Month: August 2020

Today’s topic is business burn-out. As a small business owner, we often wear many (sometimes, too many!) hats and this can lead to burn-out.

Burn-out can cause us to lose motivation and passion for our work and affect our business in a negative way.

Today I’d like to discuss some signs of burn-out and some things you can do when you recognize you are experiencing burn-out.

● Having no to low energy, being exhausted emotionally or physically
● Feeling uninspired, unmotivated, passionless
● Lacking usual confidence in your abilities or decisions
● Being overly tired
● Feeling stressed, anxious, or depressed

If this sounds familiar, you’re not alone, SmallBiztrends.com reports that over 77% of small business owners feel the effects of burnout at work- at least some of the time. 77%! That’s the majority of us. So know that this is usual, and that you are not alone in this hard time you are facing.

Here are a few tips to help you comeback (or avoid!) burnout!

Are you a spender or a saver? The answer to this question is likely to influence if you follow a budget or not! Savers are more likely to follow a budget because they tend to be more disciplined than spenders in the area of money.

Now before you get too upset at me, and think I am being unfair, let me say there is nothing wrong with being either type of financial person! But you must know which one you tend towards so that you can know your financial strengths and weaknesses when it comes to budgeting.

Not sure which you are? Take this fun quiz and find out! Are You A Spender or a Saver?

Now that you know which you are, let’s talk about some of the common pitfalls I’ve seen over the yearsfor the spender and saver when it comes to budgeting and then we’ll discuss a few tips on how you can overcome these things to make a budget work for you. Whether in business or personal, these tips will help you if you desire to follow a budget.

This may seem like a simple question, but it is so important to any business that has a petty cash system. We’ve discussed in previous blogs how small businesses is a target for theft. Employee theft unfortunately is no exception and petty cash is a common way for this to occur. In today’s blog post, I want to cover what petty cash is (and what it shouldn’t be!), why it is important to have a good accounting system in place for petty cash and alternates to petty cash.

First, let’s discuss what it is. Petty cash is typically a small amount of cash that is held in the office for any miscellaneous purposes that may came up throughout the daily operations of our business. Typically, a supply run, or a last minute unplanned office lunch, or some other small item is purchased with this cash. Petty cash SHOULD NOT be money taken from a register (if you own a store, etc) nor should it be monies that are unaccounted for within the accounting system. What do I mean by this? You should have a petty cash “check” register in your chart of accounts and this register should reconcile (aka “match”) with the activity that has happened with the cash. This is so important to having a good
accounting system in place for your petty cash.