Three things you should be doing to help your small business run smoothly
When you run your own small business, there never seem to be enough hours in the day to accomplish everything that needs doing.
From the obvious tasks that revolve around your company’s core activity, to the more administrative tasks that might not really be your forte, your days are packed with plenty for you to do.
If you are beginning to feel bogged down by the things that detract from the work you set out to do, like dealing with marketing or accounting issues, you probably are ready to find ways to get back to the jobs that only you can do.
Here are three things you can do to help the operations of your business run smoothly so you can get back to doing what you do best.
1) Implement the right systems
These days, there seems to be a software system designed to help with practically every aspect of running a business.
But while there will certainly be some systems that you want to implement to make life much easier for yourself in the long run, there will be some systems that aren’t entirely necessary, and others that are superfluous to the way things are done at your company.
So it’s essential that you take your time, and choose and implement the right systems – ones that will save you time and money, not waste them.
For instance, systems that streamline and improve communications for your business, both internally and externally, can prove to be invaluable. Then there are software solutions that can handle things like Payroll or other administrative tasks, which would dramatically free up your time.
Knowing that such things are being taken care of by a highly rated system will ease your schedule and your mind.
2) Build a solid team
A business will only be as good as the people who run it. For this reason, you should take care during the hiring process to only bring people on board who you know will be positive contributors to your business.
You want employees who demonstrate competency for the work and who are also likely be around for a while.
It might be tempting when you are first getting things off the ground to go with the first prospective employees you first meet, people who might who only meet a few of the requirements you need.
But this can result in poor performance, and can be hugely costly in the long run. So take your time to build your team carefully.
3) Be smart with finances
There are times, as you are getting your small business off the ground, when you need to make some tough financial decisions. And that is always easier if you are on top of your finances regularly, and understand what your net profit is, and how much your running costs are.
On occasion you may need to give your cashflow a boost, or find the financial resources you need to scale. If possible it’s usually better to try to self-fund your business. This way you avoid either giving away shares, or taking on loans that will need to be repaid with interest.
That said, there are times when the only way to continue or grow is with an influx of money from outside your business or your own personal finances.
Photo by Emma Matthews