Award winning financial planner and Daily columnist Scott Baker, director of Mobbs Baker Wealth.
Award winning financial planner and Daily columnist Scott Baker, director of Mobbs Baker Wealth. Contributed

BEAN COUNTER: Business and babies are not so far apart

RECENTLY my wife gave birth to our first child and it became clear very quickly that I am out of my depth.

I have nieces and nephews but doing this full-time is an eye-opening experience.

Coming back to work this week provided me with two clear revelations.

Firstly, work/life balance has taken on a whole new meaning to me and secondly, the way experienced parents talk to me about having a child is very similar to how I talk to clients who are starting a business.

Obviously starting your own business can't compare to the joy of having a child - nothing compares to that.

But there are things I cannot miss when it comes to both experiences.

Firstly, you need to have a fantastic support network.

In both experiences, you need mentors: people you can call upon to ask for assistance and advice.

This could be people who have done it before, those who are experts in a specific field or people you can simply ask for advice.

Secondly, you may not know if you are doing it correctly but always try to do the best you can.

I have no idea if I am doing this parenting caper right yet, but I know that we are doing the best we can.

If it's anything like the journey I have had in business so far, I know there are things that I will look back on and say, "I could have done this better", although I take solace in the simple fact I am doing the best I can.

Thirdly, just accept that some things won't go your way.

We see a large amount of small business owners struggle with the environment around them.

They blame legislation, the economy or some other external factor that hinders their ability to succeed in business.

But one startling thing I have learnt in the few short weeks of being a parent is the ability to keep moving forward when things pop up.

At some stage, it's highly likely your child will pee all over you. My advice is not to make a big deal about it.

Just get the job done and move on!

  • Scott Baker is a director of Birtinya-based Mobbs Baker Wealth.