Tax and Profit tips from an unfiltered, opinionated accountant.
Growing your business is great, but let’s be honest, once you start adding people, office and expensive plant it costs an absolute fortune. We’d all love to be able to just go to the bank and walk back out with a wad of cash. But, unfortunately it’s not as easy as that.
Securing the necessary funds to drive your business growth requires careful planning and strategic financial management. It’s like aiming for a hole-in-one at golf. You need to map out your course, consider the obstacles, and make strategic decisions to achieve a successful outcome. It’s not just about luck or who you know at the bank or finance business.
Banks, while essential for many businesses, aren’t always the most flexible lenders. They want to see your life story and, what can feel like, your dog’s birth certificate before they give you a penny. But there are ways around it, and failing that, you do have other options.
It’s all about getting your business in shape to impress even the most sceptical lender. Banks are pretty sceptical these days! If you want to increase your chances of securing the funding to help grow your business, you need to be able to present a strong financial profile.
Now, without giving my age away too much, I have to admit I have decades of accounting experience under my belt. So it’s fair to say, I know a thing or two about what lenders look for. I’m going to use that to take you through the necessary steps to become a more appealing applicant to a lender.
Before we get into the nuts and bolts of financial planning, let’s start with the basics. You need a bit of cash in the bank to look good to lenders.
Now, it’s time to get your business looking good for the bank. It’s all about showing them that you know your stuff and you’ve got a solid plan.
Sometimes, lenders might ask for a guarantor. If this isn’t you personally, this is basically someone who promises to pay back the loan if you can’t. It’s a big ask, so choose wisely.
Make sure to keep in mind that guarantors aren’t philanthropists – they have got to protect their own interests. This means they will probably ask for some form of security, such as a personal guarantee or even a share in your business. It’s important to understand what’s at stake and be aware of all the potential implications before involving a guarantor in your finances.
There are other options other than banks that you could consider when it comes to financing your growth.
If you have been diligently putting money aside to pay your corporation or VAT bill, this is money that you can use in your business. You may be able to negotiate a payment plan with HMRC and reroute your cash set aside for tax bills to fund your next project. Don’t get me wrong, it’s not ideal and HMRC can be pretty fickle about whether they will do a payment plan. There’s usually interest involved, so by all means it’s not a free ride. But it could free up the finance you need.
Just make sure to weigh up your options carefully. Although a payment plan is better than digging yourself into a deeper hole, it all depends on your circumstances at the end of the day.
Remember: Every business is different. What works for one might not work for another. Sorry to be the bearer of bad news but copying what somebody else is doing just isn’t going to cut the mustard. That’s why it’s important to get advice tailored specifically to your business.
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Running a construction company is not easy. Managing projects, employees and subbies can be a nightmare, not to mention chasing payments. One of the biggest challenges I see is getting hold of the cash needed to keep things moving.
Which brings me on to finance. Now, I know what you’re thinking, “boring”. But stay with me, this could be a game-changer. And I am not exaggerating on this.
One of the biggest hurdles is getting paid on time. You’ve probably experienced those long, painful waits for invoices to be settled. This can put a serious strain on cash flow.
I’ve known construction firm owners to struggle accessing finance. The problem is these traditional lenders, like banks, don’t understand the industry’s specific needs. This is where specialist lenders and finance brokers can be invaluable. However, when raising finance you need to make sure that your books and accounts are in order. I know, boring, but this is the first thing a specialist lender will want to see before they open a line of credit for you.
Invoice finance is where you get paid upfront for work you’ve already done, even if the client hasn’t paid you yet. It’s like having a safety net when those payments are overdue.
There are more options than just invoice finance. Equipment finance can be a lifesaver if you need to upgrade your machinery without breaking the bank. And if you’re looking for a bigger lump sum to fund a new project, there are business loans and development finance options out there.
Of course, there’s always the hope of government grants. But let’s be honest, they can be as rare as me going a week without a Chinese.
Right, let’s talk about this supply chain finance thing. Supply Chain Finance is offered by specialist finance companies. These are businesses that do a lot of financing to construction companies. They pay your invoices to your suppliers and contractors. This means that you can get started on a project before the client pays your first few bills. Sounds alright, doesn’t it?
However, the specialist finance companies will want their pound of flesh. This means you will need to pay them interest on whatever you borrow from them.
