Small businesses face unique financial challenges. Though no one understands your company’s goals better than you do, it's okay to lean on reputable consultants for industry best-practices and general advice. Here are six small business management tips that apply to all operations.
Get the Right Team & Delegate
Your small business needs your leadership. Keeping your head out of the weeds is crucial to operating and growing a successful small business. One of the best ways to accomplish this is by surrounding yourself with the right team members that handle the day-to-day so you can focus on higher level issues -- things like new business development, strategy, and other operations.
Read more: ‘5 Tips for Building the Best Team for Your Growing Business.’
With team members who understand your goals, you can begin to strategically offload smaller projects. This is why clear communication is so key to executing strategic delegation; make sure your team members understand what is expected of them—specific deliverables, timeframe and purpose. Consider implementing a low-cost project management software to streamline tasks and hold employees accountable. Keep day-to-day tasks moving while you focus on steering the organization.
Whether you plan to expand operations over the next few years or not, a small business plan is advantageous by allowing you to remain nimble and pivot when necessary. The business world has changed exponentially over the last few years, with the introduction of new technologies and remote & hybrid work opportunities around the globe. While sustainability should always be prioritized, keep in mind that an open and communicative workplace culture will nurture creativity and innovation. Be open to new ideas, tools and opportunities; your new differentiator or avenue may be one brainstorm away. Unforeseen problems and opportunities will come your way no matter what, so try to avoid tunnel vision and embrace the change to promote growth.
Operating a small business relies on trust between you and your employees -- and transparency is a huge part of it. Keeping an open door and consistent dialogue with your team will keep everyone in the know as well as encourage employees to come to you with problems and ideas as they arise.
Depending on your workplace culture, subjects ranging from financial health, expansion or staffing issues may be things to address directly rather than wait for rumors and misinformation to take hold. Navigating these sensitive topics appropriately can prevent costly employee turnover.
Outsource When it Makes Sense
Focus on what you know best. Operating a small business can take you to unexpected places, and sometimes those places come at the cost of operating outside your organization’s expertise. Don’t be afraid to bring in help when you are out of your area of expertise. Trying to do important things out of your expertise can result in costly mistakes. Additionally, these activities can distract you from focusing on things that can make your business more successful, like growing sales and developing new products and services.
Whether you need a specialist, human resources team or finance & accounting services, proper outsourcing will keep your small business on track and you focused on larger goals.
Goal Check Often
As we mentioned, small businesses should pivot strategies when unforeseen roadblocks and challenges come up. It doesn’t happen overnight, but you may wake up to find your business has strayed far away from what you set out to be. Take the time to meet with leadership often to stay on track for meeting your goals. Having your goals top of mind will guide you when making important decisions that may alter your small business trajectory.
Celebrate Your Victories
According to US Labor Statistics, almost 50% of small businesses will close within five years of opening. So even just existing may be a victory for a particular small business. Running a business of any size is no small feat, and those milestones and victories, no matter the size, are important. Take time to celebrate these achievements and congratulate your team. Take time to reflect on the differentiating factors that contribute to your small business’ success.
Providing Services to Small Businesses Since 1986
Lauber Business Partners provides services tailored to small and mid-size organizations. We’ve been consulting with organizations like yours since 1986, and our services include:
Contact us today at 414-273-8060 or email@example.com to see how Lauber Business Partners can help your small business grow and succeed.