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?
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.