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The answer to the question which business should I buy?

So, your employee is asking for a raise. But your business has just taken on extra costs in the form of:

• Increased minimum wage
• Increased sick leave
• Extra statutory holiday
• Increased tax costs
• Increased health and safety compliance costs
• Supply chain issues
• Flow on effects of covid-19 lockdowns
• Increased interest rates on your business loans

As much as you would like to increase the salary of your valued staff members, now isn’t the right time for your business.

It is a well-known fact that people move jobs for the salary but stay for the culture. Here are some low-cost ways to encourage your staff to stay that will hopefully satisfy the team member as well as your accountant.

Make sure they are using quality equipment to do their jobs

Old, failing, or slow equipment can contribute to workplace frustrations for your employees. Up-to-date equipment including fast IT gear, comfortable office furniture and personalised stationery can help your employee feel valued.

Give away access to external services

Think about what activities your employees are doing repetitively. Perhaps they are standing for long periods or sitting for long periods. Could you bring in a chiropractor or masseuse to help keep them physically well?

Maybe they want to upskill on their personal finances or long perm personal goals, you could offer a financial adviser or life coach?

Extra leave

You may not have the budget to offer extra income, but could you give them additional time off? Maybe give them their birthday off each year, or an early finish on the last day of school terms? Perhaps they are training for an ultra-marathon, and they need an extra day’s training from time to time. Find out what is important to your employee, and you’ll be able to easily incentivise it.

Flexi-time

With the rise of Covid and working remotely becoming more common, perhaps you could support your staff by introducing flexi-time for those who have non-time critical work to do. This would allow your employee to arrange their day in a way that supports their home life too. They may need to get a few hours done in the morning before school drop and then have a period of absence during the day when the kids get home from school.

Ensuring your employees can manage their workload in a way that keeps their whole day flowing – both personally and professionally, will help them feel valued.

Be careful that it doesn’t mean your employee is working around the clock.

Support community involvement

A way to build a great culture for the business as well as earning brand recognition in the community is to support your staff to undertake volunteering projects. Make sure the charity is in line with your brand, and then support the staff to get involved. It’s a day away from the office for your employee, and a chance to give back to the community that reflects on your business too.

Training and development

Career progression is an important part of feeling valued at work. Can you give your team a pathway to career progression via training, development, and mentoring? Not only will this help your team see a brighter future, but a team who are invested in will perform better and be more engaged at work. Win-win!

 

In conclusion, your team will move jobs for the money and they will stay for the culture. Investing in the overall wellness of your employees benefits both them and you. It will reduce churn and increase engagement in the work. Your business has taken a bit of a battering over the past 2 years, but you can still do so much to show your staff they are valued in ways that won’t break the bank.

Over the years, we have worked with thousands of New Zealand small business owners. As we get to know them, we have noticed trends for what successful business owners consistently do well and wanted to put this cheat sheet together for you.

1. They own their niche

A successful business doesn’t try to serve everyone. They design their niche and live and breathe it. If you become clear about what your niche is, the market place will be clear about it too and your ideal clients will find you more easily.

2. They capitalise on their strengths

Instead of trying to be a Jack of all trades, successful business owners identify their strengths and focus on those and outsource what they aren’t so good at.

Maybe your forte is sales or accounting, take the lead in those areas and put others in place for the areas you are weaker at.

3. They rely on others

In tandem with the previous point, strong business owners empower people to use their strengths. No one person can do it all, and a good leader isn’t threatened by others being strong. Letting others use their strengths makes your business even more powerful.

4. They measure twice, cut once

Planning, preparation, measuring and refining processes along the way allows for pivots and refinement where necessary.

5. They have a working understanding of all aspects of their business

Successful business owners don’t wait til EOFY to find out how their business performed financially, they know the key metrics year round. They are across what marketing initiatives are in place. They know what their competitors are doing. It’s important to deliver your energy where your strengths lie, but equally important, you need to understand the different facets of your business to be able to take prompt, informed action when changes need to be made.

