Managing a Small Business

Managing a small business involves a million little details, especially as your company grows. Here are some best practices for small businesses that will keep things running smoothly.

• Automate

  Save time with software that can replace anything you currently do by hand, from timesheets to inventory tracking to money management. When you can embrace technology to help you manage the business better, you set yourself up for success.

• Delegate

  When you’re a one-person shop, you get used to doing everything yourself, but you can free up a lot of time and energy by assigning tasks to your current employees or hiring a contractor on an as-needed basis. Improve delegation by putting the right people in the right places.

• Understand human resources

  Hiring employees is more than just picking the right person. Make sure you have a firm grasp on all the laws and regulations that protect workers’ rights. A huge part of managing a small business includes managing a team – that means keeping morale high, providing training as needed, and respecting everyone’s rights.

• Create an employee handbook

  Establish a handbook that outlines expectations, including general information, standards of conduct, company policies and employee benefits.

• Review your budget

  Creating a budget is the best way to understand your business’ finances. Be sure to review it monthly and adjust as necessary. Consider working with an accounting software or an accountant to keep your budget up-to-date.

• Keep an eye on inventory

  If you sell a product rather than a service, you’ll need a good system in place for managing your inventory. Don’t over-invest until you see what sells, and discontinue the things that don’t.

• Set goals

  With the distraction of day-to-day operations, it’s easy to forget about the big picture. Come up with a list of concrete goals for both the short and long term, then take steps to make sure you’re moving towards them.