Managing your workload and staying happy
Most people get into business to improve their quality of life. So it’s important to give yourself the time and space to be restful and happy. But is that even possible?
Small business asks a lot
You’ve probably heard stories of small businesses that chewed through long hours, gatecrashed holidays, and put relationships under pressure. All that can happen. And it can all happen at once.
The trick is in making those times the exception rather than the rule.
Where does the time go?
Your time will go to a thousand jobs. There’s stock to choose and order, staff to manage, bills to pay, customers to serve, books to keep, mail to open, marketing to do, and floors to sweep. The list goes on. Retailers are often surprised just how much time they spend on admin.
Time-killing tasks you didn’t know existed
Bank reconciliation – you can spend hours making sure all sales have a matching deposit in your bank account (i.e. that you actually got paid).
Managing inventory – you get so invested in maintaining stock levels that you barely notice which goods are actually making you money.
Processing bills – did the goods arrive? when’s payment due, again? do you have the money to pay?
Cash flow management – you have to know your business really well to anticipate when cash will come in, and when it will go out.
Refunds and returns – it sounds like no big deal but then you have to re-adjust your inventory, your P&L accounts, and probably your GST.
Managing employees – it’s a constant cycle of negotiating schedules, recording time, calculating pay, and making the right deductions.
Filing GST – more deadlines and, most likely, another bill to pay.
Chapter 2: Hiring, managing, and paying staff
About 40% of Kiwi retailers have staff to help them out. And why wouldn’t you? There’s a lot to do between open and close. But hiring is a big deal. Here’s how to work through it.Read chapter 2