6. They plan and prepare

Successful business owners don’t wait for luck to happen to them, they have solid road maps to where the lucky path lies. They have clear forecasts, plans and policies for how the business is going to perform, and measure and adapt in order to stay in line with the plan.

7. They lean toward new information

Successful people aren’t afraid of new information. They seek it out. Being informed means being able to make smarter decisions.

8. They surround themselves with the right people

Successful business people surround themselves with people who lift them up. Being self employed takes a certain level of resilience. It’s a whole lot easier if your peers are those who have done it themselves or those who are doing it currently. People who haven’t walked in your shoes find it much harder to relate and offer tangible emotional support.

9. Their drive is about more than money

Don’t get us wrong, a profitable company is an important component, but that’s not what keeps you going when it gets tough. Successful people get out of bed in the morning with purpose. They enjoy the work they do. They are passionate about the product or service and this keeps them dedicated during the challenges.

10. They ask for feedback

It’s not possible to see yourself from every angle. Successful people ask for feedback and use it to their advantage where applicable.

11. They aim for quality interpersonal relationships

One of my favourite sayings is “People do business with people, not business”. Show up authentically wherever you go. Let people get to know you and it will allow them to show you who they are too. Those relationships will lead to success, both personally and in business.

12. They build a team of trusted advisers

Successful business owners know the value of building a quality team of advisers they can call on for trusted advice. This will include people like your accountant, lawyer, business loan broker, personal trainer and so on. Each one of these people is invested in your success and wellbeing and their value can’t be overlooked.

We would love to know what you would add to the list!

As they say, you need to spend money to make money, but growing your business can be very difficult if you don’t have enough funding to begin with. Luckily, there are people and companies who can help you out if you want to give your business a big boost. Through smart commercial loans, you can grow your business and make enough profit to pay off your loan in no time.

If you have never applied for a financial loan before, you may be wondering how you should go about trying to get one. Additionally, you might wonder about the specific benefits that excellent loans can bring to your business.

In this article, we will help you learn all about the fantastic perks and advantages that loans can bring your business. With the help of intelligent professionals like us at Spinach, your business will grow and thrive.

How Can A Loan Help My Business?

Naturally, the most prominent advantage that a commercial loan can give you is extra funding to work with. More money can help a business grow quicker than it would on its own and can really give you a boost. However, just like any other financial deal, business loans also have their downsides.

However, if you work with an intelligent broker who has your best interests in mind and use your loan smartly and carefully, the pros will heavily outweigh the cons. When you make a plan and are careful with your loan, you can enjoy plenty of fantastic benefits, both for your business and yourself.

Some excellent perks that you should know about when applying for your own commercial loan are:

You Will Be Able To Grow Your Company Quicker. Of course, people mainly apply for loans to get more funding to grow their businesses. So, naturally, this is the most important perk that a loan can offer you. With a bigger budget, you can purchase more things to help your business stay afloat and grow. This can include more inventory, better equipment, a new place to run your business out of and anything else that your company needs to thrive.

While you could still earn the money yourself with your business, getting the same amount of money that a loan will provide for you will take much longer. Therefore, if you genuinely want to boost your business, a commercial loan is one of the best choices for you.

You Can Hire More People To Help You Out If Needed. If you are struggling to fulfil all of your duties yourself, getting a few extra pairs of hands to assist you could be a lifesaver. With the additional funding, you could hire more staff to help you reach your business’s goals. Even if you are used to doing everything yourself, you’d be surprised at how much quicker things can go with a helper or two.

You Will Not Need To Borrow Money From Friends And Family. When you’re just starting and need some extra money to get your business off the ground, it may be tempting to go to your friends or family for some cash. But, when money is involved, issues can arise. For example, acquaintances who lend you money may get frustrated when you don’t pay it back quickly, or they may even try to make business decisions for you.

Although these issues will not always happen, getting a commercial loan can still help you avoid any chances of these interpersonal problems occurring. This way, you can take care of business while keeping your relationships happy and strong.

