There is a common misconception that running the most difficult part of starting a business is the beginning phase – when you’re a fresh startup full of optimism and hope for the future. But the reality is quite different. Almost anyone can start a company. What makes a difference is how it performs in the future – whether your company runs smoothly or not.
So how do you keep your business running well far, far into the future? Read on to learn ten tips for running a business.
Invest in Your Employees
A common piece of business advice you’ll hear often is to invest in your employees. Your team members are what makes your business move forward, so take advantage of that by offering them benefits and rewards for their hard work.
Offer training, workshops, and seminars where they can learn new skills. Offer paid time off (PTO) or flexible working hours if they need it. Give bonuses when you git milestones like sales goals or productivity numbers.
Also, be sure to pay your employees competitive wages and adhere to your payroll schedule to keep your workers feeling valued. No matter how small a gesture might seem, investing in people will make all the difference down the road.
Along with investing money, it’s a good idea to also invest your time when it comes to your staff. Go out with them for drinks or dinner, and do things like summer Fridays, where they are allowed to leave work an hour early. It’s also essential to prioritize your team’s mental health.
Encourage them to take breaks, and let people work from home if they need it. Genuinely caring about your employees will make them feel valued, and they’ll be more likely to work harder for you.
Focus on Your Client Relationships
As your company moves forward, it’s essential to focus on your client relationships. Your company’s first year might have been dedicated to getting clients and drumming up business. Now that you have clients, you need to figure out how to keep them.
There will be other companies that will offer similar, or possibly better, services than yours. If you’re wondering how to run a business successfully, remember that the one thing you can always do right is customer service.
If you need to communicate with a client, try meeting in person and having a series of phone calls rather than making impersonal emails. Know each client’s specific needs so you can help them out to their fullest advantage. When possible, provide bespoke products and services that will work well for each client. These are things that will keep your clients coming back!
It’s also imperative that you are easy to contact. Pick up the phone, answer emails promptly, and show up on time for meetings. Excellent customer service and reliability are crucial to your business’s success.
Update and Improve Your Technology
Technology is something that is constantly evolving and upgrading itself, which means that you need to follow the times in order to keep up. Whether it’s a smartboard in your meeting room or ergonomic chairs to keep employees comfortable, invest in new office technology. You’ll maximize productivity and productivity will increase, as well.
In order for your staff to feel comfortable and happy with the new technology, you must continually train them so that they can use it with ease. It’s important to remember that technology is not something that everyone can grasp right away.
One of the best things that you can do in order to run a business is learning how to network. Having an online presence through your website, social media accounts and email campaigns are great ways to get people interested in what you have to offer.
However, it’s not enough nowadays. With the rise of digital marketers running around trying to sell their services, you need something else for customers and potential leads alike: personalization.
You hit two birds with one stone when meeting with other small business owners or even professionals. They can offer invaluable insight into running a successful company while also expanding your client base at the same time! So go out there and take advantage of all those networking events! They’re free after all so why wouldn’t you go?
If you’ve never networked in person before, it can feel strange at first. When you attend events, make sure to talk to as many people as possible so that they can get an idea of what you do and what your company does, and how you can help each other.
Networking may be easy if you’re charismatic and a social butterfly, but let’s face it – not all of us are. Before your next networking event, practice your small talk. Ensure that you are open and friendly in your face and body language, as well as asking people plenty of questions.
Listening carefully and intently is the key to a successful conversation. Many people are focused on getting their point across versus actively listening to what the other person has to say. You’ll be surprised when you see just how many people appreciate talking to someone who isn’t trying to dominate the conversation.
Prepare to Make Sacrifices
If running a business is your passion, then you need to be prepared for the sacrifices that come along with it. It’s no secret that running a company has its ups and downs – but those low periods can seem never-ending at times. Working for yourself also means putting in more hours than you would if you were working for someone else.
Sometimes this means spending less time with family and friends. The key is staying focused on why running your own company was important in the first place. Doing this will help you persevere through even the toughest days or weeks of running a small business.
However, the one thing you should never sacrifice is your health. Over time, running a business can take its toll on you physically and mentally. Remember to eat right and get enough sleep during this time. It’s crucial that you stay in good physical shape so you can lead your team.