Your suppliers get paid faster, and you get a bit more time to pay them back. It’s a win-win, as long as you realise this is not free money and you need to manage it right.
When considering finance options, it’s essential to weigh up the pros and cons of each. Factors to consider include:
It’s also worth thinking about the long-term implications of taking on debt. Make sure you have a clear plan for how you’re going to repay the loan.
Right, let’s touch on getting expert advice. Sometimes you just need a second pair of eyes to sort through the financial mess.
Decent accountants know the ropes. They’ve seen it all before. They can help you figure out what you need, where to get it, and how to pay it back without breaking the bank (and save you the risk of being ripped off).
So, if you’re feeling overwhelmed by it all, don’t be afraid to ask for help. It could be the best decision you make.
A Few Extras to Think About
By thinking about these things, you can make better decisions about your business.
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Despite what you may think, the CIS scheme exists to ensure that the right amount of tax is paid. It’s not there to make your life hell as a construction business owner. But you would be right in thinking that CIS is complex and highly intricate. As a result, mistakes are often made. Sometimes we can smooth out these mistakes, other times you will need to suck up the penalty and move on.
This blog post explores the 5 frequent errors construction companies make when dealing with the CIS scheme for contractors:
Mistake: Separating allowed and unallowed costs
When you register for CIS as a contractor, you become responsible for verifying the materials your subcontractors claim. The catch? They can only claim for materials directly used in the specific job you hired them for.
Often, subcontractors inadvertently include disallowed materials due to a simple lack of awareness about what qualifies. This might involve adding staff facilities, tools, or even charges for unrelated jobs to your cost sheets. Here’s how to avoid this pitfall:
Mistake: not identifying the material source
Construction projects rely on a constant flow of materials, from concrete slabs to bricks to wooden panels to windows. Each material likely originated from a factory or plant that transformed raw materials into usable components.
Here’s where a crucial aspect of CIS comes in – identifying the owner of the material production facility. Sometimes, your subcontractor may own the plant themselves. In other cases, they could be purchasing materials from a third-party supplier.
For CIS purposes, if a third-party supplies the materials, you don’t necessarily need to identify them. However, you do need to indicate that the materials are sourced from an external provider.
Remember, clear communication with your subcontractors is key. Understand the origin of the materials before processing invoices, ensuring accurate reporting to CIS.
Mistake: getting the scope of what is CIS wrong
CIS can appear all-encompassing at first glance, but understanding its limitations is crucial. A common mistake lies in assuming the scheme covers a wider range of jobs than it actually does. After all, you don’t want NOT to put through something which should be CIS.
Before registering, take the time to thoroughly review the CIS terms and conditions. Familiarise yourself with the specific industries and types of work that fall under the scheme’s umbrella. This ensures you accurately classify your subcontractors and avoid unnecessary registrations for ineligible personnel like designers. We can help you with this. In fact, part of our service can include checking over your contracts for CIS.
Mistake: Ensuring all eligible subcontractors are registered
Sometimes, contractors might overlook subcontractor registration because it’s a one off project or just a tiny part of a build. However, if the subcontractor performs construction work, regardless of the duration or scope, registering them under CIS is likely mandatory.
Remember, failing to register eligible subcontractors can lead to financial penalties for your company. This is why at the start of a project have a standard process to identify and register all subcontractors engaged in construction work, irrespective of project size or duration.
Mistake: Muddling up PAYE and CIS
Subcontractors operate as independent businesses providing services to your company. A common mistake involves incorrectly registering them under PAYE (Pay As You Earn), a tax system designed for employees.
Distinguishing between the two is critical. Working with someone for an extended period can lead to the misconception that they’re an employee. However, in reality, they operate as a separate entity. Misclassifying a subcontractor as an employee can significantly impact your CIS claim.
To avoid this confusion:
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So, you’re a business owner who wants to see your firm grow profitably and sustainably. But the harsh reality is that growth comes with growing pains.
Even if you’re inundated with work, that cash might not land where you need it. If you are anything like many of our new clients, you’re probably left wondering where it has all gone.
Here’s the thing: without up-to-date books and clear financial insights, you risk cash flow problems that could threaten your whole business. That’s where an accountant comes in handy. After all, I’ve spent the last 30 years supporting people like you to grow and scale their construction and property business.