With The Extra Growth Provided By The Loan, You Will Make More Money Faster. As your business grows, you will see more profit. Therefore, the boosted growth provided by a loan will help you raise your earnings. One of the most significant reasons people hesitate to apply for a loan is because they worry about if they’ll be able to pay it back – but, with these extra profits, you should be able to pay back the loan before you know it.

Who Can I Talk To About Securing A Great Commercial Loan For My Business?

Are you interested in securing a loan to boost your business? At Spinach, we excel at helping New Zealand businesses of all sizes get loans that are perfectly suited to their situations. With our help, you can strike a fantastic deal and encourage your business to soar.

But don’t just listen to us; hear what our clients have to say as well! We have helped heaps of New Zealanders in the past, and if you are still on the fence, you can check out our page of testimonials to help seal the deal.

Or, if you’d like to go right ahead and start talking to us about your opportunities, please reach out to us at 0800 774 622 for more information – we’d love to hear from you!

Expand your business and watch your profits rise with our help at Spinach!

2022 is off to a flying start and there is already so much going on for those of us in business.

• Global supply issues are affecting your business
• Your staff are struggling to come to work due to covid
• Your customers are wary of spending money at the moment because they are feeling nervous about money
• Lenders are restricting access to money
• Whole industries are being disrupted by covid restrictions and side effects

The list goes on!

It is imperative that at this time you take charge of your mental wellbeing. As a business owner so much relies on your wellness and you must prioritise it.

So, what can you do?

1. Acknowledge how you are feeling

Sometimes we ignore or dismiss how we are feeling in the hopes it will go away. I encourage you to do the opposite and open up to yourself about how you are feeling.

2. Accept your feelings

Once you have acknowledged they are there, I want you to accept those feelings. Its ok to feel rubbish. Its ok to feel unsure or upset or anxious or unmotivated.

Once you know what you are feeling and that it is ok to feel that way, you are going to start taking charge of your recovery.

The simple next steps will be a shift in the direction you want to go.

3. Take a break from social media and mainstream news outlets

A lot of stresses are magnified in the online world. We have enough going on in our personal and professional lives without bearing the weight of global issues that we have little control over. Social media and online news outlets thrive of shock and fear and they keep you anxious in order to keep you stuck to their sites so they can stick advertising in front of you. Pull yourself back from these platforms for a while and get some clarity on what is going on for you right now.

4. Move out of the space you spend most of your time in

Change your surroundings and you will change what you see. That may mean stepping out of your home office and going for a walk. The change of scenery will help you keep fresh eyes and keep you grounded.

5. Exercise

The known benefits of regular exercise are numerous and are a key part of a mental wellbeing plan. Get moving every day and your body and mind will thank you.

6. Be open with a trusted person

Talking with someone we trust can do the world of good for our mental health. Hearing yourself say things out loud takes things out of the shadows and into the light and there you can see they often aren’t as scary or shameful or disastrous as they were in our minds.

7. Check in on others

Contact with friends and loved ones can really help. A problem shared is a problem halved, so not only will you feel better sharing your load, but those you talk to will feel better for having shared theirs. Human contact is good for the soul.

8. Do something to help others

Helping others helps you to take charge of your own state of mind as well as being of benefit to those you help. Give freely without the expectation of anything in return. The benefit to you is the reward of making a positive difference to someone else.

9. Play with a pet or a child

There is no feeling down when playing with pets or children! Playing with them on their level helps you see the world the way they see it, and from my experience, they see goodness and opportunity wherever they look.

10. Read

Reading is a form of selfcare. Find some time to indulge in some reading to ease your mind and relax your body.

11. Take charge of what you can and accept the rest

Identify your situation and what things are within the scope of what you can control. Then plan for improving those things by writing down your plan in steps. This takes the things that are emotional and turns them into something rational. Once it is rational, you have control of it and can use it to your advantage.

12. Eat well and drink plenty of water

When we nourish our bodies, they can look after us better. By eating well, we feel well and is one less thing holding us back.

 

If your mental health strains are affecting your life in a significant way, we always recommend you seek professional help. A therapist or GP will be able to give you the tools and treatment you need. This advice is generic and is not to replace proper medical advice.

 

image credit: Photo by Christina Morillo from Pexels