Tips on Managing a Small Business

Tips on Managing a Small Business

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Having your own company and being your own boss is many people’s dream. According to the US Small Business Administration, around 30.2 million small businesses operated in the USA in 2017. This gives you an idea on how many of us want to be our own bosses.

Although running your own company comes with a lot of perks and wide-reaching benefits, it is a tough act. There are a lot of sacrifices, decisions, and considerations that you have to contend to every single day. But this should not discourage you from leaving your dream of becoming your own boss. According to Cress V. Diglio, a certified business broker in Florida, being an entrepreneur is not a sure ticket to a comfortable life. Being the boss entails a lot of trade-offs and you have to be ready to take on all of these. Successful entrepreneurs and businesspeople are those who are determined, diligent and disciplined; and are stubborn enough not to leave their dream despite all the challenges.

Willingness to learn from others is another essential trait that managers need. Here are tips from successful business owners worth your attention:

1. Set specific goals

Oftentimes business owners feel disheartened by a seemingly snail-paced progress in achieving their goals. They fail to acknowledge the small achievements they make along the way. To avoid discouragements, you have to break big goals into smaller ones. You can set monthly or weekly goals that are easier to achieve. Also, be very specific about the goals you set for your business, your employees and yourself. Instead of feeling disheartened by the slow progress, you can celebrate every small milestone and achievement.

2. Build networks and collaborations

Having networks within and outside your business community can greatly help in marketing your products and services. You can meet fellow business owners in trade fairs or conferences. You can also connect with them through social networks such as LinkedIn and Facebook. Collaborating with other businesses can widen your reach. Aside from its benefits for your business, you can also gain useful insights from fellow business owners.

3. Delegation is key

Business owners need to be on top of everything but shouldn’t be doing everything. As a manager, you have to learn how to delegate tasks to other people who may be more capable and skilled than you are. Delegation is about maximizing the potentials of people so that you can achieve more. It also ensures the quality, productivity and efficiency of the business.

4. Minimize overhead

Review your monthly expenses and check where your revenues are going. Check if there are alternatives to costly expenses. For instance, it might be useful to ditch the landline for cheaper Internet-based phone. You might also save by using the cloud, such as Egnyte or Idrive, instead of maintaining computer servers and tech people that run it. Instead of sending out mail, you might want to hand-carry messages or deliveries that are just along your way. This would not only cut costs from postage fees but also make your service more personalized. You can also cut on power bills by using more energy efficient appliances. Usually, these expenses eat up a large chunk of your operating expenses. By minimizing these overheads, you could lower down your prices, which could mean more clients – and possibly higher revenues for your business.

5. Stay focused and disciplined

One of the perks of being your own boss is that you own your time. But what seems to be a boon can turn into a curse without focus and discipline. With so much flexibility come distractions. There will always be invites for social events or family outings or even for new business ventures. While it’s not bad going to such events every now and then, you have to know when to say ‘no’. Successful businesses require hundred-percent focus, attention and effort.

Avoiding distractions is actually about managing yourself and staying organized. You need to have tasks and goals that you should complete on a day-to-day basis. Making a to-do list to guide you towards each task can greatly help avoid procrastination. Take note that distractions of all forms will always be there and it requires conscious effort to avoid getting distracted. Our tip: always consider yourself as an employee of a larger organization instead of being a privileged boss!

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