Top 5 Business Management Tips (from a Team Who Has Seen it All!)

Do you ever wonder how your business management skills compare to other business owners’? Overall, do you think you’re as effective as you could be?

Let’s face it: Managing a small business is no easy feat. You’re responsible for every decision and detail, from the big picture overview right down to the smallest minutia of everyday business operations.

In our extensive experience assisting countless entrepreneurs, we’ve had the opportunity to take an inside look at what obstacles business owners just like you face on a daily basis. We’ve compiled a list of our top 5 tips and tricks to better manage your small business:

#1: Set Actionable Goals

Goal setting is one of the cornerstones of any kind of success and when it comes to your small business, clear goals are critical. Step-by-step planning and an actionable process will set you up for achievable success. By breaking up a large goal into smaller, bite-sized steps, you’ll be equipped to achieve your desired results.

#2: Organize your Time

Just about everyone has heard of the old adage, “time is money,” but have you considered how much of your time is inadvertently wasted? Emails, text messages, social media, and a thousand little distractions can suck up valuable time that you could be using to cross items off your to do list.

Small business owners who organize their time are more likely to succeed in not only their day-to-day tasks, but also their long-term goals. Try segmenting your work day into blocks of time for specific tasks and don’t deviate from the plan. You’ll be able to flow from one task to another, accomplishing the tasks you need to without getting distracted.

Pro Tip: To save time, schedule specific, limited time blocks for time-wasters like checking email or managing your business Facebook page. Once you’ve hit your time limit, log off, and then continue your task list. You’ll be more focused  when you’ve eliminated those distractions.

#3: Invest in your Accounting

Initially, your small business may not warrant a full-time accountant, but it’s very important to keep your finances organized from day one. It’s understandable and generally a good course of action to keep your operating costs low as a small business owner, but investing in an easy-to-use accounting software program will save you financial stress later on. When your finances are organized, you’ll save time in the long-term, and ultimately the investment you made in your accounting will end up paying for itself.

#4: Promote your Business

Marketing your business according to a well defined strategy is important for increasing your cashflow and bringing in new customers. However, sometimes business owners neglect the marketing aspect of their business because of the costs involved, or they try to “wing it” with ad hoc marketing whenever they can squeeze it in. Don’t fall into that trap!

It’s important to get your business in front of potential

and repeat customers. Period! That might mean running Facebook advertisements, Google AdWords campaigns, print advertising, or even renting a booth at a local community event. A good marketing strategy is an important investment for every business, no matter your size. Develop a strategy to get in front of your customers so that they’ll know who you are and what you can offer them.

Pro Tip: Discover more about your target audience so you can market to them where they are already spending time, either in the virtual world, physical world, or both.

#5: Hire the Right People

One of the most important aspects of running a small business is having a team around you that is reliable, loyal, and motivated. Partnering with the right people is crucial to your business’ success. That might mean hiring employees, or it might mean engaging a Virtual Assistant or an Online Business Manager, like those of us here at Any Old Task. Managing your business is also about managing people. You have to be able to give up a modicum of control in some areas of the business in order to be able to delegate to your staff and increase overall effectiveness. Having the right people on your team will make that easier and more successful.

We work with entrepreneurs and small business owners every day and believe us, we’ve seen it all; the good, the bad, and… maybe not the ugly, but let’s just say the “ineffective”. With all of that first hand experience, we can tell you that these 5 business management tips really work and can take your small business to the next level.

If you’re looking for additional tips and tricks or help implementing any of these suggestions, an Online Business Manager or high-level Virtual Assistant can help you! Email info@anyoldtask.ca today to learn how we can assist you with your business management.