The idea of running a business always seems simple, doesn't it? At least in the beginning. Any aspiring entrepreneur with no experience might see it this way. We think it's a piece of cake. But there are always a lot of things that get forgotten.

‍

You create an elaborate business plan, you plan year after year, and in the end there are a lot of new insights and countless mistakes. Which is fine, "you learn by making mistakes," right?

Time management and the need for paperwork!

‍

Probably no one initially sees running a business as paperwork, paperwork, paperwork and more paperwork. Unfortunately, that is exactly the reality. There's no need to stress about it, you just have to reckon with it.

‍

And what does time management have to do with paperwork? Setting aside time for paperwork and bureaucracy is a must. However, you have to manage your time in such a way that you can keep up with everything you need to do, but at the same time be able to delegate the things that can be done by someone else.

‍

Don't burden yourself unnecessarily with things you know you are not good at. Leave those areas of your business to someone else. Surely there is someone who can do it better and faster.

‍

Since childhood, we tend to dwell on things we're not good at. And why is that? So we can improve them. But if you can do what you excel at, why spend your time on what you're not good at or don't enjoy? Well, simply delegate as soon as your finances allow.

Cash flow is not just a buzzword we should be allergic to. It is pretty much the most essential part of any business. Generally speaking, cash flow is the difference between income and expenses that ensures stable operations even when unexpected costs arise.

‍

Whether you are financing operations and development from your own funds or using business loans, it is always good to have some kind of reserve that you just wouldn't touch.

‍