5 Small Business Management Tips

When starting a small business, there are so many things to consider. It’s hard to decide which goal to tackle first. There are moving parts and responsibilities pulling you in different directions all the time. No one is born knowing what to do, and it requires research and a lot of “winging’ it. You will make mistakes – especially when getting started, and that’s OK.

However, with proper guidance, you’ll be able to position yourself to achieve entrepreneurship and small business management success. 

Set Up an LLC (or a business entity) 

A great place to start is to set up your business as a separate taxable entity. If you’re self-employed, self-funded, and you don’t have anyone working for you – it’s still important. Many freelance and service professions like writers or content creators tend to skip this step while building a client base (I know I did!), but you will potentially save yourself from complications in the future. 

Manage Your Finances 

A great way to manage your profits is to separate your personal and business finances. If haven’t set up an LLC, or a business bank account – open a separate personal account that’s designated for only business transactions. You and your business are seen as separate taxable entities, if they’re not separated, things may get messy moving forward. 

Train New Employees Well 

Your business is growing, and you have taken on a few new hires. Keep in mind that one well-trained employee who believes in you and your mission is your best ally. Invest in resources to properly train your new employees. Put together a training schedule and add in a lot of one-on-one time. A good training schedule allows your employees to feel more competent in their job. Competency leads to confidence which leads to mutual trust and benefit. It may be a lot of work in the short term, but once they are trained it’ll take a lot of weight off of you. 

Manage Time Effectively

There are several ways to manage your time – delegating work, streamlining, scheduling meetings with yourself, and more. 

Your business is your baby, and of course, you’ll want to stay hands-on with everything, but as your company grows, staying hands-on becomes inefficient. This is why it’s so important to train your employees properly, so that when you do step away, you can do so confidently.

A successful small business includes making your tasks more efficient so you can focus on your larger goals. Streamline your processes as much as you can. Investing in a project management system is a great place to start. 

As a business owner, you’re going to have a lot of decisions to make and not a lot of time to make them. We recommend a CEO day. Set aside time weekly to give yourself the time to focus and regroup on your business’s needs. We spend so much time checking off our to-do list we need to give ourselves time to be a boss and make those big decisions. 

Focus on your Marketing and Sales 

Marketing and sales go hand-in-hand. An effective marketing program presents your product to the right audience and allows you to showcase it to your potential customers. However, your sales process will bring the potential client home. Both processes are always evolving but they work together. Spend time focusing on your content and if you need help with the sales side check out our 5 Selling Tips and Tricks blog

These are big tips and this is a lot of information. Take your time and decide what you want to focus on and from there tackle that one task and leave the rest for later.