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Multi-business owner and entrepreneur Parm Bhangal shares his top tips for running a profitable company in the current climate.
Running a successful and profitable business takes much hard work and dedication in any climate, but is set to be particularly challenging in this time of rising household bills and a predicted slump in the economic market.
However, there are still some tried-and-tested ways that you, as a business owner and a working dad, can get the best out of your company and yourself.
No matter what industry you work in, from time to time, challenges will arise. Whether you’re answerable to a client, a manager or even just yourself, it is important that you don’t let issues stunt your progress. Take some time to absorb all the necessary background information, speak to the relevant people and work out a solution which will pan out best for all parties involved.
My advice is to never go to a client with a problem, without also going to them with a well-thought-through solution. This way, you’ll create a reputation for yourself as a reliable problem-solver.
Additionally, have you ever thought about writing a crisis management protocol for your own business and your clients? This is a fantastic way of setting down what will happen when issues arise, but in a calm environment, so you can really think about what the best course of action would be. Then, when a problem does occur, you can refer to your document to work out exactly what the next steps should be.
An unexpected but welcome side-effect of the lockdowns we experienced over the last couple of years was greater flexibility at work. It’s now very common to see jobs advertised as hybrid or remote working and many of us are able to choose our own hours of work.
So think about where and when you are most productive at work and then play to your strengths. Perhaps you enjoy the buzz of working in an office, in which case you can often rent space in a shared space. Or perhaps you focus best by yourself, so make sure that you have a calm space either at home or in your favourite local café, to work. Timings are also crucial. Some people are much more productive later in the day, while early risers might find they get most of their work done before lunch. Again, don’t feel guilty about playing to your strengths. A few solid hours spent working at your most productive time of day will be infinitely more valuable than trying to spread yourself too thinly over the whole day.
That brings me nicely to my next point – use flexibility to your advantage when it comes to spending time with your family. Make sure that you set time aside to, for example, put the children to bed or put your laptop and phone away for a family dinner. Spending quality time focusing on one aspect of your life at a time will make you feel more fulfilled, and not as if you are trying to cram so much in that you’re not able to fully give yourself to any aspect of your life.
Make sure that you set time aside to recharge and reset. When running a business, particularly a new one, that is easier said than done. But proper time away from your laptop and your work phone, even if it’s just for a day or two, will mean that you can return to work engaged and energised. After all, as the saying goes, ‘you can’t pour from an empty cup’! So, enjoy your time off and spend time with your family, without guilt.