Keep Your Small Business Running Smoothly

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It is very much true that small businesses have changed the way the business world works: everything is more relaxed and people are more honest about their goals, so the common buyer has started preferring buying from trustworthy, honest small businesses to giving their money to large corporations. The number one reason for the demise of many of these small businesses is, of course, improper management. The business size and scale are no factors in running a tight ship – regardless of a business’s size, it’s still a business.

Hiring

Quite honestly, it all starts with the hiring process. Your employees are the ones who make your business – if it weren’t so, everyone would constantly outsource everything. In truth, a rock-solid business requires loyal, passionate people behind it, and it’s your job, as an entrepreneur, to fill the office with nothing but dedicated talent.

No one is saying that this is going to be easy, but with time, focus, dedication and some trial and error, you’ll learn how to separate the good ones from the slackers, backstabbers and clock punchers. You’ll need more than the candidates’ CVs and cover letters in your arsenal if your aim is to assemble a strong, committed team of workers. Use social media to learn more about your potential future employees – get to know them on a semi-personal level before hiring. Thanks to big data, the entire hiring process is now not only easier, but better.

Nothing without a business plan

If you have a business idea, put it into writing – an idea in your head is definitely not the same as when put down on a piece of paper. Yes, a literal piece of paper! It’s amazing how differently the human mind works when presented with visualization (textual or physical). A jotted-down idea is, of course, always prone to changes, and although this might seem tedious, it is actually extremely helpful to go through countless drafts and iterations of a business plan – this can help you further familiarize yourself with your idea.

Secondly, don’t be afraid to include details, no matter how stupid they might sound. Overthinking the details might turn out to be a waste of time, but ignoring them is much more damaging.

Finally, write down questions – don’t just jot down the things that you know. Sure, it can be helpful to see your ideas on a piece of paper, but one of the main benefits of a business plan is providing your mind with answers to your questions.

Don’t be afraid of phone calls

One of the main advantages to running a small business in comparison to a large one is the customer base. Yes, you read that right! The smaller your customer base, the more manageable it is, and your clients don’t appreciate anything as they do being ‘handled’ personally.

Use this to your advantage; don’t be afraid of answering the phone calls yourself! In fact, don’t think that you’re above making the phone calls to begin with. A ton of CEOs do this - the insight obtainable through personal conversation is invaluable!

Know everything about your business at all times

Business ownership is like having children – somehow, inexplicably, you are required to know everything about it at all times. As you would find a proper day care solution for your kid, one that keeps you posted, you should find a way to keep track of everything regarding your bread and butter.

This mostly refers to your business’s finances – the hardest thing to keep track of. When it comes to this issue, it is not uncommon in small businesses to turn to outsourcing; hiring a full team of lawyers, accountants and financial specialists is often far from a viable option here. Always be on the lookout for companies that offer bundle assistance; experts such as Pherrus offer a team of top business agents, specialists, tax accountants and lawyers who can help you keep in touch with the economic, legal and financial aspects of your business environment.

Keep your employees satisfied

Make no mistake, keeping your employees satisfied is just as important as making sure that your customers are treated right and happy overall. However, your employees are a little bit more high-maintenance here – you need to keep them happy, well-paid and insured in order for them to perform good work. Make sure that you reward a job well done – there is nothing worse than failing to do this.

Of course, your employees are an investment, so don’t refrain from paying up for various courses and team building exercises, because this will improve their loyalty, work and collaboration capabilities.

Keep your employees and customers happy, put your business plan on paper, do a thorough job at hiring and don’t refrain from outsourcing when necessary. These are the pillars of small business success.

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Friday, 16 November 2018
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