Last Updated on Apr 17, 2020 by James W
Did you decide now is the time to be your own boss and start a small business? Are you excited by the idea of creating a small business but really have no idea where to begin?
Today is your lucky day because you’re in the right place to learn 6 small business management tips. These insights will get you started on the path towards a thrilling new journey as an entrepreneur.
Let’s begin the countdown to the top 6 small business management hacks for small business owners like yourself.
#1 – Set Up a Company
Step one is to set up an official business entity, such as an LLC or sole proprietorship, even if you are the only person working for your small company.
Maybe you are paying for everything using private credit cards or personal savings. Maybe you are operating your new venture right from your kitchen table. Doesn’t matter.
It’s still important to protect your personal assets from any possible (future) legal troubles caused by your work. Plus, you want to be sure that all the benefits (e.g. tax breaks) of being a small business owner are being put to good use.
#2 – Invest in Marketing
Opening for business doesn’t mean the customers will automatically show up. You’ll probably want to start hyping up your services or products from day one. This will help you create a steady flow of commerce with little down-time …and that means plenty of revenue to keep your small business going.
Marketing for a one-man band is possible with a little bit of research and effort.
Find out what type of marketing will work best for your business market.
- Social media ads?
- Google ads?
- Online marketing like blogs or newsletters?
- Attending fairs, festivals, and community events?
- Networking with affiliated organizations?
- Building a website with a focus on SEO content?
Take a little bit of time to understand what type of marketing your competitors are doing to draw-in clients. Figure out what’s working for them (do that) and what improvements in their marketing could be made (do that too).
#3 – Take Advantage of Technology
Most experienced small business owners would recommend you automate as much of your workflow as possible. Your time as a business manager is too valuable to waste on mundane, day-to-day tasks. Invoicing, tracking mileage, payroll, tax prep, bookkeeping are all examples of duties small business owners can complete more efficiently.
Nowadays you’ll discover many small business management tools available to make your life easier. Leveraging technology will help keep your small business more efficient and free up your time to grow your operation.
#4 – Consider Buying Insurance
You’ve invested so much of your time, knowledge, and passion into the small business so why not protect it from any unforeseen circumstances?
Most small businesses will survive adversity, like a liability lawsuit or property damage, if they have the right plans in place to help offset such a setback. To protect your small business, you should consider buying Public Liability Insurance.
Being sure your company is insured means you won’t have to sweat the financial burden of compensation payouts or legal fees associated with these types of accusations.
Of course, buying the right insurance policy for your small business can be very confusing so be sure you talk with a professional insurance agent.
#5 – Learn How to Delegate
Focus on what you do best and delegate the rest. When you finally do have an employee or two, be sure to take a step back and let your staff do their jobs.
Many small business owners make the mistake of clinging tightly to projects, departments, and tasks even when they have people to take care of it.
Remember, you hired people to do things you can’t do or don’t want to do. Inserting yourself into every small task is a waste of your time.
#6 – Focus on the Big Picture
Small business owners sometimes spend their days putting out fires and managing short-term problems. All that is fine but it can’t be the only thing you’re doing as a small business manager. Your main job is really to move the business forward which means you can’t spend all your time in a reactive frame of mind.
Instead successful small business owners are proactive and focused on the big picture. You can do the same by networking, tracking industry trends, doing professional development work, as well as communicating with your clients and staff about ways to grow and improve.
Now is the time to put these 6 small business management tips into practice. The sooner you start, the quicker you’ll see results.