Achieving financial freedom as a small-business owner

Starting a small business is a labour of love. Some business owners have dreamt about owning their own business from an early age, while others decide to start a business when life changes, and the yearning to be your own boss arrives.

With SMEs making up more than 99 per cent of Australian businesses, what inspires a business owner to pursue their passion of owning a business?

New research conducted by Thryv Australia has revealed that financial freedom is the number one motivator.

Financial freedom is about taking ownership of your finances and having enough savings, financial investments, and cash flow to run a sustainable and profitable business. It sounds the dream, doesn’t it? But what if the prospect of financial freedom is just out of reach?

When starting your business, you dive in headfirst to bring your vision to life and at first, everything is worth it – the long nights, early mornings, and lack of weekends but things eventually become too overwhelming.

It’s easy to get caught up in admin tasks rather than in the field that brings you joy. Some business owners say running a business is hard day in and day out and are yet to find the balance between the financial reward and the freedom reward.

But you can take back control. With a few tools and a support system, you can bring back the excitement of owning your own business, save time and costs and look positively towards achieving financial freedom.

Here are some ways to help you work towards that goal:

  • Reduce time spent managing finances: A small-business management software solution can integrate with accounting systems your business may already be using and manage the financial tasks with efficiencies, saving you time to spend on the business and with family.
  • Reduce time spent booking and scheduling appointments: Manually booking and confirming appointments is still one of the most common ways small businesses operate but many don’t realise how time consuming and hands-on it is until you find a solution that saves you time. By automating bookings and appointments, there’s also less room for error and can save your business money in the long run to focus on other tasks.
  • Stay organised and reduce time looking for information: If you’re surrounded by trails of paper and are a traditional paper and pens business, it can become very disorganised, very quickly. By digitising your business, all customer information can be migrated onto one easy-to-use platform.

By finding ways to run your small-business cost effectively and efficiently, you will move closer to your financial freedom goals.

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