April 09, 2014 Starting and Managing a Small Business

Managing a small business involves a million little details, especially as your company grows. Here are some best practices for small businesses that will keep things running smoothly.

  • Automate. Save time with software that can replace anything you currently do by hand, from timesheets to inventory tracking to money management.
  • Delegate. When you’re a one-person shop, you get used to doing everything yourself, but you can free up a lot of time and energy by assigning tasks to your current employees or hiring a contractor on an as-needed basis. Improve delegation by putting the right people in the right places.
  • Understand human resources. Hiring employees is more than just picking the right person. Make sure you have a firm grasp on all the laws and regulations that protect workers’ rights.
  • Create an employee handbook. Establish a handbook that outlines expectations, including general information, standards of conduct, company policies and employee benefits.
  • Review your budget. Creating a budget is the best way to understand your business’ finances. Be sure to review it monthly and adjust as necessary.
  • Keep an eye on inventory. If you sell a product rather than a service, you’ll need a good system in place for managing your inventory. Don’t over-invest until you see what sells, and discontinue the things that don’t.
  • Set goals. With the distraction of day-to-day operations, it’s easy to forget about the big picture. Come up with a list of concrete goals for both the short and long term, then take steps to make sure you’re moving towards them.

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