Running a Business in the 21st century

The work landscape in 2018 is somewhat different to what it was 10 – 20 years ago.  More and more corporates are leaving their jobs, whether voluntarily or forced, to try to achieve better life balance by starting their own businesses.

THE NEW WORK WEEK

The face of entrepreneurship is changing from the white middle-aged college educated male to a new class consisting of immigrants, women, baby boomers, and the younger digital generations. In fact success looks a lot different these days too.  We no longer hold onto that one ideal of what it means to be successful. We are a generation of entrepreneurs that realise that success is ‘loving what we do, and loving how we do it’. We are redefining what it means to achieve success amongst other things.

An empire of one can operate at a lower cost than larger companies. Small to medium businesses can take advantage of outsourcing many functions while focusing on core strengths. The empire of one model will be appealing to more and more corporate employees leaving behind big companies with limited pensions and job security.  Forget the hiring headaches, managing problems, and added paperwork of running a business with employees. According to the Census Bureau, small business without payroll makes up more than 70 percent of America’s 27 million companies, with annual sales of $887 billion.

The boomers have a vast repertoire of skills and experiences while the youth possess a risk-taking attitude with very few financial commitments. According to the Kauffman Foundation, Americans aged 55 to 64 start a business at the highest rate of any age group—28% higher than the adult average. A growing number of employees will value the path to entrepreneurship continuing the small business revolution. Look for greater political clout and financing for small business.

TIME IS MONEY, IT ALWAYS HAS BEEN

Have you heard the saying ‘Time is money when you’re a business owner’. The more efficient you are with your time, the more profitable your work will be and the more time you have to generate new income streams.  It’s important to learn how to work smarter not harder. To regularly review what’s working and what’s not. We need to take time to work out how we can achieve more for less.  Focus on what you can do best and outsource the rest, systemise your business, leverage technology, and ensure your marketing is targeted to your audience.

SMARTER MONEY

There are always smarter ways to do things.  One of the areas of business that can take up significant time, can be our finances.  On our blog last month, we shared 6 Xero apps that will help you save time and improve efficiency.  Xero is a brand that keeps businesses working smarter not harder, allowing them more time to work in their business.

Are you running a business?  Are you running profitable at the moment?  Are there things you could change to ensure you are working as smart as possible?  Why not take our complimentary Bookkeeping Health Check to see how your business is tracking.  There’s no better time than now to get in touch by calling 1300 BALANCE.