A common misconception about running a business is that it gets easier as time goes on. Many believe once you make it past the early stages where just breaking even is a win, then that’s when you can kick your feet up and let the business run itself. The good news is that you will likely have fewer money problems than you did in the beginning. The bad news is that the things you worry about will become more complex in their nature and require fresh ideas and a high level of strategizing for you to continue to make money. The problems, so to speak, never go away—they just change. Here’s a bit of information that can help you assimilate and keep your business thriving.
Sometimes the best thing you can do to make sure your business runs smoothly is by preparing for when it’s not. The more your business grows, the more opportunities there will be for accidents with either employees or clients. It is absolutely crucial for you to have a corporate attorney on retainer in the case that someone wants to sue you. This will ensure that if someone comes after your business, then you will have someone to protect it and its assets.
Have a Full-Time Accountant
Although bookkeeping is the most important job your account would have, it is by far not the only one. Accountants can assist you in managing overhead and cutting costs where you might be overspending. An accountant is basically a built-in calculator who will run all the numbers and maximize your profits.
To top it all off, an accountant will be well-equipped to take care of all your company taxes. All accountants must be up-to-date on tax laws and can keep your company legal. Not only that, but they’ll know where all the deductions are that you can take and will track your spending throughout the year so tax season is a breeze.
Invest in Your Employees
Your employees are the hands and feet of your business, and your business will only go as far and accomplish as much as the employees are capable of. Always provide them with the education they need to perform at optimal performance. While many of them may be well-qualified with degrees and certifications, they are getting their experience from working at your company. Try to educate them in all the ways you can by offering them your expertise and also providing as much professional development as possible.
There could be many small tasks throughout the day, both time-consuming and tedious, that could be absorbed by various software, apps, or other tech solutions. While these may cost a pretty penny, think of it as an investment. This will allow your employees to focus their attention on more important jobs. It will also build rapport with your employees by showing them that you are paying attention and care about the various nuances of their positions and are seeking out ways to simplify their work tasks to help them be more efficient with their time.
Goals should be a key factor in each level of your business. The management, the bottom line, and you yourself should all have individual, team, and collective goals that the whole company is trying to meet. This inspires productivity. Goals are also an excellent way to measure progress and performance. What gets measured can be improved. If you’re not keeping score, then chances are, even you will get lazy.
Structure the Day
As aforementioned, goals are a vital element in running a business. Each day should be organized in a simple to-do list. Think of it as a list of goals for the day that you must fulfill in order to go home. If you don’t do this, then it will be very easy for your time to get tied up in minutia that will not do anything to move the company forward. Divide your time up between the following:
- Urgent (meeting a deadline)
- Important and urgent (interviewing someone for a vacant position)
- Important, but not urgent (returning an email)
- Not important, not urgent (getting more snacks for the breakroom)
These points should be completed in the order that they appear. It may be difficult to categorize tasks in this way in the beginning, but you will eventually become more and more aware of the difference between “urgent” and “important.”
This list could go on for much longer, as there are always avenues you can explore to empower your employees and business. While these are some of the most crucial aspects of a smoothly run business, the most important part is to always foster learning and growth for both yourself and your employees so the business will evolve with the times.