Is Starting and managing small businesses a very daunting task for you? Almost every day, we come across a lot of small scale business owners, who find it difficult to manage their businesses. They start with all the energy and within one year it down to ashes. That is why we here at job Advertising hub are ready to take you through how to manage your Small scale businesses. Here is how to manage your Startup business
1. Make Sure to Separate Your Personal & Business Finances
It is very important to separate your business and personal finances. Please, please, please, by all means, don’t accept payment in your personal business account or put business expenses on your personal credit card.
Most banks will require official business paperwork to open something up in your business’s name, but at the very least, you can open separate personal accounts that are designated for only business transactions. Separating your personal and business finances would help you know how much you are making as an organization and how much you are also keeping personally
2. Train New Employees Well
Note; Immediately you hire someone, you should actually expect a temporary increase in work instead of immediately being able to offload responsibilities and have the free time you dream of.
That’s because, even if you make the smartest hires in the world, they’re not going to understand and acclimate to your business right away. Instead, they’re going to need time to learn the ins and outs, to understand your expectations, and to mentally put the puzzle together to see how all the small pieces add up to your larger goals.
Train them well to do their jobs—even if they’ve filled the same role five times before at five different companies and you assume it should all be the same. (It’s not all the same.)
They need to adjust and learn How the company works.
3. Do well to Invest in Your Education
Heart-to-heart right now: the best money I’ve spent on my business has been on my own education to further it.
If I don’t know how to do something, I know it’s silly for me to keep trying to Google solutions, go through months and months of trial and error, and maybe get it right after that.
Instead, it makes a lot more sense to pay a few hundred cedis to have someone who’s been there, done it, and been successful at it teach me how to do it right the first time.
As a business owner, you need to Invest in your Education
Although these courses may be very costly, when you go through them, you would realise it was worth it. You would be able to have that skill., make more money with it, and also teach others. I’ve done courses on how to set up my business, how to manage clients, how to market, how to advertise, how to write, how to pick colours and do basic web design, how to network, and how to create an info product.
Free courses are available yes, Paying money to dig deep into the topic and really learn it goes a long way to help you. Trust me.
When you invest in your education, you save yourself: Wasted time, Wasted money, Failed experiments, Leaving sales on the table and Googling for 13 hours straight while your eyeballs bulge out of your head. It high time you educated yourself for your business. Go for Gold.
4. Ban Multi-Tasking
It astonishes me that I still see job descriptions seeking “competent multi-taskers” when it’s been proven in one study after another that multitasking is both impossible and that attempting to do it makes you about 3,000 times less productive. So don’t let yourself or your employees multitask.
Don’t think you can absorb the information in an instructional podcast while also blasting through your email inbox Or deal with your Twitter notifications while you’re on a conference call with your suppliers.
At any point, you’re paying attention to one while the content of the other is just coasting right over your head without any cognitive recognition from your brain.
By doing one thing at a time—and only one thing at a time—you’ll find that you actually get more done in a day, that your work rises to a much higher quality, and that you’ll make fewer mistakes that you have to go back and undo later. When you stop continuous multitasking, you save yourself: Embarrassing typos in emails sent to important customers, Having to go back and listen to the same podcast episode for the 3rd time, That frazzled feeling in your brain when you have to constantly switch back and forth between tasks and People not taking you seriously because they think you’re a space case
5.Have a Go-To Accountant
it’s also smart to have an accountant you can go to as needed.
Again, I’m not talking about hiring one to keep on staff with you. Instead, I mean finding a certified Accountant who you can hire to do your taxes when the time comes and get financial advice from as and when you need it.
It also never hurts to have an accountant review your business’s cash flow to make sure you’re covered for a risky economic situation—even if it’s unpredictable.
If you know your numbers and stay on top of them, you’ll always be in a better situation than if you kind of think you’re doing good enough for the time being.
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6. Make sure to Leave 20% of Your Day Open
If you’ll be “at the office” for five hours, only schedule four hours of work., If it’s 10 hours behind your desk, only eight hours of work because the thing is, there’s always something that comes up last minute that you have to deal with. There’s always a phone call with a needy client that goes 60 minutes over it’s allowed 30 minutes. And there’s always something you thought would take an hour to finish, but it takes two.
And if nothing like that comes up one day? Perfect.
You now have time to catch up on your emails, read up on what’s happening in your industry, or dedicate more time to your passion project within your business. Or, you know, you could just take that time off for the sake of your mental health.
But by leaving 20% of your day open, you know that you can confidently take care of those last-minute things that come up without scrambling around and worrying how it’s going to affect the workload of the rest of your week. Trust me.
Still, you might have packed and busy days, but you can usually get through the week without procrastinating something or having it spoil your precious weekend plans
The Headaches you would save are Necessary weekend office hours, Involuntary late nights, Cancelled plans and Your friends and family hating your workaholism
Financial Management
To manage growth in a sustainable way, a business owner must take on a number of duties, including the management of finances. This process usually requires an owner to prioritize specific areas of financial management and focus on the most important ones. As this type of work requires specialized knowledge, it’s often necessary to hire professionals who are experts at helping businesses manage their finances. However, that doesn’t mean there aren’t things you can do as the business owner to help your company maintain financial discipline.
7. Consider renting instead of buying
Leasing equipment instead of buying helps you avoid maintenance costs and can also prevent you from overpaying on equipment only needed for a specific period of time. You could also consider renting your office space, as it makes relocation and expansion easier.
8. Don’t wait too long before seeking a loan
An easy mistake to make is waiting until your business is in financial trouble before applying for loans or other credit. This is exactly when you will be least likely to receive financing. Consider applying for a business loan when your financials are still in a good state. This way the loan can be used for expansion or as an emergency line of credit instead of rescue.
9. Make sure you have enough capital
Small businesses tend not to have enough capital to get themselves through the startup phase. To prevent this, have three months’ living expenses saved plus the amount you are expecting to need for the first three months’ business expenses. Plan as if you expect to receive no business revenue.
10. Don’t spend prematurely
Don’t go big on business cards, signwriting, marketing materials, cars or inventory before any actual revenue comes in. This can create a cash flow blockage.
11. Use the Internet
Use the internet to grow your business
It is incredibly powerful and very cost-efficient, but it takes time and some skill. It is about creating a community, using social media networking such as Facebook, YouTube, Twitter and blogging to build rapport with your market. You need to get on the train and do it because your competitors are.
12. Take care when expanding
Make sure expansion is done steadily and wisely. Pushing large amounts of money into expansions that are too quick and too drastic can be disastrous.
13. Take control of your own marketing and public relations
Follow a PR and marketing strategy to make sure efforts are intentional and focused. Know exactly what you want and muster it.
As a growing business owner you Should; Stay Organized, Get the Right Tools, Stay on Top of Your Responsibilities, Seek Expert Advice and get Professional Help.
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There’s no rule that says you have to master everything all at once, you learn them gradually
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