How financial comfort can make business owners more content

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A survey conducted last month made some interesting revelations about both the happiness and strong-headedness of British business owners.

VoucherCodesPro.co.uk probed more than 700 SME owners in the UK on whether or not they harboured any regrets about setting up their own business. A quarter admitted that they did, although in keeping with the bullishness and independence one might expect of those who set up their own company, 82% said that working for another person would not be an attractive proposition for them now that they are their own boss.

Finances cause furrowed brows

Further results from the survey suggest that the chief cause of consternation among these decision-makers is the difficulty they face within the economical side of the business. With two out of five of those surveyed conceding that they are facing financial difficulty, such mistakes as overspending on supplies, renting unsuitable locations and taking on staff too soon suggest that business brains know their industry, but money management skills are sometimes lacking.

What it boils down to is that company owners are being hampered by financial obligations and restrictions. People set up enterprises with the vision of being in full control of them, but the difficulties some of them face in keeping track of their spending leads to a financial shortfall, thus holding the company back and preventing it from moving in the direction its owner would like it to.

Happiness on hold

In business, there’s no bigger barrier than an unhappy boss. After all, if you can’t motivate yourself for work, how can you expect your staff to be fired up?

We regularly see business owners’ dreams under threat because they are simply trying to do too much. Delegation comes hard to the hands-on business owner, but failing to recognise opportunities to cut down your own workload is a sure-fire route to a lack of productivity.

Remember, don’t just look inside your company for opportunities to delegate. With finances clearly being a sticking point, consider the value of bringing in an outsourced accounts management team, which can help you identify patterns of overspending and give you the tools to pick out the financial decisions that may be the source of your frustration. By sticking the boot in before problems escalate, you can help your company grow and save yourself from becoming one of the 25% of business owners wishing they had thought harder about their decision.