7 Key Tactics For The Small Business Owner
This is the story of a small business and it's owner. The owner starts as a novice and after following these 7 key tactics grows their small business into something that requires much less time investment and thus allows them to have more free time to spend with family.
Welcome to the second part of our three part series about how a small business can grow from humble beginnings to an empire-level operation in just 6 months! Today we're going over some key tactics for scaling up your company, without throwing yourself under the bus.
Keep the high-level plan simple. Focus on the "how" and not on the "why." Some people like to look at it as there's a right way and a wrong way to grow your business, but in reality, there are only a few wrong ways to grow your business.
A high level plan is key because it helps you know exactly what you need to focus on. The "Why" doesn't make much sense if you never knew what you wanted to start in the first place.
Keep track of your expenses and make sure they're not going to make your business collapse. A healthy business must have a healthy cash flow to pay employees, pay the owners, and keep things running smoothly.
It's best to keep the cash flow in mind at all times, especially when you're planning for expansion. It's better than having $500 in your bank account that can't be used because you don't know where it came from.
Once you've got the concept down, put an end date on it and stop growing as soon as that goal is met. This will help you focus on keeping things simple and also helps avoid pouring money into something that won't grow much longer.
It's going to happen sooner than you think. Look at other companies that have been around for a while and notice how they just don't seem to change much anymore. That's how it goes: once you've got the thing running, there isn't much else to do but keeping it running.
Embrace the fact that you're going to be starting over again and again, with each new facet of growth. Once your company graduates from small business status (which is what we're doing through these articles), you'll find yourself needing a fresh start time after time, as each new goal is achieved.
Take baby steps until your goals are small enough for your company to handle them without breaking stride.
Stop hiring employees who can't do everything themselves. Yes, that means you need to ask to be shown how they're doing things and why they're doing things a certain way, too. You'll need to oversee and make sure that their work is being done correctly and timely.
The retail world is known for having its own special set of rules and regulations, but you must keep it in mind when hiring employees. You can't just hire anyone you want; you'll need to be careful who you choose because they'll get special treatment from the government if they ask for it because of their job, which could lead to fines if more people use aggressive tactics than necessary.
If you can't afford to hire an employee for a full day, then you should be focusing on running only one shop and doing it all yourself. This will allow you to keep the cash flow going so that you know exactly what is going on with your shop. You also will have much more time to spend with family because you won't have time to worry about employees' hours or what they're doing, as well as your own. This is best practice in any business and should be considered before hiring anyone else just because they're available and willing.
Keep your employees happy and they'll keep working hard instead of bolting for greener pastures. If you're able to keep your jobs full of people who are happy and are also willing to do any job, then you can avoid simultaneously dealing with a bunch of unhappy employees who can't be bothered to do their job right if they're unhappy, leaving your company's business in shambles.
If you have the right people in place, then the right amount of staff will finish the job in a timely fashion and on time. The best time to hire someone is when things are slowing down, or when your business is being slow because everything has been run so well that nothing else needs to be completed. Make sure that everything is being done as it should be done before hiring anyone just because they're available.
If you can make it through the first year of running a company, you'll have more control over your time and your money than before. The stresses of running a company will be much easier to manage if you take these steps seriously. They might be hard to grasp at first, but once they are in place, you won't have to worry about them anymore.
Remember: it's better to run one or two shops at 100% efficiency than four or five shops that are all being run inefficiently because the management is spread too thin.
If you have any questions or comments, leave them below!
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3 Simple Business Tips That Will Make You a Success in 2017 was originally published on oneworldcoffee.com by Garrett McLeod was originally published on oneworldcoffee.com by Garrett McLeod
Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus working in this website ... home business ideas top five ways to make money online no... More 3 Simple Business Tips That Will Make You a Success in 2017 Do you want to improve your financial state? Are you ready to jumpstart your life? If yes, then this article is for you! Want to know how? Keep reading! What have you got in mind right now, right? Did it make you think of the things that could be helped by such a thought process that's been pushed out of mind? You guessed it: running a business. If the answer is yes, then we're on the same page. We're going to talk about the simple ways to start your own business and make money out of it. If you're ready to get started, then put your money where your mouth is! Let's do this! 3 Simple Business Tips That Will Make You a Success in 2017 What have you got in mind right now, right? Did it make you think of the things that could be helped by such a thought process that's been pushed out of mind? You guessed it: running a business. If the answer is yes, then we're on the same page. We're going to talk about the simple ways to start your own business and make money out of it. If you're ready to get started, then put your money where your mouth is! Let's do this!
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Do you want to improve your financial state? Are you ready to jumpstart your life? If yes, then this article is for you! Want to know how? Keep reading! What have you got in mind right now, right? Did it make you think of the things that could be helped by such a thought process that's been pushed out of mind? You guessed it: running a business. If the answer is yes, then we're on the same page. We're going to talk about the simple ways to start your own business and make money out of it.