Running a small business, especially at the beginning, means you must wear many hats. Not all of them may be the best fit, however. Take this varied business management advice to heart, and see how it works to improve your operation:
- Tackle priority and/or difficult issues first. Don’t immediately open your inbox and start drowning in email minutia as you start your day. Get the most difficult tasks done first when you’re most energetic. You’ll avoid procrastination and distraction, and the rest of the day can be a breeze.
- Keep personal and business funds apart. Avoid tax problems with pristine documentation of business expenses, rather than co-mingling all your finances into a confusing mix. Have a separate personal and business checking account and credit cards. Should the IRS come calling, you’ll always appear organized and above board.
- Use accounting software. This helps keep track of your (separated) business expenses, helps prevent you from forgetting tax deductions, keep you ready to assemble a profit and loss statement when needed, and more. You save money by not needing to hire an accountant/bookkeeper.
- Market your business. If you build it, they may not come. Putting up a website without marketing or promoting the business is almost futile. Start right away by using the most effective marketing tactics for your area and industry. Activities could include Facebook or Google ads, inbound marketing (using fresh content and relevant keywords on your website), in-person and online networking, and more.
- Pay quarterly taxes. If you end up owing more than $1000 in business taxes by year’s end, and you haven’t been paying estimated taxes quarterly, you can be fined.
- Expect the unexpected. Don’t schedule every moment of your day—allow about 20 percent of your time for things that take longer than estimated. If nothing exceeds it’s allotted time, use the extra for reading industry news, brainstorming, relaxing, etc. Schedule padding can help lower your stress and avoid the feeling of constantly running behind.
- Be unavailable. Don’t allow constant access to employees. This helps you avoid micro-managing, ensures you’ll train them well (to handle most things without you), and lets you focus on running your business.
When you need funds for new business management initiatives or business expansion, contact the experts at Purevue Capital.