Cash is the blood flow of your business. It’s all well and good if you’re turning over millions but if your bank account is empty, who is going to pay your suppliers and employees?
Construction operates differently. You often pay for materials and labour upfront, well before you see any return. Plus, you’ll encounter things like retention and VAT reverse charges (I get it, these are a headache).
That’s why tracking your money in and out is essential. You need to see where your cash is flowing and work out where you might need a bit of extra help or possibly negotiate longer credit terms with your suppliers.
Bigger projects are great, but they come with bigger costs. Materials and labour can cost you an arm and a leg these days. That’s why it’s important to include a decent contingency when you price up jobs. You never know when costs for raw materials may suddenly go up. These unexpected changes could eat into your profits and leave you working for free.
You might want to review your costs monthly or for bigger projects have a pricing model to consult before sending out your quote. There comes a point where a ‘back of the envelope’ or ‘finger in the air’ quotation could bear no relation to the actual costs of running the job. This could be a painful lesson!
Higher turnover means higher expenses, which include managing a growing number of invoices. Juggling suppliers, credit card statements, and cash purchases can become a really complex task. To the point where if you are still using your other half to run the office for you, you need to get in a professional to manage it all. Hint: We can help you with this!
But, you’ve got to be careful these things don’t slip through the cracks. The last thing you want, is to be dealing with difficult supplier relationships or left wondering where the profit of your last job has got to. Particularly if that profit was going to fund the start-up costs of your next project!
As more work comes in, you might think about hiring more employees or using subcontractors. Both have their pros and cons:
Building your own team of employees lets you train them to your standards. Top quality, but remember, they come with the full package: holiday pay, sick leave, the whole lot.
Subcontractors are a good choice for short-term projects, but you’re at risk of misalignment of values. Or them disappearing onto another job which pays better.
One of the things I can do with you is help you decide what is better for you, more subcontractors or more employees?
You will want to keep track of your estimated income and expenditures for the year ahead. A good way to do this is to monitor it as you go, so you’ve got something to look back on. It helps you see upcoming challenges and opportunities before they hit. Plus, a lot can happen in three months in the construction world. We mostly use Quickbooks with our construction clients to make it easy to see what money is going where.
Ever got behind the wheel blindfolded? You wouldn’t do it, would you? Not having a set budget is the same sort of thing; you’ll either end up lost or in debt.
Accountants are your right-hand men. We help you build budgets that fit your growth plans. Then, all it takes is a check-in every now and then, helping you keep your head above water.
Running a construction business can be grinding, but anything worth doing is never straightforward.
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I’ve been around for a few years. In my opinion there is nothing worse than talking to a prospect whose business and mental health is in a pickle because they trusted their accountant to do their stuff once a year. That’s where a decent accountant comes in. If you get a good one (and pay for the right service level), they should be working with you to, keep you out of trouble and save you a bob or two along the way. But picking the right one can be a right palaver. After all, so many of them sound the same. So here’s what to look out for:
You wouldn’t let some bloke in the pub operate on you, would you? Same with your business. Don’t get some backstreet bookkeeper fiddling with your finances. Make sure they’ve got the proper certificates and licenses, alright? A good way to check is look for institute and software logos on their website.
Are they qualified through one of the main accountancy bodies (the ACCA, ICAS or CIMA)? What is their speciality and what industry experience do they have? Whatever your specific requirements are, make sure that they have the experience and the kind of services that you need. (E.g. goal setting, tax planning or cash forecasting as well as compliance services).
The next factor to consider when choosing an accountant is money! There are still some traditional accountants out there, who charge by the hour, like a meter on a cab. Others do a set price, no matter how much you bend their ear. By the way, we charge a fixed fee as we know our clients like certainty around what it will cost.
The most common complaint about accountants is the disappearing act. Don’t get me wrong, they’ll be reminding you to send in your documents when your self-assessment tax return is due. Some may bill you a fortune to do nothing more than pop some numbers in their software. Then vanish again for another 9 months. Think of a decent accountant as financial partner, critical friend and the voice of sanity. After all, there isn’t much I haven’t seen in 30 years of working with construction and property company owners.
A good accountants should help you navigate those pesky growing pains, and keep your business on the straight and narrow, all year round. Not just when the taxman comes knocking! Or when that nasty unexpected brown envelope arrives.
