Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When you first start out in any business endeavour, it’s natural not feel uncomfortable. Eventually though you want to get to a point where you are comfortable. There are several keys to doing so. The following contributed post is entitled, How To Feel Cmfortable In Your Business Competence.
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You’d be surprised to find this out, but yes, even the most experienced business moguls have their off days. A successful is not some mountain that you climb and achieve, but a fire you must continually kindle. Of course, the fuel for your fire will vary. It might take you much more kindling to stay operational. It might be harder to find. But what matters is you keep that emblem lit.
Feeling comfortable in your business life is important if you’re to make the important decisions you need to. After all, if you’re worried about your daily progress routinely, you cannot think clearly. So this means that yes, you need to practice self-care, but more than that, you need to understand your direction and clearly set out a means for yourself that makes plenty of sense. Feeling comfortable in your business competence isn’t always the easiest, but it can be achieved, and the more hills you climb, the more prepared you’ll be for the next one. We’d like to offer some of the following advice:
Keep Learning & Reading
If you’re starting to feel like an impostor, that means you have time to. Sometimes, your imposter syndrome is not all that unwarranted. Of course, this sounds like an odd thing to suggest. Impostor syndrome isn’t quite understood, but surely simply disregarding it and committing to the same job you always have achieved well is the answer? Well, it depends on your role. Perhaps you’re not using your business time as effectively as you could. Perhaps you’re struggling to stay up to speed when those under you are trying to help you with your questions. Maybe you’re continually in the dark when it comes to the small matters you need to understand.
This can often be the case when a manager has their own worries to deal with, so they forget to check in with the experience of those lower in the hierarchy. Sure, deferring responsibility is essential, but you also need to be in the loop. To that extent, learning and reading, keeping up with memos, asking important questions and also training staff to summarize well can help you feel as though you’re fully ‘in the know,’ and not operating with a blind spot. Once all this is being completed and you still feel impostor syndrome, you should realize this feeling is not worthwhile, and it will actually begin to dissipate. For the most part, this feeling can help spur you to further action, so long as you keep learning and reading around your subject.
Please, Keep On Top Of Your Books
Even if you are not directly responsible for your business management and spending planning, you need to keep on top of your books. Even if you’re having a bad year, you need to keep on top of your books. Even if you have only one employee’s payroll to take care of, you need to keep on top of your books. Failure to do any of this can unfortunately cause you undue harm, and not only that, but one mistake can snowball to another. Before you know it, large amounts of your budget have been misplaced, miscalculated, or worst – willingly misdirected. Accountancy competence is business competence, and even the owner of the smallest and most humble business will need to understand that.
To that extent, using accounting software is essential, and can be a lifesaver. This is especially true for those who may not have a level of accountancy competence, and wish to conduct the best job with their books they can – especially when tax season comes around. Not only that, but even those with advanced accounting competency might find features here that they cannot simply achieve on their own. The ability to fill out accountancy calculations with an easy set of utilities, the ability to keep track of your financial documents (this can be a challenge on its own,) and the ability to generate VAT with a single click can be a lifesaver for even those who have been running a firm for some time. You may be heavily surprised.
Measure Your Successes, Learn From Your Losses
Every single business you hear of, every business you have researched, every single business you can even imagine will have had its problems. Even a business given everything from the start, such as expert branding, a hefty non-reciprocal investment package, and world-class business advice will experience an issue it needs to work through from time to time. You simply cannot run a business without running into stumbling blocks.
In our career-led and corporate-friendly culture, we often think that business is some kind of ‘right’ and ‘natural progression’ in order to keep society together. But we often forget that even the businesses that have been around since you were a baby must justify their existence day after day. It is never a ‘given’ that they will continue operation, nor is it ordained by some higher power. And believe us, the higher you go, the more people around you are willing to take that spot, waiting, hoping for, and sometimes even trying to orchestrate a business slip up.
If you fail to learn from your mistakes, you will repeat them. If this is true for the history of humankind, it’s likely true for your business. However, the opposite side of the token is also true. If you cannot learn from your successes, you may struggle to repeat them, or once again find the winning formula. We often focus on the negative to prevent an issue like that from ever happening again, and that’s because we are all wired to be troubleshooters. When things are going good, we learn not to upset that status quo. But the same approach cannot last forever. This means that learning how your success was built, what constituent blocks elevated your performance, and how you might use that to strike original gold again can be just as valuable as reflecting and lamenting over your mistakes.
With these tips, you’re sure to feel comfortable in your business competence.