Running your own business is quite the learning curve. Whether you are a sole proprietor or have staff that you need to manage, there is so much to know when it comes to running a business. If you are a new entrepreneur, you may be feeling a little unsure about what you should be doing to set yourself up for success. Experienced business owners should also stay on the lookout for ways to improve productivity and make their lives easier.
In this article, we will provide you with some of our favourite tips for managing a business. Though no one business is alike, almost all businesses face similar obstacles. See our best tips for finances, time management and marketing below.
Feeling a little overwhelmed with getting things moving with your business? You’re not alone. Consider reaching out to entrepreneur coach, Lisa Jeffs. Lisa can help you find clarity and make effective decisions for your business.
Financial Tips
When you own a business, you are likely an expert in your specific industry. There is a good chance that you likely are not an expert in business finances as well. Understanding the financial ins and outs of operating a business is one of the most common headaches for business owners. See our tips below on how to make the money make sense.
Talk to others – network with other successful entrepreneurs and ask for their advice on managing their business accounts. Consider asking them what software they use to track income as well as expenses.
Hire an accountant – an experienced and professional accountant can guide you in making smart decisions about your business money. They are an asset at tax time and can aid you in making decisions and saving you money.
Have separate accounts – try not to have your business account and personal accounts combined. Having separate accounts makes it easier to keep track of your income and expenses and will simplify your life.
Pay your taxes quarterly – staying on top of your taxes and paying them quarterly helps to keep everything in focus. Always ask your accountant if this is the right decision for you and your business.
Marketing Tips
Some business owners love marketing and talking about their business while others find marketing stressful. Marketing your business can be a fun and exciting process. When done correctly, it should amplify your success. New and established business owners can benefit from learning about and implementing marketing strategies. Consider doing the following to help you find success with your marketing strategy.
Utilize Google My Business – it’s no secret that having an online presence is a necessity for any business. If you are a local business and you haven’t done so already, ensure that you have accurately set up a Google My Business listing. This free resource allows you to be found by potential clients and when used correctly answers many of your FAQs such as your operating hours and location. It can also gain you credibility based on reviews from your previous customers.
Hire a Professional – often there is only so much you can do on your own before you need the help of a professional. Consider hiring a professional to help you implement and manage ad campaigns as well as nurture your online presence. Though you can DIY a lot of your marketing on social media or through research, obtaining the help of a professional can help boost your success and develop authority in your business.
Be Authentic – it can be easy to get caught up in what everyone else is doing when it comes to digital and traditional marketing. Always remember that the most important thing you can do when presenting your business is to be yourself. Do what feels right to you and aligns with your core beliefs. This will boost your feelings of success and fulfilment while taking away the stress of trying to be something you are not.
Time Management Tips
One of the most common areas for improvement in anyone’s personal or professional lives is time management. Losing track of time or not being able to effectively manage your workload can be a challenge for even the most organized people. To thrive in your business and personal life you need strong time management skills. See our tips below to help make the most of your time both at and away from the office.
Set boundaries – boundaries are important, and you need boundaries around your time both in and out of the office. Set working hours and stick to them. Try not to let your work leech into your time away from the office. If you work from home, ensure that those around you are respecting your working hours and ensure that your working time stays devoted to work.
Start early – being an entrepreneur can often mean that you set your own hours. Though you don’t have to start your day at 5 AM, consider getting off to an early start. Set yourself up for success by starting your workday at the same time every day and consider implementing a routine that leaves you focused and ready to conquer the day.
Schedule everything – don’t just schedule your meetings with clients. Schedule everything you can think of during your day. Schedule breaks throughout your day and stick to them. If something is important to you make sure it is on your schedule. Then, respect the boundaries of your schedule and crush your to-do list!
Take Control of Your Success
Owning and operating your own business is tough. There is a lot to learn and you should always be expanding your knowledge to be the most successful version of yourself possible. When it comes to managing your business the most important thing to remember is that you should control what you can and ask for help when you need it. You can do it all, but you likely cannot do it all alone. Accept and ask for help when you need it and always respect your time.
For more tips on starting your own business see our previous post “Tips for Starting Your Own Business.” Combine those tips with our management tips in this post and you will be sure to start your journey through entrepreneurship on the right foot.