When choosing an accountant, check their accessibility (referrals and reference checks is a good way to see whether you’re likely to be fobbed off to a junior). It’s also handy to see how proactive they are (e.g. suggesting ways to save you money and offering to introduce you to good contacts) all year round.
You’ve got to feel alright with them. Like chatting with a mate down the pub. If explaining your business feels easy, that’s good. For example, we don’t make any judgement if a client turns up from a busy day on site with their dirty work clothes still on. Or if the air gets turned somewhat blue while we are talking.
You and your accountant will need to be a team. So find someone who gets your vision and what you are about, not some youngster with a laptop covered in stickers.
Whether you’ve been trading for a while or new into business, a decent accountant is worth their weight in gold. They’ll be your financial sidekick (sorry cheesy!), sorting the numbers and giving you the right advice. The sooner you get a good one on your team, the better. But remember, choose wisely, alright? Like finding the perfect partner for a game of darts – you have to be on the same wavelength!
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Self-employment can be tempting, especially if you’re fed up chasing the weekend or longing to be your own gaffer. Before you chuck in the towel at your day job and daydream about all the time you’ll have for brew breaks (because let’s be honest, that’ll be replaced with a different kind of hectic), take a good, long look at yourself. Self-employment is not for wimps or those who are work-shy – despite what you may think about the gaffer. If you are going to put food on the table and take your missus to a nice place for her holidays, you are going to have to work hard and handle pressure.
So, grab a cuppa, stick your thinking cap on, and answer these questions truthfully:
1) Are you confident in your skills and expertise?
2) Do you have skills and passion for the business you’re considering?
3) Do you enjoy working alone?
4) Got the knack of prioritising tasks like a pro?
5) Got the get-up-and-go to crack on without someone cracking the whip?
6) Up for wearing all the hats – marketing, sales, the whole lot?
7) Sharp enough to pick up new tricks quickly?
8) Got the initiative to chase new ideas?
9) Can you single-handedly make the call when the going gets tough?
10) Are you able to pick yourself up, dust yourself off and problem solve in tricky situations?
11) Do you have the knowledge and skills to make your own product or service?
12) Do you know how to promote yourself so that others will buy from you?
13) Happy to build potential connections in the business world?
14) Thick-skinned enough to handle a bit of a pay cut while you get your business off the ground?
15) Are you willing and prepared to put in long hours of graft at the start?
16) Have you given the family the heads up on the potential impact at home?
17) Can you live with high levels of uncertainty?
18) Can you take a knock and keep on ticking?
19) Good at turning a penny into a pound?
20) Are you a dab hand at setting goals and smashing them?
Give yourself a point for every Yes answer and give yourself a mark out of 20. If you scored 16-20, self-employment will be a walk in the park for you!
If you answered “no” or “maybe” to a lot of the questions, self-employment might not be your cup of tea right now. You may need to do some thinking and soul searching before you take the plunge.
____________________________
By no means is this self-employment quiz the decider for whether you choose to run your own business or not. However, it is based on the qualities, skills, and traits you will need to become a successful business owner! Even if your ambition level is to “only” work with yourself with a few subbies helping you out on jobs.
If you want to go for it and become self-employed, look at where your ‘No’ answers are. If you know you’re not a dab hand with money, consider getting an accountant or bookkeeper as early as possible.
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You all want your firms to thrive, don’t you? It can be a right handful sometimes, you know the feeling. You want to see it grow, not leave you feeling like you’ve been chasing your tail all day.
The key is taking control of your time, use it like a bag of gold. Here’s a few tips on how to do that…
Let’s talk about simplifying your operations to get things running a bit smoother. We’re looking to identify any problems in your current processes, there’s always room for improvement.
On that note, one of the best ways to increase productivity is to invest in some decent practice management tools. We’re talking software that’ll make dealing with clients, working as a team, keeping track of jobs, and the day-to-day grind a whole lot easier.
To stop spending so much time faffing about, start prioritising effectively. Use the Urgent Important Matrix to do this.
Group your tasks into 4 quadrants:
Once you’ve grouped your tasks, you’ll know what you need to focus on and what you need to avoid.
Now you have identified tasks that need to be done, delegate the low-value work to your team so that you can focus on the ones that require your level of skill.
