SMB Success: 5 Must-Know Tips for Small Business Owners

Regardless of how long you’ve been a small business owner, there’s always room for improvement.

That may seem obvious, but it’s worth keeping in mind. None of us are born with a business playbook burned into our brains. In many situations, you’ll have to make an educated guess based on the data you have at your disposal.

Small business owners managing business

Now, your ability to make those guesses will improve with experience. That said, there are a few things that can help you get there faster. Here are 5 tips for small business owners you should know about.

1. Use Accounting Software

Most business owners are constantly looking for ways to cut costs. For example, you may decide that you don’t need a full-time accountant. If you go down this route, consider making up for it by paying for accounting software.

These days, accounting software represents great value for money. Most basic versions start at $10-$20 per month, and they pay for themselves in time saved. No more losing receipts or forgetting about your key expenses!

2. Create a Proper Onboarding Plan

Did you know that each new hire comes with a temporary increase in work? This makes sense: new employees will need time to acclimate to your business. Don’t expect them to hit the ground running on day one.

What you can do is have a proper onboarding plan. This includes nailing the details and meeting each individual’s needs. With the right plan, you won’t have to deal with high turnover or low morale issues.

3. Avoid Multitasking

Plenty of studies have proved that multitasking makes us less productive. The reason is simple enough: multitasking is impossible. If you’re paying attention to something, any other content will coast over your head.

By comparison, focusing on one thing at a time helps you get more done. You’ll also make fewer mistakes and produce higher-quality work.

4. Improve Your RFP Process

Have you ever had a client issue a Request for Proposal (RFP)? If so, you’ll know that having an RFP response team often isn’t going to be enough. The more competition you have, the harder it is to make your bid stand out.

The good news: having an efficient RFP process can do wonders for your chances of winning the bid. The above link goes over the factors of the process in more detail.

5. Leave Your Day Open

When it comes to small owner business tips, this one usually gets ignored. This can come back to bite you, as there’s always something that comes up at the last minute. It can be a needy client, a paper-jammed printer, and so on.

The best way to deal with this is to leave 20% of your day open. If you’re planning to spend five hours at the office, schedule four hours of work. If nothing comes up, take the time off or spend it to catch up on something else.

More Tips for Small Business Owners

We know that these tips may seem like a lot to take in at first. After all, the average small business owner already has a mile-long to-do list. The best way to tackle these tasks is to focus on one thing at a time — anything else can wait.

Looking for more tips for small business owners? Want to make sure that you’re running your business productively? Check out our Free Tools section!

Shares

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.