Tips for the Small Business Owner
There are numerous advantages to owning or operating a small business. Small business entrepreneurs may have more control over their schedules, be able to focus on work that they enjoy and find ways to make a positive difference in their communities. However, in addition to these advantages, running a small business has its own set of obstacles. Small business owners sometimes fill many tasks and must possess a diverse set of skills.
A small business owner may be expected to perform a variety of duties in a single day, such as approve a project plan budget, train a new employee, and establish a marketing campaign. Here are a few tips for the small business owner, geared toward growth and efficiency.
Learn To Be Efficient.
“Efficiency is Doing Things Right; Effectiveness is Doing the Right Things.” -Peter Drucker
When you own a small business, you become the company's face, the issue solver, the scheduler, the accountant, human resources, and so on. It's crucial to learn how to successfully manage your time.
Because funds are limited in the early phases of a business, you may take on multiple positions, but as the company grows, consider delegating or employing outside support to handle administrative tasks. This might be anything from a bookkeeper to a social media manager to a maintenance worker to a manager. Determine your areas of weakness and use that information to determine where you should begin delegating duties.
A small business owner's most important talent is time management, which can be learned and improved through time. Consider attending online training, such as those offered by Mindtool.com, if you don't have the expertise or need a refresher. There are dozens of topics covered, including time management in general, prioritization, and self-motivation.
Organization is another factor that contributes to efficiency. Begin by keeping track of your appointments and meetings on a calendar. If you realize that your meetings are running late, stick to those times or allow some wiggle room to travel from one to the next. Making time for key meetings while also respecting the time of others takes effort, therefore make the effort to organize those crucial business relationships.
Embrace Technology.
“Technology is a useful servant but a dangerous master.” - Christian Louis Lange
“Technology is amazing... when it works,” as the cliché goes. It's scary to use an app or software that could crash and eat your data one day. Given the abundance of options, deciding on the appropriate technology for your company can be difficult. But have no worry, there are apps available to assist you in running your business more efficiently.
You may save time by using QuickBooks Online, Wave, Expensify, or FreshBooks to manage your finances. They include a number of advantages, including the ability to enter purchases from your phone, tax compatibility, and simplicity of use.
With a few simple digital alternatives, keeping track of inventories will be a breeze. SOS Inventory, which integrates with Quickbooks, makes inventory management simple. Sortly is an inventory management system that is also available as a smartphone and tablet app.
Square, PayPal Here, and QuickBooks GoPayment are the most popular apps for collecting payments. If you already use QuickBooks software or QuickBooks Online, Quickbooks GoPayment is the logical choice.
To avoid unexpected fees and other expenses, read the fine print of any app carefully.
Harness Your Social Media Presence.
“Don’t use social media to impress people; use it to impact people.” - Dave Willis
Maintaining a business's social media presence is a terrific method to keep people interested and returning. It also gives a more personal touch, allowing you to highlight all of your fantastic items, stellar employees, and unique features. Start modestly if you're new to social networking.
Create accounts first, and then allow them to reflect your company. Starting with LinkedIn, Facebook, and Instagram is a good place to start. Start with some basic information and a few photos. Check out these expert tips for using photographs on Facebook, LinkedIn, and Instagram if you need more help. As you gain confidence, begin to broaden your content to include more regular updates. Starting out, be very cautious about advertising on Facebook or GoogleAds.
If managing your own social media begins to consume too much of your time, or if it is a part of your business that you simply do not enjoy, it is perfectly OK to hire someone who does. To take over the duty, either a competent employee or a team can be employed. There are numerous social media marketing companies that will gladly work on your accounts, website, and blog posts. Shop around for the greatest deal on the plan that best suits your company's needs.
Create a Team Atmosphere.
“If everyone is moving forward together, then success takes care of itself.” -Henry Ford
The first step in forming a team is to develop a mission statement that employees can rally behind. Then it's about helping to shape the atmosphere so that the team can work together to achieve the mission's goals.
The next step is to set goals, which you don't have to accomplish all by yourself. Discuss a 5-year plan with your team and imagine where the company will be in five years. It becomes much easy to identify short-term objectives from there. Again, consult with your team to see what's doable. This is also an excellent time for the team to develop their own long and short-term objectives, as well as how they will fit into the overall strategy. The responsibility of putting it in writing, as well as the encouragement of others around them, will aid everyone's success, as well as the company's.
Many people find it difficult to put these kinds of plans on paper since the prospect of failure can be scary. Chip Wilson, the founder of Lululemon Athletica, claims that he sets goals for himself so that he can fail 50% of the time. There is no growth without failure. On the Tim Ferris Show, hear about his motivating journey and how he motivates others who have worked with him.
Recognize ideas and encourage creativity in your team to promote inclusion and innovation. Don't forget to congratulate yourself on your accomplishments and recognize your progress. Make an extra effort to make team members feel appreciated. Encourage team members to mingle outside of work, with or without you. It has the potential to bring members closer together. It could be as basic as buying the group lunch at a staff meeting or sharing a beer as a team. Go above and above, expecting nothing in return, because a cohesive team's efforts will be the most valued.
Get Comfortable Being Uncomfortable.
“The comfort zone is the great enemy of courage and confidence.”- Brian Tracy
Making decisions is part of being a leader. Your staff will be expecting a response, even if you aren't sure you're making the best decision. You'll have to adjust quickly if you haven't previously learned how to "fake it till you make it." Acquire the ability to be uncomfortable. Customers will be dissatisfied, employees will go, infrastructure will fail, and financial burdens will befall you, and all of this is to be expected, so prepare for the unexpected.
Being a leader can be lonely at the top, so locate a sounding board while your team has their coworkers to lean on. You'll need the backing of your core supporters, but you'll also need to be able to stand on your own.
These are a few tips for the small business owner to foster growth and prosperity in today’s current climate. Entrepreneurship is not for the faint of heart and solely about making ideas into reality. Take these tips and make them your own. Good luck!
