With the summer upon us, this seems like a good time to be reminded about the importance of taking a break from your small business. Running a business can be all encompassing and despite the flexibility and control that comes from working for yourself, in some ways it can be more difficult than ever to take time out.
You may have concerns about the costs involved in taking take off, or perhaps you are worried about losing clients. It has been proven though that taking time out is essential for both your physical and mental wellbeing, and the benefits of allowing yourself some space from the business could be more beneficial than you realise in the long term.
So, what are the key benefits or reasons to take that well-earned break.
Prioritising Mental Health and Wellbeing
The importance of mental health and wellbeing continues to attract attention, and for good reason. Without a clear and calm mind, it is more difficult to cope with the day-to-day demands of running a business, and just as challenging to make strategic decisions about the development and future of your business.
By booking a holiday or longer period of time off from your business, you can improve your mood, release stress, and hopefully relax and recover from the day-to-day strain of running a business.
Quality time with friends and family
It is likely that as a responsible business owner you may not manage to dedicate as much time as you would like to your friends and family, and this is often particularly true for business startups. By committing to a specific period of time away from the business, you can reconnect with loved ones and work on the important relationships in your life.
You may even be able to gain valuable insights and suggestions for developing a good work/life balance by spending more time with friends and family.
Discovering new hobbies and making time for existing ones
It’s also important to recognise the value of spending time doing activities that you enjoy outside of daily working life, even if it isn’t a regular commitment. You might be surprised to discover that while you are fully engaged in your chosen hobby and sport, that you gain perspective and a fresh approach to business challenges or problems you have been encountering. Sometimes the mind needs to fully rest and refocus on another activity before it can come back to a problem and identify a solution.
Accounts and Business Support When Your Need It
Even with all of the above in mind, it can still be difficult to commit to the break you need, and one of the obstacles in your path might be a lack of external support. Perhaps you need help with cash flow forecasting or you’re worried about the monthly payroll. These concerns could be addressed simply by outsourcing the tasks you need taking care of.
If we consider accounting tasks specifically, then an experienced and trusted accountant, will have the skills and experience to support you with your day-to-day requirements, while also offering valuable insight to help you make informed decisions for your business.
Outsourcing doesn’t have to mean handing over control. In fact, a good accountant will be happy to help close the gaps in your knowledge when it comes to understanding the numbers. If you need clarity about the differences between margin and markup or gross and net profit, then ask them to explain it.
With a greater understanding of your business’ financial position, you can have more confidence when it comes to taking a break, that it won’t be a disaster for your business.
Finally, it only makes sense that any business owner who decides to work with an accountant, has reached the point at which their business finances are too complex to deal with alone. Whether it be management accounts, cashflow, payroll, or corporate tax, a good accountant will have more than adequate experience to support your needs and put your mind at rest while you take a break.
If this has left you wondering whether outsourcing is the answer for you and your business, feel free to give us a call for a down to earth, no obligation chat about how we might be able to help.