What To Do When
The SHIT Hits The Fan
In Your Business
Emma Bowdler
I’m a cheerleader for women and an accountant bursting with personality.
Remember that part in Forrest Gump when he just keeps running and running until someone points out that sometimes shit just happens?
The reality is that business isn’t always smooth sailing and at some point on your journey, the shit will figuratively (and maybe even literally) hit the fan.
1. Acknowledge That There is a Problem
What type of person you are, how long you’ve been in the game, and what access to support you have will determine how you react when it all goes south. But if you need a quick pep up from the business cheerleaders at The Women’s Accountant, here are a few words of wisdom from some women who’ve been at this business caper for a while now.
Burying your head in the sand does little more than make you more anxious and impede your ability to see and hear what’s going on, apart from the fact that the shit gets everywhere (amirite ladies?). It’s always better to know if there’s a problem because you can either fix it yourself, or get help from others.
Grab a pen and paper or a fresh Word Doc and write down:
- What is the biggest problem I am facing in my business right now?
- What about this situation is in my control and what is out of my control?
- What are the three qualities that have helped me through situations like this in the past?
- What support or resources can I call on right now?
- What are three things I can do right now to try and work my way through this problem?
If you want a second opinion or some support to work through these problems, you can always drop us a line or make a booking for your obligation-free strategy session:
2. Complete an Honest Assessment of Where You’re At
Do you know how many people we have worked with who’ve had years’ worth of outstanding tax returns or ATO lodgements? While it’s certainly not ideal, it is fixable. The last 18 months have been pretty bloody doom and gloom, but we also know how resilient and capable most business owners are, so it might not be as bad as it seems.
One practical way to create an honest assessment of where you’re at is to do and review a SWOT analysis regularly. Having a list of the strengths, weaknesses, opportunities and threats surrounding your business helps you strengthen those strengths and also come up with strategies to eliminate or reduce any risks.
3. Seek Advice From and Put Your Trust in the Experts
Rome wasn’t built in a day, nor was it built by one woman while she also juggled a business, home schooling and a once-in-a-lifetime pandemic. It is not only ok to ask for help, it is critical – we can’t be experts at everything and, at some point, we need to trust and seek advice from the people who’ve been there and got the T-shirt.
On that note, being in business is so much about getting the foundations right, and building systems and processes robust enough to evolve as you do.
One excellent place to start is by making sure you’ve got your policies, procedures, contracts in place. These legal safeguards are a must in every business. When shit hits the fan, you’ll be grateful you spent the time setting these things up.
One of our favourite questions to ask our clients is: ‘how much does it take to run you and your business a month?’ Now times that by at least three, and you have the amount you need to stow away in an emergency or rainy day fund to get you through rough times like this.
You might not be able to do this straight away, but by transferring a nominated amount every.single.week you’ll get there quicker than you think.
The same goes for your lodgment dates. No one wants any nasty surprises or big bills they weren’t planning for. So, pop those all important BAS and tax lodgment dates in your calendar and budget for them as best you can (or get help to do it!).
If you need a hand setting the legal side of your business up, our friends at Enterprise Legal will look after you.
Nothing is Off-Limits
When the shit hits the fan, it can be very tempting to duck for cover and not come out of hiding. Unfortunately, it’s not a sustainable nor overly smart business strategy. Bumps and bruises are inevitable on the business journey, but there is always help available and things might not be as bad as they seem.
We’ve seen it all when it comes to business, so nothing is ever off-limits or too out there, and we are ready to listen and give you the clarity and confidence you need to tackle any problems or challenges that may come your way.
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