A top business coach is urging Kiwi business owners to look after their mental health to keep their business on track.
Bookkeeper of the Year and founder of business coaching company Accountabill Haylee Wrenn said stressed-out and anxious business owners did not make good decisions.
She urged business owners under pressure to "put their hand up for help" as the government's wage subsidy ends.
"It's important that business owners look at all aspects of their business health – and that includes their own personal physical and mental health," Wrenn said.
"A stressed, anxious, burnt-out business owner does not make effective business decisions."
Wrenn has just been announced the winner of the Institute of Certified New Zealand Bookkeepers Bookkeeper of the Year 2020 and is a finalist in the Xero Awards.
Her business is focused on helping small businesses in financial difficulty with accounting assistance, planning, work-life balance advice, and clearing debt.
She was a debt specialist with Inland Revenue and wanted to share her checklist for business survival to give small businesses the right tools to survive the Covid-19 environment.
"I'm massively passionate when it comes to helping people make the best of their business," she said.
"A small business exists to support your life and lifestyle – not the other way around – and there are so many options available to get the cogs whirring and machine really well oiled."
HAYLEE'S 10 STEPS TO BUSINESS SURVIVAL
1. Conduct a business health check. Find a member of the ICBNZ to scan your books or
accounting software. We're trained to quickly spot errors which may mean you are paying
either too much (or not enough) GST – both of which kill your cashflow.
2. Review your insurances to see what you are actually paying for, and what your cover
entails. We once discovered a client had been paying for his ex-wife's life insurance for
four years and did not know, so we highly recommend undertaking a thorough review
3. Check your pricing. Have the cost of goods or services that you sell increased? Does your pricing reflect that? Make sure you're charging enough to not only keep the business afloat but also to give you the lifestyle you're wanting.
4. Prepare a cashflow to help you get through the next 12 months – you know your business better than anyone so you are the best person to forecast your future. There is even a template to help you do this – https://www.accountabill.co.nz/tools-and-resources.
5. Consider tax pooling. If cashflow is tight and you are struggling to make your provisional tax payments on time, consider using tax pooling as a way to avoid penalties and interest at IRD.
6. Create goals that you would like to achieve personally, then enable your business to help you to achieve them. If your goal is to travel, renovate your bathroom
or buy a new car then you're likely to be more determined to do the work to get what you
7. Check out funding. The Regional Business Partners Network has funding available for you to work with specialists to help you get from point A to point B. https://covid19.nzte.govt.nz/page/regional-business-partnernetwork
8. Assess your resources. If your business is affected by Covid-19 then assess your resources – do you still need the same number of employees you had, and in the same roles you're currently filling? Analyse your business and think about your customer journey – what does your business need to operate successfully and profitably?
9. Protect yourself. If you do decide to restructure, bring in specialist support. It is important to protect yourself from the possibility of legal action taken by an affected employee.
10. Take a break. Walk away from your business and take time out for you. It's important as a business owner to recharge. It's ok to step back and breathe – make time for your wellness or you'll be forced to make time for your illness.