Business Lessons from South London

It’s just shy of 8 months since I first set my foot in the door at Co- Accounting, and if one thing is true, it has completely reaffirmed my love for South London! In this blog I share my reflections on what I’ve learned.  

There is no one way to be a business owner or run a successful business. The people that make it work, and the ways that they achieve it, are varied and diverse. Whilst this is true, there are some common threads amongst the business owners I’ve had the privilege to support.

Mindset

Most business owners have a vision for their business - an idea of what they want the future to look like. But it’s easy for that to feel waylaid when business gets tough. Maybe profits are falling, the pressures are mounting, or maybe business is just busy - lots of people demanding your time and decisions to be made. Being watchful of our mindset in these moments can help us not get lost in the swirl. 

What is the mindset of a successful business owner? As Michael E. Gerber writes in The E-Myth, it’s rare that a business owner fits the archetype of an entrepreneur - a Herculean figure ‘bravely defying insurmountable odds’. Instead, he talks about the need for business owners to develop an entrepreneurial mindset that asks ‘how must the business work’ rather than ‘what work has to be done’. 

This is a journey for most business owners to go on - moving from working in the business to on the business. On that journey there is a lot to be learnt. It’s common for business owners to feel like they should have all the answers, should know more, should be better. But the reality is that we all need guidance and support, and adopting a mindset that is open to new ideas and the input of others is an important asset in your business.

Big picture and detail both matter

It’s really easy to get pulled into the day to day of our businesses - and in small business a (sometimes large) part of our time will inevitably be dedicated to the day to day work. However,  all business owners need to spend some time focussed on the bigger picture. The beauty of being a business owner is that you can shape the business to get out of it what you want. When we lose sight of that, the business can become a place to go to work, rather than a thing that works for you.

That being said, an interest in the details is important too. We know that when it comes to finances and numbers it can seem daunting or confusing - but it’s still important to look and ask questions. There are lots of examples of our business owners doing just that and uncovering a problem or opening up an opportunity. The point is that the problem or opportunity is there whether you look or not. But when you get it out on the table you are empowered to do something about it. 

We all need people on our team

We’ll say it again. We all need people on our team. We’re not talking about employees, freelancers, or other collaborators - although those are all important. We’re talking about, who are the people cheering you on? Standing alongside you and encouraging you in your endeavours. And who gives you the safe space to say it like it really is? Somewhere you can share the challenges and struggles of business. That’s not always easy to do amongst family and friends.

And it’s easy to look at other business owners and think that the grass is greener. But we can promise you it’s often not.