1. Ethical Accounting Practices
The accounting function of a Small Business Management covers many areas. Payroll, account receivable, account payables, taxes, financial statements, and the list goes on and on. Paying employees and keeping accurate accounting records for tax purposes is very important. Maintaining good records helps to eliminate a stressful time of trying to gather the necessary documentation for filing tax returns.
2. Human Resources
Small business owners are often surprised at the challenges that come with managing their workforce, which requires expertise in the science of human resources.
Managing people can be a challenging part of a business and changes drastically as a company grows.
For instance, it is not imperative to have policies and procedures regarding sick time or vacation time when there are a handful of employees.
However, as the organization grows, it becomes more important to have a human resource management process and written policies and procedures.
Pay attention to the labor laws that regulate small businesses and work to develop a team that can manage it, and ensure compliance with all regulatory requirements.
3. Facility Management
Most businesses need to live somewhere, have an address, and a front door.
Facility issues arise once a company grows to a point where an office front or building is required to run the business.
When there is office space, there are ongoing maintenance, cleaning, and upkeep requirements.
Most facility management can be outsourced with a reputable company that has an excellent customer service track record.
4. Information Technology
Technology runs most of our lives.
Every organization is dependent on technology to run their business.
It often makes sense to outsource the IT function to a reliable vendor.
5. Customer Focus
At the end of the day, customers pay the bills and our salaries. They need to be taken care of.
Take the time to find out who your customers are and what they want.
Keep a pulse on your customers so you understand how well their needs are being met; because customer satisfaction is a crucial gauge to the health of your organization.
Successful businesses understand that focusing on the customer and be able to articulate what they want is the secret to success.
It is also crucial to be able to identify and resolve customer issues so you can ensure a loyal customer base.
6. Website Development
Why does a business need a website? An organization’s website is often the first impression a potential customer has of an organization.
A well thought out, organized, and user-friendly website is crucial to attracting and keeping customers.
There are few things more frustrating for a customer than to go to a website, and either not be able to find what they are looking for, or see a page that is not functional.
When interviewing website developers, make a point to visit sites they have created, and contact their customers to get feedback on their timelines of projects performed.
7. Social Media
Why does a small business need Social Media?
Social media has become the new standard for business marketing.
The good news is that it is inexpensive to do, but does require some time, skill, and strategy.
If you don’t know much about social platforms, find a teenager, and ask them how they would use social media to help your business.
8. Search Engines
Most people today use the internet to find a business or service.
Make sure your business website has a profile on all of the business pages of search engines.
Google Business, Bing Places, Yelp, and Yellow Pages all have business directories that will help get you found in the search engines.
Because they are business directories built by, and for the search engines, your listing will rank well when someone is searching for you.
These engines pull information from anywhere they can find it on the internet, so if you aren’t deliberate with the information you share, your business may have outdated or inaccurate information show up in search results.
Take control of what information is available and spend a few minutes creating and maintaining a company profile with accurate information, pictures, and videos!
9. Work-Life Balance
As a business owner, it is crucial to maintain a healthy work-life balance.
Building a successful business can be a great sense of accomplishment.
But to neglect family, friends, or other personal interests can take its toll over time.
It is essential to take the time to reflect, think, and regroup regularly to maintain your mental health and business advancements.
10. Don’t Forget The Fun
As a business owner, you need to have fun and to carve out time to make sure you provide a fun environment for your employees.
There is a real estate company that is named THF when asked what it stands for, the reply was “To Have Fun”! Try to learn from this.
Running a small business requires many skill sets. Take the time to put the systems and processes in place to help you do what you do best. Hire great people, and let them help you take your business to where your dreams direct you!