Being a small business owner is actually a big deal. You’ve got an entire company of your own to run, with real people to serve who expect you to take care of them, and a team of efficient workers who all have their own needs and opinions. That’s a lot of responsibility! But after the first year or so, you may be getting a bit lax with your management.
After all, you’ve now gotten to that stage where you can take a step back from the day to day running of the company! It’s a good place to be in, but it does come with some drawbacks. But above all else, you need to know what’s going on in your company at all times, and this post is here to help with that.
Understand Your Baseline
Your company’s baseline is the profits it tends to bring in every day compared to the costs you have to deal with just to open the doors and turn the lights on. What are you spending to run your store or your office on a daily basis? If you don’t know the answer to this question, you’ll never be able to spot an expense you either didn’t authorise or heralds a future problem for your finances.
This also makes it a lot easier to deal with emergencies; when you know what you’re spending, you’ll know how much to save up in an emergency fund just in case. These are essential for days when you have power cuts, or unexpected downtime, as you can lose a real fortune otherwise.
Review Your Business Plan
Your business plan will have your company’s initial mission and goal listed on it, alongside objectives that’ll help you achieve both of these things. Without a regular review of this plan, it can be hard to track where you’re going or how you’re growing.
It can also prevent you from taking your business in the direction you really want. Your business plan is more than a ‘to-do list’; it can help you form the cornerstones of an expansion strategy. But you also won’t know if you’re accomplishing your objectives without regularly checking in!
Always Check in with Managers
If you’ve got a small team of people in place to take care of the daily ins and outs, it’s best to check in with them on a daily basis as well. You need to know what they know, and it’s up to you to chase up reports and any other admin tasks.
To do this, it might be best to arrange a company wide group chat or use a project management app. Most of all, you need to know when problems arise. If you’re in need of warehouse pest control, for example, the final call should go through you. Otherwise it’ll be hard to make business orientated decisions without knowing what’s really happening!
So, what happens within your business? It’s hard to keep track without being on the ground.
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