If you delegate effectively (i.e. delegating authority as well as tasks), you can take a step back knowing the day-to-day stuff is running smoothly. This frees you up to focus on the real game-changers, the things that’ll make the firm grow.
You need to invest more time in quadrant 2, doing the planning and budgeting and development activities that will grow your firm. It’s easy to forget things in the daily grind, chaps. Schedule those important jobs – it’s the best way to ensure they get done.
If you prioritise these tasks and appoint the rest, you’ll have time tosit down with a cuppa, and focus on them. You just need to find the days and times where you can work productively and without any interruptions.
It really is as simple as that. To build your business, not your workload, you need to follow these 4 steps. When you do these consistently, you’ll find that each day follows a more chilled approach:
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Alright, career burnout. It’s no mystery, is it? It’s when you’ve worked yourself into the ground at your job. You graft away until there’s nothing left in the tank. Like a faulty kettle, you can’t even manage a flick of the switch to make a cuppa, never mind a whole day’s work. All you’re left with is a strong feeling of “can’t be bothered” and the desire to throw in the towel.
The dreaded burnout looks a bit like this…
Career burnout can happen for several reasons. Here’s the long and short of why you might be feeling like you’re going through the motions at work:
If you suspect you’re experiencing burnout, don’t just grin and bear it. See it as a chance to get to the bottom of things. Once you figure out why, you can make some proper changes that will get you back on your feet. Here’s a few things to get you started:
Right, that’s that sorted.
Don’t mess about with burnout any longer, you’ll end up feeling rotten. Figure out what’s nicked your joy at work, don’t be scared about changing things up, and always take care of yourself. Change might seem like a right palaver, but in this case, it’s for the best. You’ll be feeling as good as new again in no time!
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Look, I’m a bloke who’s been in and around construction for the last 30+ years. We blokes don’t talk about this ‘feelings’ stuff. This is why the biggest killer of men under 50 is suicide – sobering thought that. I’m not saying we need to become all snowflaky and wet behind the ears, but as the saying goes, it’s good to talk. You’ve got a duty of care to the lads (I’m guessing it’s nearly all lads) on your sites and your employees in the office. Banter can cover up for many a troubled soul.
Let’s first go to the dictionary and ask the experts. Self-care encompasses everything related to maintaining physical health, including hygiene, nutrition, and seeking medical care when needed. It’s a decision-making process empowering individuals to look after their health efficiently and conveniently, often in collaboration with health professionals.
Got that?
At a simple level, this is about helping your staff come to work and be happy, safe and healthy. But also to recognise they may bring their woes from home to work.
Sure, you see your business as your baby, but as the saying goes ‘it takes a village’. And to keep your business booming, you need to make sure your employees are healthy and happy, so they can stay on their A game.
Let’s break this down into the different types of self-care.
Emotional Self-Care: Involves practices like positive self-talk, taking regular breaks, and maintaining social connections. As business owners, you’re sure to have experienced your fair share of burnout. It’s all about not letting your employees head down the same road. A simple ‘you alright, mate?’ may be enough to spot someone struggling.
Physical Self-Care: Such as, prioritising sleep, regular exercise, and choosing nutritious foods. Don’t look at me like I’m a fine one to talk. My body has been defined by some of the best food that Manchester can offer! Just ignore my office’s favourite bowl of special chocolate… that’s all about helping our clients’ emotional health when they visit.
Spiritual Self-Care: Work with me on this one. This may sound a little woo-hoo to you. But what works for others may not be your thing. Such as attending religious services, taking religious holidays off, spending time in nature, meditation, and keeping a gratitude journal.
Self-care involves making healthy lifestyle choices, responsibly using medicines – including the caffeine-laden and energy-type drinks, recognising symptoms, self-monitoring, and self-management of health conditions. But sometimes it’s not so easy to spot these dips in mental health by yourself. Believe me, my business coach is the first to tell me if I’m trying to overcommit. So, you need to open up the conversation with your employees as well.
Stress and burnout are rampant. Average ratings of personal well-being in the UK have declined across all measures in the year ending March 2023. I’m sure we have personal stories to tell of how our mental health or people around us suffered during and after the COVID-19 years.
