Running a sole proprietorship can be stressful. Unlike a partnership or a corporation, you don’t have the luxury of calling on a fellow manager when something goes wrong. It can be even more stressful when you have multiple employees underneath you.
It is possible to run a business on your own without losing your mind. Keep reading for some tips on how you can run your business successfully, competently and without having to hire a manager or find a new co-owner.
There’s a tough truth that all business owners need to understand: Your employees don’t care about your company’s overall growth as much as you do. Unless they have stock in the company, a rarity for most sole proprietorship-classified businesses, the company’s overall growth means very little to them. They’re there to make their paycheck, not to help you become a millionaire.
If you feel resentful towards your employees for this, then you’re looking at the situation all wrong. It’s normal and natural for people to look out for their own self-interests. Don’t be angry at your employees if they’re primarily interested in their own financial growth. Instead, learn to be employee-oriented. Encourage your employees to do well in their positions for their own benefit, not for yours. If you do this, you’ll create a team of motivated self-starters. If you have a team of motivated self-starters, it’ll make your job as a sole owner a whole lot easier.
Unburden Yourself Wherever Possible
The worst quality for a business owner is “control freak.” While many people wear this as a badge of pride, it’s actually an unattractive quality. It means that you value things being done “your way” more than you value things operating smoothly and efficiently.
Unburden yourself wherever possible. This doesn’t mean that you delegate every single task to your employees and kick back in your office doing nothing. Instead, it means knowing which tasks you should handle and which ones you should delegate or outsource. Technology can be a huge asset to any business owner. For example, if you work into the wee hours on Thursday night doing payroll, you could switch over to a payroll program like Online Timesheet Portal.
If you follow these tips, you can run your business on your own in a competent manner.