By Intuit UK
Romance is in the air with Valentine’s Day today, but for the growing number of couples who are setting up businesses together, it can be difficult to operate a successful company and still make time for each other.
Don’t completely give up hope though — it’s not impossible! Cisco is one of the most famous examples of a Fortune 500 company founded by a husband-and-wife team, with Len Bosack and Sandy Lerner starting the firm in 1984. AF Foundation is another success story set up by Andrew and Rachael Flintoff as a children’s charity raising funds to build, develop and improve Child Rehabilitation & Physiotherapy Units throughout the UK.
If you’re running a business with your partner or considering going on this adventure it’s important to get the business basics in place. Intuit UK has provided some top tips to ensure the business dream becomes a reality, and to prevent business problems extending beyond the office into everyday life!
·Have a good plan: As with any business, couples should regularly dedicate time to planning for the business. One area that can be problematic is dividing up responsibilities. Look at each partner’s complementary skills, and make sure that everyone has a clear role to play. It might even be worth getting job descriptions down on paper to avoid conflicts later on.
Make it both of your dreams: A shared passion is vital to the success of the business. Running your own business can be all-consuming, so both partners need to be driven by the same goal in order to ensure the business continues to prosper.
Get the finances in order: The last thing you want is to be thinking about is your VAT return when you should be enjoying a romantic meal together. Couples using spreadsheets or paper-based methods will find keeping track of accounts extremely time-consuming. Using some simple accounting software can take the pain out of this process leaving you free to focus on the more important things in life.
Get a second (or third) opinion: It can be helpful to bring someone independent into the business that can help to separate what is important for the business from what is important for the family.
Make time for each other: It’s important to encourage a sense of separation between work and personal lives. This can be either physical, such as working in a separate rooms, or mental, for example agreeing not to “talk shop” after 6:30pm. Last but not least, remember to have fun. All work and no play is never good for anybody.
About Intuit UK
Intuit UK is a leading provider of business and financial management solutions for small organisations and their advisors including accountants and bookkeepers. Intuit’s solutions are based on the simple principle of ease-of-use, backed by the highest levels of service and support. The flagship product QuickBooks is designed to help small businesses succeed through taking the worry out of managing business finances.