Updated: Sep 14, 2022
With more people working and running businesses from home, one wonders in this changing landscape whether it is feasible for the future?
The pandemic means that many businesses have had to change how they buy and sell their products and services; whilst grappling with a new way of communicating and collaborating with customers and suppliers.
So here are my three tips for ensuring your giving your home working strategy a health check.
1. Mental Health and Wellbeing
We all crave social interactions and being a solopreneur often means you spend a large amount of time alone.
During lockdown many business owners were glad to stop the expensive commute and office space costs.
However, one of the biggest issues with working from home, is that many individuals have difficulty with business and personal life separation which is not good for their long term well-being.
822,000 workers suffering from work-related stress, depression or anxiety (new or long-standing) in 2020/21. Labour Force Survey (LFS)
Running a business from home can be quite isolating, so it’s important to develop partnerships with other companies and individuals wherever possible.
This provides a great opportunity to barter services and gain valuable knowledge. In addition to this, you will be able to access valuable expertise, which may help you avoid potential business mistakes.
No one can say running a business from home is detrimental to success, but it is important to develop habits to keep you healthier, happier and stress free.
Taking proactive steps to protect your physical and mental wellbeing, is just as important as growing the bottom line.
Give yourself permission to schedule in time to go the gym or take walks during the day. Most importantly, remember to drink more water and watch your diet.
2. Lack of Accountability and Productivity
Quantitative evidence on working from home productivity for small business owners is still limited, however Etheridge et al. (2020) show that, on average, workers in the UK adopting working from home report little difference in productivity relative to productivity before the pandemic.
However, there has been an impact on small businesses in certain sectors due to the added cost of extra deliveries; upgrading IT systems and lower demand for rental space and office fixtures. But it’s not all doom and gloom.
When the going gets tough and there seems to be more challenges than opportunities, it is natural that many business owners will find it difficult to stay motivated.
If you’re answering to yourself, it is easier for to can move the priorities and deadlines rather than sticking to the intended goals that will keep you on track with your business.
This may contribute to building a reputation of not delivering on time if you do not have a valid reason.
Connecting with others means you don’t fall into the trap of the ‘out of sight, out of mind’ syndrome. In addition, it helps people come together and contribute their expertise for the benefit of a shared objective, project or mission. No doubt this will have a positive impact on your goals.
Get those business cards out and start connecting in order to keep you up to date and more importantly, motivated. It does takes time and effort, but it’s worth it when you need that inspirational boost when you need to be more productive.
3. More Innovative Thought and Inspirational Action
Although a daunting prospect for some, it has never been easier to launch a small business. Nevertheless, innovation remains a key factor for taking any business to success.
Solopreneurs should create a network of like-minded individuals in order to build bonds, share goals; think outside the box and spot valuable business opportunities.
There is nothing better than being around creative, forward thinking entrepreneurs to keep you on top of your game. This is where peer groups, coaching and networking really come into play.
Not only does it keep you inspired but helps to shape innovative solutions and visionary thinking.
Don’t dismiss the importance of innovation and feel it’s just for the big companies. The number one benefit that small business has is their speed of execution for new ideas.
That’s why it’s important to plan and measure innovation in your business goals.
Why is this Important?
Innovation means you potentially increase profits which means you can invest in higher quality systems and more importantly brings you closer to your customers.
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