Managing a business, even a small one, can get quite stressful and it’s easy to get overwhelmed. Talking to the experts, we have put together their top tips for managing a successful business and avoiding business headaches.
Focus on what you do best and delegate the rest, as the old saying goes. It's possible that the truth will humble you. When running a small business with limited time and resources, it's critical to focus on your strengths and shortcomings. Even if you run a single firm, there will be occasions when hiring a fractional leader, contractor, or freelancer to help you with tasks you don't know how to accomplish makes more sense. If your natural talents are meeting with prospective new clients, it makes little sense for you to invest your time building a website.
Bram Jansen; Chief Editor of vpnAlert
For most small companies, management can be made a lot simpler if smaller, less important tasks are delegated to employees while management is left to focus on more important objectives. Since resources and time are limited, small businesses can benefit by delegating tasks according to the strengths of workers, particularly if the management or the owner doesn't have experience in an area.
In such cases, a business would be better off hiring freelancers, contractors, and other 'fractional leaders' to take on jobs that the management does not have experience in, saving valuable time in the process for other tasks.
'The frog' refers to that one task on your to-do list that you have no motivation for doing yet is a highly crucial objective. Eating the frog simply means to just do it before you continue to procrastinate and waste more time. If your daily business routine entails eating a frog, it's best to do it in the morning as this prevents procrastination and encourages business owners in particular to improve their time management.
Relying on your gut instead of accurate analytics can seemingly save you time but this is not the case. Purely intuition-based decision-making can yield unfavorable results in the long run that will make managing tasks more difficult. Instead, using AI-powered/analytical tools can be an effective way to make decisions by helping you identify historic trends in your company or market's data. These tools are available for almost all business functions and can save you a lot of time and energy.
Jessica Lipton, the Founder of Elevate Delta 8
Employees are hired by small business owners so that they can delegate certain work to others. They will be able to focus on their own tasks as a result of this. It's worth mentioning, though, that new hires will need some time to adjust to your company's standards and procedures. As a result, you should be prepared to face an additional workload for the time being until things settle down.
In the long run, this investment in proper employee training will pay off significantly. If you take the effort to ensure that they fully comprehend your expectations, they will be able to meet them on a consistent basis in the future.
Jeroen van Gils, CEO at EcomContent
Most small businesses forego contracts because they believe that they are so small, they do not require them. As a result, most small business owners experience headaches because of ambiguous policies and verbal agreements with their teams. To better run the business, get everything in black and white and get it signed by both you and the other party. That way, you’ll always have tangible proof of whatever it is you have agreed upon.
Small business owners sometimes underestimate the needs of the business, which is why they frequently conduct it in their own living quarters and do not see it as a separate entity from their personal life. As a result, things get tangled in the long term - personal expenses get mixed up with operational ones, and corporate money gets spent on personal needs. This may be avoided if you open a separate company bank account. You'll have a clear line between personal and corporate funds this way.
Erin Zadoorian, CEO/Executive Editor, Ministry of Hemp
Computing your daily revenues from your sales daily, just before you close your shop for the day. This would mean an additional hour of stay in the office but this will definitely make your life easier when you apply for tax exemptions and the likes.
If you compute all your earnings every day, you will get a good picture of how your business is doing. If you are spending more than you are earning, then you can do something to immediately arrest the situation. This is not possible if you are doing your computations monthly or quarterly.
Doing it daily will also help you organize your accounts payable and receivable better. You can put the receipts in their proper places immediately so it would be easier when filing your income taxes.
And income tax season is very difficult for most businesses because it's hard to compile all that happened within the past year. But if you do it daily, the task of preparing for income tax declaration will just be finished in just a jiffy.
Scott Hasting, Co-Founder BetWorthy LLC
Running a small business comes with its fair share of challenges and unpredictability. Even if you have your day thoroughly planned out, there's bound to be something that pops out of nowhere. For this reason, make sure you allocate free time within your schedule to deal with these unexpected situations.
It could be anything from a client call that went on for way longer than you anticipated or last-minute tasks that crowd up your to-do list. The idea is to have enough spare time on your hands to deal with the situations, even if you have no idea what it's going to be.
Larissa Pickens, Co-Founder Worksion
A small business management tip that will save you headaches every day is to set goals and focus on a to-do list. Having daily to-do lists can help you tackle important tasks as well as give you a sense of accomplishment, so you feel less stressed at the end of the day. Make sure your entire team is aware of the big goals you have on the list as well.
This can help ensure that the tasks not only get done but also gives a sense of pride and ownership to the rest of the team. This can help build loyalty among your employees as well.
Adam Reed, the CEO of Crown & Paw