Similarly, older research commissioned by Mind found that 57% of the people surveyed drank alcohol after work to cope with stress. In addition to this, 28% said they smoked cigarettes, 16% took prescribed sleeping aids, and 15% took antidepressants. And yes, as a regular vaper, I know I am part of those statistics, but don’t judge me!
Self-care mitigates these issues, enhancing mental and physical health, reducing illness risks, and boosting energy.
We need to look after ourselves first! Without that, our work is sure to suffer.
Investing in your employees’ self-care isn’t just beneficial for them; it’s a strategic move that can significantly boost your business in various ways:
Employees practising self-care are more likely to be mentally and physically rejuvenated, leading to higher productivity. After all, your on-site employees are often doing a hard physical job for you. They need all the energy and strength they can get. Regular self-care reduces fatigue, enhances concentration, and fosters a more energetic and efficient workforce.
A culture that prioritises self-care attracts top talent and retains them. Employees are likelier to stay with a company that values their well-being, reducing turnover costs and enhancing its reputation as a desirable workplace.
Burnout is a major cause of reduced productivity and increased absenteeism. Encouraging self-care reduces the risk of burnout, ensuring that your team remains motivated and engaged.
A workplace that promotes self-care is often characterised by positivity and higher morale. This environment fosters collaboration, creativity, and community, enhancing the work atmosphere.
When employees feel cared for, their loyalty and engagement increase. This heightened engagement leads to better customer service, enhanced team collaboration, and a stronger commitment to the company’s goals.
Replacing employees is expensive. Fostering an environment of self-care can significantly reduce turnover, saving the company substantial recruitment and training costs.
Well-rested and mentally healthy employees are more likely to think creatively and propose innovative solutions, driving the business forward.
Employees who engage in self-care have clearer minds and are better equipped to make sound, strategic decisions, which is crucial for the growth and success of any business.
A company that promotes self-care and employee well-being enhances its brand image, making it more attractive to potential clients and partners who value corporate responsibility.
Employees who regularly practice self-care are more resilient during stressful periods, such as economic downturns or organisational changes, ensuring business continuity and stability.
Employees feel valued and important when a company takes active steps to encourage self-care. This sense of belonging can foster a strong, united workforce aligned with the company’s mission and values.
By integrating self-care into your business culture, you not only enhance the well-being of your employees but also set up your business for long-term success. In today’s fast-paced and stressful business environment, a strategy that includes employee self-care is not just beneficial; it’s essential.
We’ve all been there, haven’t we? Burnt the midnight oil, pushed like a donkey up a hill, and forgotten to fill our own tank in the process. Well, that’s where self-care comes in. Fostering a culture of self-care in the workplace is crucial for both employee well-being and organisational success.
Teach all employees about self-care practices and their significance. By organising workshops and distributing informative materials, the staff gains essential knowledge. This approach means a well-informed workforce is better equipped to manage their health, enhancing overall productivity and morale.
Introduce flexible working schedules to help balance professional and personal life. Allowing employees to adjust their work hours fosters an environment where stress is minimised and optimises work-life balance, resulting in a more engaged and efficient team.
Offer mental health resources, such as counselling services and app subscriptions. This commitment to mental health support signifies that the organisation values its employees’ well-being. Staff members feel supported and valued, increasing job satisfaction and engagement.
Providing training for effective stress and time management equips employees with critical skills. This initiative ensures that staff can better manage workplace pressures, contributing positively to the organisation’s efficiency and reducing burnout.
Clearly defining work hours helps employees distinguish between work and personal time. This means that employees can fully disengage from work after hours, leading to increased focus and productivity during working hours.
Implement mentoring programs for personalised guidance in self-care. This approach supports individual development and strengthens the team dynamic, leading to a more cohesive and supportive work environment.
When leaders practice self-care, they set a positive example within the organisation. This leadership style fosters a culture where self-care is valued and practised, ensuring employees feel encouraged to prioritise their well-being.
Don’t forget about yourself in all this! You can’t pour from an empty cut, can you? So, taking care of yourself isn’t a luxury, it’s essential. This means ditching the all-nighters, fuelling yourself with proper grub, and finding ways to unwind. Burnout is a nasty bugger, and it’ll sink your ship faster than a leaky bucket.
Here’s the bottom line: A happy boss makes for a happy crew, and a happy crew makes for a successful business. It’s all connected. Look after your lot, and they’ll look after the business. It’s a win-win, see?
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