Learn to Delegate
Entrepreneurs are notorious for micromanaging their businesses. After all, your business is your baby, and you probably believe no one can do a better job than you. However, as your business grows and expands, you begin to notice you need help.
Running a business is no easy feat. If you’re running short on time and want to take some of the weight off your shoulders, consider delegating work to someone else.
Before hiring employees or bringing in extra help, why not try outsourcing? There are many third-party services out there that can provide valuable assistance for specific tasks within your company. Hire a web/app developer or hire professional writers who specialize in SEO content creation. This way, you’ll still have complete control over what goes into your product but also free up valuable time so that you can focus on running things behind the scenes instead.
Communicate Clear Standards & Expectations
If this is your first time running a business, you may not have any idea how things should be done or even what they should look like. It’s okay to admit that- as long as you set some standards and expectations from the very beginning so everyone involved knows exactly what needs to happen in order for your company to run smoothly.
Even if it means having meetings every week just to discuss different aspects of your company, this will help ensure that nothing falls through the cracks. A leader that clearly communicates and sets expectations and specific goals will not have to concern themselves with the way their team is performing.
Create a Circle of Trust
Establishing a circle of trust with your employees is one of the most important tips for small businesses. It’s one thing to be running a business and another to know how to make things go smoothly. You’ll need the support of trusted individuals in order for your company to really flourish into something great that everyone can enjoy working at!
We recommend creating an open environment where communication is key. This will allow everyone involved (including yourself) to feel safe enough to voice their opinions or concerns without fear of being reprimanded or punished.
This ensures there are no secrets within your organization as well as allows issues that might have been swept under the rug before to come up so they may be dealt with right away instead of letting them fester and grow bigger than what they were originally.
Keep a Schedule
Another way running a business can be made easier is by keeping a schedule of some sort for your employees to follow as well as yourself. This will help prevent any confusion between team members about what you are supposed to accomplish on certain days. A clear schedule will also show how much time should be dedicated towards different tasks, maximizing productivity.
Everyone involved knows exactly what they need to do and when to do it so that nothing gets missed out on ever again!
These methods may seem like common sense but sometimes we forget that not everyone thinks alike and therefore a clear schedule for everyone will eliminate any confusion.
Keeping track of your finances is the key to ensuring that you stay in business for as long as possible. You should either become familiar with the basics of money to ensure that you’re doing things right, or you should hire someone who knows what they’re doing.
A professional in that area can help keep your money safe and prevent you from exceeding your means and making poor financial decisions. This is also important if you are running a business that deals with other people’s money or assets, such as an investment firm or law office.
It helps to have someone who can help make sure your records stay organized and up-to-date so everything flows smoothly. Our bookkeeping services help ensure that your business is running as efficiently as possible.
We’re ready to help you with our comprehensive range of financial, payroll, and tax preparation services. This includes everything from filing taxes on time and completing W-H Forms accurately, so all the work is done for you!
Provide Constant Inspiration
As a leader, your role is to inspire, not task management. Provide constant inspiration by staying positive in the workplace at all times. Especially when things get overwhelming or stressful. Keeping everyone happy with their role in the company will also help them feel more involved which makes motivation much easier.
Hire the right people and communicate often to motivate, inspire, and build connections. Check-ins are a great way to discuss roadblocks and challenges and to encourage others to reach out whenever they encounter a new one.
If someone makes a mistake, work with them instead of against them. The way you handle mistakes could affect your team’s motivation and productivity. Let’s face it, everyone has good days and bad days. It’s important to focus on the positive aspects of running a business rather than always having to think about how things could be better.
Running a Business Efficiently: Learn More About Bookkeeping Services
Running a business isn’t easy, and it will take effort on your part to make sure everything runs smoothly. By following these business tips, you’ll be able to keep your business running like a well-oiled machine.
What’s more, by doing so, you may find that it runs better and smoother than ever before! We hope you found this small business guide helpful.
Looking to outsource your bookkeeping? Getting your books organized and increasing your cash flow are a few ways our team at BlueFire Accounting can help. We provide cutting-edge, affordable accounting solutions that grow with your company. Book a free session now!