you are, the less stressful it will be.

Remember the important thing is to tackle one thing at a time and to turn it into a habit. Maybe make a list of what you would like to change and introduce one new thing each week or even each month. Small changes add up and looking after ourselves really matters.

Bienestar logo

What are the new business support schemes for covid-19?

What are the new business support schemes for covid-19?

Yesterday the government announced more support for businesses and the self-employed. This blog takes you through the announcements and what it means for your business.

On the one hand, it is great to see the government making available this help. But this probably means we will see fairly strict lockdown conditions between now and March 2021. We hope we are wrong about this, but in your contingency/scenario planning, particularly in regard to cash, please extend this 4-week lockdown until the end of March. If you need help with your business planning, please get in touch.

Here are the full details from the Government’s announcement.

The Self-Employed Income Scheme

On 30th November you will be able to claim a grant for up to 80% of your profits, to cover you for Nov – Jan 2021. This is capped at £7500. They also declared there will be one more grant which will cover the period Feb – Apr 2021. Details are yet unknown of when this will be paid or for how much.

To receive these grants, you need to have received the previous grants.

The ‘Furlough scheme’

This has now been extended to the end of March. Which in effect means that we are unlikely to see the Job Support Scheme operational… You can Furlough any member of staff, as long as they were on the payroll before Oct 30th 2020. And the government will pay up to 80% of their wages, capped at £2500 per month.

As a result of extending the Furlough scheme the planned Jan 2021 ‘Job retention bonus’ of £1000 for any employee you Furloughed who you still employed has been deferred. Until when? Who knows?

Help with cash flow

If you haven’t taken a Bounce Back Loan or didn’t take the maximum amount available to you, you can now top this up. And you will be able to take out a CBIL or Bounce Back Loan now until the end of Jan 2021.

Mortgage payment holidays for those who haven’t taken a payment holiday will be available for 6 months, without this being noted on their credit files.

Remember that for many businesses the deferred Q2 VAT payments, general tax and self-assessment tax is now becoming due in the next few months. Please get in touch if you haven’t already identified how you will manage your cash to make these payments. We can put you in touch with finance providers or help you organise a time to pay agreement with HMRC.

How do I guarantee the quality of work when outsourcing?

Do you worry about outsourcing work because you don’t think the quality will be the same as you’re getting now? Do you worry that the outsourcer won’t be in line with your company’s cultural values? Do you worry that you won’t be in control of the process and that you might end up having to do more work checking over what someone else has done?

If you are guilty of losing sleep over one or more of these worries above, then take a step back and open your mind to the possibility that outsourcing work can be a huge success. Your outsourcer may even do a better job than your staff – imagine that! To help ease your quality concerns, here are 6 things that you need to do to ensure that you get the quality you want.

6 must-dos to guarantee the quality of work when outsourcing

  • Invest more in the selection process

Since you’ll be working with the outsourcer you choose, hopefully, for the long haul, you must take the time to select this person/company and ensure that they are a good fit for your projects. Try assigning the same project to 2 or 3 different outsourcers; it’s a great way of comparing the quality of work and deciding who are the best people to work with.

  • Ask them what processes they have in place

A good outsourcer will be able to show you the processes they have in place to ensure you get the level of quality you require and minimal rework. Before you work with them, take the time to ask them about these processes so that you can understand how they will ensure a quality job is delivered on time and how you can keep in control of the process.

  • Discuss how mistakes will be resolved beforehand

Will they rectify any mistakes and make amendments at no cost? Or will this be something that you will need to do on your time? Discuss this in advance so that you both set expectations.

  • Give clear briefs

Sometimes quality may suffer because the outsourcer hasn’t been given a clear or detailed brief. Make sure that you have given them everything they need and confirm this with them before they start the work!

  • Communicate regularly

Regular communication is vital to keep you both aligned to the goals of the project, so make sure that you decide the best way to communicate and when before the project starts. Whether this is via Zoom, Slack or even WhatsApp, make sure you are getting regular progress updates from them and that you’re available if they come across any issues.

  • Treat your outsourcer like a new member of the team

You wouldn’t expect a new member of your team to deliver a top-quality job first time around. After

all, you’d take the time to go over with them exactly what your firm requires, e.g. processes they

have to use and standards they need to achieve. It’s the same when you start outsourcing.

Your outsourced team will need some time to work to your standards and your processes, so oversee the first project and provide feedback. From then on, take more of a backseat but respond promptly when they have any issues or questions, and always give feedback to help them learn what you want.

 

How to get back in control of your workload

For many of us, Covid has caused a wave of work or we’re experiencing challenges with everyone working remotely and there’s just too much day-to-day work that needs to be done. This is an issue that needs to be nipped in the bud quickly so here’s how to get back in control of your workload so that you can make time to work on the business rather than in it.

