Reducing your stress levels as a small business owner - Penny Freedom

Reducing your stress levels as a small business owner

There is nothing quite like starting a business. Taking control of your career and being the boss is something more people are choosing to do now. It can, however, be stressful at times when you take into account the pressure of making it a success and getting the business established in your industry. The good news is that there are some practical ways to reduce the stress you may feel at times. But what are they?

Keep your paperwork in order

Although many small businesses may not now keep hard copies of documents on file, keeping your digital documents in good order is key. Of course, if you do still use paper files then they should be keep updated too. Making sure that you do this as you go along is worthwhile. This is because it means you do not have to dash around in a panic, trying to find those key figures you need before a meeting or those expense receipts from 6 months ago for your tax return.

Employ specialist staff or outsource

Small business owners can sometimes take on a variety of roles due to having no other staff in place to handle them. This can sometimes be a bad idea though if you do not enjoy the work in question or are not good at it. Taking on roles like this will make you miserable and stressed over a period of time. It is much better to employ specialist staff to take on certain roles or outsource the work to professional agencies.

Keep on top of your overdue invoices

Another great tip to help lower stress levels as a small business owner is keeping a tight grip on your invoicing. This is not only in terms of invoicing for work when completed but also keeping tabs on late payments. Once a payment is late it is essential to resolve this so you get the money as soon as possible. This will not only preserve your cash flow but also mean you do not have sleepless nights worrying about your finances!

Let Penny make invoicing easier

While chasing up late payments is a good tip, it can involve a lot of time which you or your staff could spend more wisely. If you need a better way to handle invoicing and get paid on time, why not give Penny a try? Our innovative platform sees invoices paid within 24 hours after submission. With no credit checks or subscriptions needed, Penny is the future of invoicing for small businesses.