When you’re running a small business and wearing nearly all the hats, some basic management rules may have eluded you. Setting up and organizing your business properly makes everything else you do easier.
Try our expert advice to make business operations simpler:
- Keep business finances separate: Set up a separate business entity (an LLC or S-corp) and get a TIN (taxpayer ID number) rather than using your personal social security number. This can protect your personal assets, should your business go under or your taxes be audited. Consult a tax advisor or attorney to decide which entity is best for your needs.
- Use bookkeeping software: This adds structure to your business bookkeeping and can help ensure you won’t forget about important tax deductions at year’s end. Choose software that does an invoice, so your billing looks professional.
- Focus on training: Sure, you should hire experienced people for key roles, but make sure they know how their job should be done at your company. It may differ from the same job at their prior company if only to represent your unique brand.
- Avoid micromanagement: You’ve trained well, so don’t spend your day answering employee questions like a shift supervisor.
- Stick to your priorities: Make a to-do list. Don’t get bogged down checking email or social media. Concentrate on getting the items done that will push your business forward–things you must do personally. Delegate everything else to your well-trained staff or expert consultants.
- Review goals and priorities regularly: Check in with yourself each week to make sure you’re on track with your big company goals. If you spent the past week working on minutia or non-urgent work, refocus, and delegate (or postpone) the other stuff.
- Marketing is key: Start marketing your business immediately and don’t let up. Just putting up a website is not enough, without marketing to get you noticed.
- Pay your quarterly estimated tax: As a business owner, you can be penalized if you wait to file/pay in April.
- Give up the illusion of superman or superwoman: Multitasking does not exist, you’re simply switching back and forth between tasks quickly–and shortchanging them both.
- Solve procrastination: Eliminate the tendency to put things off by doing your most difficult task first thing, to get it out of the way. Take a short break to celebrate the completion, then tackle the next item.
When you need funds to improve business management and fuel growth, contact the experts at Monstera Lending Group.