I'm so overwhelmed. My husband and I have our own business of which he was the main one pushing to start, I more followed with him but honestly would be just as happy working for someone. My question is how do you know if you're running it right? I manage the accounts and believe I'm keeping a proper record of all transactions etc, we lodge our quarterly BAS and annual Tax but I'm constantly scared we will get audited and I won't have done it right. I have thought about getting someone in to look over the accounts and possibly reach me some stuff but it's so expensive and we just don't have that spare at the moment. We are also attempting to get a home loan (personal) but the bank has just told us we don't make enough money in the business. We make enough to pay wages and all expenses, with a small profit- how much do they expect us to make? How can we charge more when it is already so hard to win tenders? I am a stay at home mum (but also do the admin, often unpaid) so no other income coming in, plus we now have 4 children, so even more reason for the bank to decline us. It's making everything so tense between my husband and I, especially because I manage the finances he seems to place the blame for not having enough money on me- not that the bank has even looked at our actual expenditure they've just used their 'standard expenses for a family of 6' and said our income doesn't cover it. I'm just feeling so overwhelmed, I don't feel like I'm the right kind of person to be in business but my husband doesn't understand that. I just don't know what to do.
3 Replies
See your accountant for some business admin/finance mentoring. Sounds like you're doing a great job and just need some self confidence. They can teach you how to read your accounts and what to keep your eye on. Most businesses meet with their accountant each quarter to review the past and plan the next quarter/6 months. It's a rolling 'watch' and I find it very helpful.
See a broker re a home loan. It is doable. Banks are buggers and you need the right language when dealing with them. That's your brokers job. He only gets paid if you get the loan so he's on your side.
Being employed in a family business is hard work. You get isolated and it can all seem to cycle inward. Try and get a break each day even if it's just a walk around the block. And keep business talk for 8am-6pm. You do have to shut off at night or your relationship can turn into just business and the spark dies... Plan meetings with hubby just like you would at a 'normal' job. Pack up and leave work each afternoon - log out, turn off the light and close the door. Then turn into a mum and wife again :)
Good luck. I'm sure you're doing a great job :)
Get an accountant or bookkeeper it's the only way to go, and will save your marriage and business!
If be looking into a financial counsellor ! You can actually find them through some support agencies and they won't cost you a lot if anything - will depend on your area though ! Just to give you a bit of guidance . If not then speak to an accountant for sure . With business you can often adjust your income /earnings but you'll need the know how to do it :) good luck !