6 Tips for the Small Business Owner

It is vital for business owners to consider various matters to ensure their business is running smoothly, as time is the biggest expense they have.

1. Focous

Many small business owners feel the need to jump at every “opportunity” they get. But these tend to distract the owner from the main goal of being productive and effective with the time they spend on the business.

2. Accounting Software

The majority of small business owners tend to not have the time or inclination to learn the accounting methods and tasks required of them to operate effectively and to even monitor or track their profit for their current financial year.

3. Build a network

As a small business owner, you may hit “the wall” and will be the time where you need your support network around you, from bank managers to accountants to marketing and virtual PA connections. The team that you build around you will ensure that not only do they help you when you are stuck, but when they need a hand you will be there for them. It is within these relationships that your network then begins to help you grow your business by professionally referring others.

4. Be healthy and stay fit

Being a small business owner doesn’t mean you forget about your business when 5 o’clock comes around, as you are constantly working in your head. But working to the point of exhaustion will burn you out and make you less productive when you are supposed to be doing work. There aren’t any second chances with your business and it does rely on you, so eat right, exercise and find time for yourself and loved ones.

5. Know when to call it

Many believe that the owner goes down with the business when it fails, but a smart captain is commanding the lifeboats. If your ideas and goals don’t work out, reflect on the mistakes and where it went wrong and learn. Use these reflections to develop your future endeavours to ensure they are not made again.

Failure is inevitable, but a true entrepreneur knows when to call it.

6. Delegate

Whether delegation involves contracting out certain parts of a project or hiring the right employees, it is imperative that the small business owner doesn't think that they can do it all. As with many things, there is always someone who is better at a certain task than the other person and this is where you can successfully build your business.

If you can have revenue coming in while you are not working in the business, it allows more time for you to work on the business and continue this growth.

Julian Day