2019-06-14 11:14:10 Starting a Business English Balancing work and family life can be a challenge. We've outlined top tips for small business owners who are fathers. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2019/06/GettyImages-1080910908-1.jpg https://quickbooks.intuit.com/ca/resources/starting-business/top-tips-for-father-entrepreneurs/ Top Tips For Father Entrepreneurs

Top Tips For Father Entrepreneurs

3 min read

Our fathers are often our first heroes. From teaching their kids new skills to providing for their families–dads are pillars of strength and wisdom.

Fathers are also pillars of strength in their communities, heading up restaurants, law firms, NGOs, and, storefronts. From Nova Scotia to Nunavut, dads are powering Canadian small businesses. However, juggling entrepreneurship and fatherhood is taking a toll on their physical, emotional, and financial health.

Research conducted by Pollfish on behalf of QuickBooks Canada shows dad entrepreneurs are doing a delicate dance between work and family life. Dad is a superhero, but he needs the right fuel to recharge before he takes on his next mission.

At QuickBooks we back small business owners so they can live more prosperous lives. Below is our guide to tips for success for father entrepreneurs.

Financial Management Tips for Dads

Every father is concerned with providing for his family; but, managing money can be particularly stressful for small business owners. Being the boss means you’re responsible for a variety of expenses at the office and at home.  A recent survey conducted by Pollfish, on behalf of QuickBooks found more than 50% of respondents have financial management problems. On a positive note, fathers surveyed said using financial management software is one of the essential tools that helped elevate some of that stress.

Here’s how financial management software can foster a better work/life balance for dad entrepreneurs:

Track your expenses easily: QuickBooks tracks your expenses, so you’re organized for tax time. Use the app to maximize your deductions and save big on your tax bill. On average, QuickBooks users save $19,290 in deductions per year.[i]

– Manage your cash flow: Eliminate surprise bank statements and stay on top of your bills by automatically scheduling recurring payments.

– Stay on top of your inventory: Always know what you have in stock. This feature helps you monitor when inventory is low, so you don’t miss a sale.

– Receive payments faster: By sending emails invoices and accepting payments online, you can get paid by your clients quicker, helping you to manage your cash flow better.

– Save time by streamlining and automating tasks: On average, QuickBooks users get back an average of 37 hours each month using the app. [ii]

Self-care Tips for Dad Entrepreneurs

Besides financial stress, many father entrepreneurs say they lack personal time to rest, recharge, and take of themselves. 57% of dad entrepreneurs are missing out on personal time due to work commitments, and 45% say family commitments take away from personal time.

Self-care is a popular term in 2019, for a good reason, studies show eating well, sleeping well, and being active fuels success. Dads who take time to be healthy have more energy to play soccer with the kids, plan family meals, and strategize for the next quarter.

On the inverse, poor self-care can lead to a lack of sleep, poor eating habits, and health issues such as anxiety, depression, obesity, and heart issues.

That’s why we’ve compiled a list of top self-care tips for dad entrepreneurs:

– Set boundaries: When you sign a new client, create a realistic service level agreement, and outline set office hours for when you can be reached. This helps manage expectations with clients, giving you extra time to unplug with the family.

– Schedule non-negotiable time to recharge: Similar to the above point, block a weekly recurring appointment in your calendar dedicated to an activity that helps you unwind. Whether that’s going to the gym, hitting the golf course, or reading the newspaper, schedule time for you. Making a concrete appointment helps you find time in your busy schedule.

– Take time to move throughout the day: You likely don’t have time for an hour-long break at the gym, but that doesn’t mean you can’t move throughout the day. Take the time to do a 5 min stretch break. Need some inspiration? Try YouTube videos or a guided yoga session using a fitness app.

The Bottom Line

Father entrepreneurs are doing fantastic work balancing dual roles. Our research found 56% of entrepreneurs say their father is their main inspiration. However, we know entrepreneurship can be challenging, which is why we’ve designed tools to empower dad entrepreneurs everywhere.

Test drive QuickBooks today to see how it can power you and your business.

[i] Based on TY17 CA subscribers that have identified >$10k in income and >$0 in business expenses

[ii] Based on a survey of small businesses using QuickBooks Online conducted in September 2018 who stated average savings compared with their prior solution

 

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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