-Get back to your dream business with Satori Accounting
Running a business can be challenging, overwhelming and let’s face it – tough. The pressure can feel like a tidal wave – overheads, tax, client retention, securing new business mixed in with the mental challenges it brings is a lot to handle. At Satori Accounting we bring balance to your business and create calm amongst the chaos through our life-centred accountancy approach. In this week’s blog we’re exploring the ‘energy-time-money’ loop and consider how you can use this concept to get back to your dream business…
What is the ‘energy-time-money’ loop and why does it matter?
We live in a society where burn-out is prevalent and stress and anxiety levels are at an all-time high. Concepts like the ‘5am club’, getting only four hours sleep to get more done and constantly ‘pushing through’ are rife. However, whilst determination, hard work and consistency are essential to becoming a high-performing business owner, it shouldn’t be to the detriment of your physical and emotional wellbeing.
Our CEO and founder, Kieran Phelan has devised the concept of the ‘energy-time-money’ loop using teachings and guidance he received from his own business coach, Ian Dickson. During coaching sessions, Ian described that business owners face 3 main challenges – lack of energy, lack of time, lack of money. Kieran extends these principles. In order to have a successful business you must have a balance between energy, time and money and that they must work and function together in a continuous loop. In plain terms, we need more time to make more money and without time and money we won’t have the energy to put into our business to generate revenue – and so the cycle continues!
Imagine your business is in a poor financial position, your time will be taken up fire fighting and your energy in turn will be zapped. Or imagine you are wearing all the hats in your business and all your time is taken up with admin, finance, HR and client work – you’ll be exhausted and eventually your revenue will take a downward turn as your focus is on urgent work rather than important work that will move the needle in your business.
We must take a pro-active approach and dedicate time to each area to take back control and ensure that as business owners we are focusing on the right things, are getting more done and being happier in ourselves. Here’s three tips to get started…
3 ways to get started with the energy-time-money loop…
1. Time audit
Begin by undertaking a time audit for at least a month, review how you are spending your time and on what tasks. Tools like Clockify are free and great for logging time, or you can go old school with pen and paper. To take a deep dive into auditing time check out 7 easy tips to improve your time management
It’s impossible to be all things to all men. As a business owner there can be a tendency to want to do and hold onto everything yourself, or a feeling that only you can do every task. This shouldn’t be the case and isn’t a long-term, sustainable approach to running a business. Review your time audit and see what can be delegated. If you are a sole-trader or it is only you in the business don’t let that put you off – many tasks can be outsourced to the right company. Learn more about the art of delegation in How to delegate like a Jedi
3. Mind your mind
Looking after your mental health is key to running and having a successful business. Improving how you spend your time, your financial position and energy levels will have a positive impact on your mental health. If you are feeling really overwhelmed and on the point of burn out we’d advise taking a total break from everything – this will allow you some breathing space and mean when you get back to it you’ll be fresh and more efficient. Here’s 10 tips to help improve your mental health.
In conclusion, improvement in all these areas will help you and your business. Taking small steps each day will help develop that sense of zen.