MJ Chartered Accountants celebrate nine years in business and the beauty of entrepreneurship.
Last month we celebrated our ninth birthday. Considering that the failure rate of small businesses is so high (around 80%), we are delighted to have not only survived the statistics but to be thriving as a business. Starting a business from scratch is never easy, and that’s why we can relate so well to our business owner clients we have the privilege of serving. The journey of entrepreneurship is fraught with highs, lows, tears, sacrifice and compromise, but if you can get it right, entrepreneurship is a beautiful thing.
As we cracked our bottle of bubbly to celebrate our journey, we reflected on the top lessons we have learnt from these sometimes tough but hugely rewarding nine years. These are our top learnings:
1. Get rich quick – There is no such thing. If it was that easy, everybody would be doing it (entrepreneurship). Realise that by starting your own business, you are going to have to work harder than you ever did as an employee. There is no 9am-5pm when it comes to being your own boss.
2. Tough times will pass – There have been plenty of tough times for us over the years, indicative of the many seasons in the lifecycle of a business. We have always tried to remain as upbeat as we could, safe in the knowledge that these tough times would pass.
3. Cash is king – Lack of cash is what keeps business owners up at night. Be frugal and disciplined with your cash. Keep at least two months’ expenses in reserve for the economic winters.
4. The right employees are your biggest assets – Be slow to hire and quick to fire, not the other way around. Find the right people to join your business and treat them like gold.
5. Take regular breaks –Burnout is real. We have tried to take regular breaks throughout our nine years to re-energise and recharge. This has served us very well.
6. Learn to let go and empower your people – Starting a business is like birthing a baby, and you don’t want anybody to hold your baby. You cannot do everything on your own, and we have learnt that delegation is such an important management skill to master.
7. Celebrate your wins – We often used to beat ourselves up when we failed, and we completely forgot to celebrate the wins. Celebrate every win, no matter how big or small.
8. Get a business coach –Four years into our journey, we invested in an ActionCOACH business coach, which was a game changer for us. Our coach continues to guide, motivate and hold us accountable.
9. Enjoy the journey –Being an entrepreneur is a journey far more than a destination. Enjoy the journey and love what you do. If you love what you do, you will never work a day in your life!
OUR OFFER TO YOU
A complimentary tax assessment to ensure you are not overpaying on your business or personal taxes. Email firstname.lastname@example.org to schedule a discussion.
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