Manage Your Business Better With These Small Business Management Tips

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Manage Your Business Better With These Small Business Management Tips

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Anyone whose getting started with running their small business can find it difficult to decide which goal should be tackled first. Understanding what you should do, and when you should do it, can be a whole separate job.

If you’re getting started with running a new business, then you probably don’t have years of experience that can enable you to make informed and educated guesses. This is why business management tips can be extremely helpful, in enabling you to understand what you should do to effectively run your business.

Here are fifteen tips that can help small business owners manage their business in a better manner.

1. Setting Up An Official Business Entity

It’s necessary that you set your business up as a taxable entity that is separate. This is even if you are self-employed and work alone in your business. There are service professionals such as designers and writers who choose to skip this step. But with just around a $1000, you can protect your personal assets from potential legal troubles that your business may be involved in.

2. Separating Business And Personal Finances

Avoid taking payments in your personal bank account, even if you need a few more days to set up a business bank account. You should also never charge business expenses on your personal credit card. If you want to get a business bank account, then note that the bank will probably ask for all your paperwork related to your business.

You can also consider opening different personal accounts, one of which you solely use for your for business. If you opt to turn your business into an LLC, then you and your business will be taxable separately. This is also why your personal bank account should be kept separate from your business related one.

3. Purchasing Accounting Software

New business owners are always on the lookout for how they can save money. This leads many business owners to assume that accounting and bookkeeping is one area of their business that they can do themselves. When you’re running a new business, you don’t have to hire an accountant yet.

Instead, consider using one of the many accounting software that’s available on the market. Basic versions can start at as little as $10-$20 every month.

4. Investing In Education

Even if you’re running a business, investing in continued professional growth always provides great results. You’ll need to spend from a few hundred to a few thousand dollars, depending on the course you want to participate in.

You can find courses on managing clients, marketing, advertising, content writing, branding and more.

5. Training New Employees

New employees need time to acclimatize to their new work surroundings. This is why you should immediately expect more work on your shoulders, as you’ll need to train your employees. Only after they understand their role can you start offloading responsibilities on to them.

Don’t expect them to do everything perfectly from the first day. You can create a training plan that provides you with a guideline on how to train new employees.

6. Ignoring Your Inbox

A common advice productivity articles will give you is to not check your inbox. There’s a reason behind this. When you pore through your emails, your brain will feel busy. And it is busy, just not with the tasks that are important.

Avoid checking your inbox for the first four hours of work, every day. Spend that time doing business related work that’s more important.

7. Investing In Marketing

After you’ve opened your business, you’ll still need to market it in order to attract customers. Show your customers what you have to offer them, and include your sales pitch in your marketing.

Even before you’ve opened your business, you should already be marketing it.

8. Scheduling Personal Meetings

Whether your company succeeds or fails is largely dependent on you. Running any business, even a small one, requires an overwhelming amount of work. You may find no time to sit down and think about where your business is heading.

At least once a week, schedule a little personal time with yourself. In this time, ask yourself about your business goals, and what you can do to achieve them. You could find that prioritizing work in a certain way can better enable you to reach your business goals.

Consider learning about general liability insurance quote as well. This is as your career can leave you vulnerable to certain risk factors, such as getting sued by a customer. If you know about general liability insurance quote, then you’ll know how much to invest in your insurance. If you want to learn more about general liability insurance quote, then click here.

9. Paying Quarterly Taxes

If you don’t pay your taxes on time, then you could have to pay a fine. It’s possible that you get so busy with work that you forget to pay your taxes. However, this could end up hurting your pocket.

That is why you should be paying taxes quarterly. Consider talking to your accountant regarding what your minimums for each quarter should be. Also, don’t worry but doing filing related paperwork when you pay every quarter. You can pay online or send checks. Keep track of what you’ve sent, and you’re set.

10. Avoid Multitasking

There have been studies that indicates that multitasking can actually make you less productive. Both you and your employees should avoid multitasking. Don’t think that you can do your online marketing while talking to your suppliers over conference call.

When you focus on getting things done one at a time, you end up being more productive.

11. Hiring An Accountant

Having an accountant that you can turn to when you need to can be extremely helpful. Don’t hire an accountant to be on your staff, but rather approach a Certified CPA who can do your taxes when the time comes. You should also be able to turn to them for financial advice.

12. Leaving Part Of The Day Open

If you think you’ll be at your office for five hours, then you shouldn’t schedule more than four hours worth of work. You’ll find that it’s not uncommon that you suddenly find yourself with last minute work. Maybe you thought it would take one hour to finish a certain job, but it actually takes two. In these cases, leaving around 20% of your day open, gives you the additional time you need to finish all the work you’ve scheduled.

13. Pomodoro Technique

To be the most productive you can be at work, make use of the pomodoro technique. If you use this technique, then you’ll need to work for 25 minutes, after which you can enjoy a break of 5 minutes. Repeat this until you’ve worked for four such segments. Then, take a slightly longer break. Then repeat the process again.

14. The 80/20 Rule

Implementing the 80/20 rule can be harder than you think. People don’t often enjoy looking at analytics, which is a barrier in itself. Say you’ve decided to market through a podcast. But this doesn’t lead you to any conversions. In this case, you’re better off finding another way to market your business.

With the money and time saved from podcast marketing, you can choose another marketing strategy, such as a Facebook ad campaign. By implementing the 80/20 rule, you’ll end up making more money while wasting less time.

15. Avoid Employees After Training

Employees that are constantly close to business owners can try to take advantage to them. This is why structures should be set up that enabled employees to contact you in specific ways. This also shouldn’t affect your workday as well.

While emails can work initially, you may find yourself needing to use project management software later on.

Conclusion

These small business management tips should enable you to run your business better. From tips on accounting to how to train your employees, this guide will give you a refresher course on small business management. Use this guide to learn what you should do in order to better manage and run your small business.


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