3 steps to take control of your workload

If you are spinning multiple plates and you have too much on each plate, you need to take back control. This amount of overwhelm can be difficult to shift, so here are the 4 steps that you need to take:

Without valuable deep-thinking time, you are constantly spending your days firefighting. To take back time (and stop firefighting), see the time-management tips below. Start working smarter not harder.

Get more headspace

You need to know where your business is growing and how you are going to get there. If you have this, then you can prioritise work of high-value and ensure that you have the capacity and resources to facilitate this growth.

Once you have a clear growth plan and a capacity and resources plan, you need to make sure that you monitor and measure progress. Whether that’s a daily huddle, a weekly operational meeting, a monthly leadership meeting, and/or a quarterly one big focus reset meeting, find what works for you and your team to keep everyone on track.

How to get back more time

We are all guilty of working too much within the business rather than on it, but how do we make more time? How do we reduce the time spent on low-value tasks and increase the time we spend on the tasks that will grow our business?

Here are our best time management tips:

  • Do a time audit – where are you actually spending your time? Track what you are doing and how long it takes for 2 weeks. You’ll soon see where your time is being wasted and what needs to change.
  • Plan and prioritise work – which tasks are urgent and which are the ones that will help grow the business? Prioritise these to do first.
  • Delegate effectively – start delegating authority as well as tasks so that you don’t have to micro-manage.
  • Minimise interruptions – when you’re doing high-value tasks, switch off your phone, mute notifications, block out your diary, and work somewhere where you won’t be disturbed.
  • Ditch unprofitable clients – low fee clients are often more of a hassle and take up the most time so let them go.
  • Outsource low-value tasks – this is the quickest way to gain back time and increase your revenue.
  • Hold everyone accountable – even yourself. If you and your team are all held accountable for your tasks, they will get done and done promptly.

Start working smarter, not harder

If you’re overwhelmed with work and there’s just too much in the day to do, every day, take a step back and breathe. What are the goals for your business? What do you need to prioritise to get there? What can you delegate or outsource? What are the tasks that you, and you only, must do?

If you take some time to put these three steps in place – get more headspace, develop a growth plan, and monitor and measure progress – you’ll soon find that you’ll be back in control of your workload and you can spend more time working on the business rather than in it.

 

How to change your Mindset to trade through a recession

The global pandemic has hit everyone hard, the knock-on effects of which will be ongoing for the years to come. So how do we make it through? How can we keep trading successfully through the recession? While there are many changes and improvements you can make, the most underrated one by far is your mindset. By simply choosing the right mindset, you can not only survive in the recession but you can thrive in it.

How to change your mindset to successfully navigate the recession

It’s very easy to dwell on the doom and gloom when it comes to the current state of the economy, but what does that do? How does that help us to navigate through the recession so that we can come out of it stronger and more successful, and ready for the economic upturn? In short, it doesn’t.

Here are a few ways that you can change your mindset to a more positive one. One that facilitates growth and success in a time where we need it most:

1, Remember that the economy is cyclical

It’s important to remind yourself that the upturn will come. The economy is cyclical. Yes, we are currently in a downward spiral but there’s still business out there. Businesses are still doing business and they are looking for help. That’s an opportunity for you to try and grab some of that opportunity.

Be creative – how else can you offer value? What does your target audience need help with the most?

2. See this as an opportunity to review and improve

It may be difficult to see but the recession is an opportunity to put everything under the microscope and see whether you can do it differently. In some instances, you could even find a way to do things better. This is a massive opportunity for businesses and one that will go as quickly as it has come.

3. Appreciate that recessions are cleansing times

It might not feel like it now, but recessions are cleansing. If you find yourself less busy, is it because you’ve just weeded out the time-wasters? Many businesses have reported that the recession has forced them to focus on what really matters and as a result, they are focusing on their core business and what they are good at. They’ve found that the clients who were producing the most ‘noise’ have gone and they actually have time to focus on tasks that help their business to grow.

4. Reconnect with your “why?”

We’ve been forced to look at our businesses in a different way so re-evaluate. Why are you doing this? What is it that you are doing it for? What does it actually mean? Reconnecting with why you started is a great way to re-ignite the fire. It’s a great way to self-motivate and to start being proactive.

5. Surround yourself with people who support you

The last way to get the right mindset is to appoint a war cabinet. What we mean by this is surround yourself with people that you trust, people who you can lean on and who can advise you to get through this time. If you choose the right people to have around you, who you can vent to and laugh with, and who can lift you up, it’s really easy to choose the right mindset and to make positive changes.

Believe that you can and you will

Mindset is really all about attitude and you can choose it. If you think you can, you can, but if you think you can’t, then you can’t. It really is that powerful.

If you think that you can grow through this recession, you will, not because of magic but because of the decisions you make and all the things that you’ll put in place. So how can you change your mindset during this recession? How can you innovate and offer more value so that you can grow?

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