Running a small business is tough and unpredictable. Usually as the Director/Manager you are responsible for every aspect from hiring and firing, securing new business, the printer breaking down and everything in between. Here are our small business top 5 tips for getting ahead in 2019.
Keep Financial Score
In a small business it is important to keep track of your cash flow so you know where your business cash is coming from, and more importantly where the cash is going. Be honest – it may surprise you. This may reveal any patterns or waste that may be keeping you from improving on your cash flow, and therefore the productivity of your business. Don’t just wait till tax time to look into your finances, make it part of a weekly and monthly habit. If your business has poor cash flow this erodes the competitive advantage of your business and leads to a lack of sufficient funds which can be used to purchase new equipment or assets which would move your business forward.
Setting smart monthly and annual goals and objectives are a vital part in achieving business success. The goals that you set can be used as guidelines within your business in order to help you move forward and measure success. By regularly monitoring, measuring, discussing and adapting throughout the year you will identify where there are wins, performance gaps, quite times, peak times, lack of resources and more. It is a proven fact that having goals in place means that everyone in your business has a clear understanding of what they need to do, how to achieve it and when by – this leads to a successful business where everyone is engaged on the same mission.
Motivate and Build Relationships
Motivated employees are a key factor in the success of any small business. It is important to acknowledge good work and to give credit to individuals in order to show that you are appreciative and that they are valued in the business. Often when tasks or projects are not being delivered correctly or on time, this is usually due to lack of training which needs to be addressed straight away. Listen to staff and involve them in the decision making and internal processes – often the best ideas come from the “shop floor”.
Also when was the last time you actually spoke to your customers – I mean picking up the phone? Building a good rapport and relationship with your customers is essential for business success. Take the time to understand what your customers really want from your business and listen to their thoughts or concerns. It may be different to what you think they need. Being aware of your customers thoughts and opinions can bring positive improvements for your business and therefore leading to short and long term future success.
In order to be a strong business owner it is important to use your skills and resources to the best of your ability with the aim to drive your business to succeed. However it is also important to know your own and your businesses limitations and to not push yourself past your capability. Of course skilling up is often necessary to evolve, however it is also important to know when to ask for help and support. By understanding what your strengths are and how they positively affect your business, it can then be easy to find support for the areas that need improvement.
Give Yourself a Break
Running your own business is hard work and you may find that there is no time to focus on yourself. However, taking time out is vital to avoid burnout. Usually by taking a break from work and your own business at agreed scheduled times (we mean from 6pm weeknights or Sundays, not doing a runner for 4 weeks haha) will allow yourself to have the time to relax and recharge, giving you the opportunity to gain back the motivation and passion to return to work. Spending time away from your work, and putting your trust in others, can have high value towards the success in your business. No one looks back on their life and wishes they had done more hours at work, find the balance that works for you and your family.
If you need some small business advice, want to discuss your finance options or want to know more about Chevron Equipment Finance, please call us on 1800 334 345 or email email@example.com