Managing your own small business has rewards that go beyond the purely financial. The sense of independence, pride, and accomplishment that it can give can be even more rewarding than the money you make. However, managing your own small business is also rather time consuming and stressful. If you follow the following rules, though, you can learn how to manage your small business without going nuts.
Rule #1: Maintain a healthy work-life balance
When you run your own business, you’re usually operating on a narrow margin with a smaller budget than you would like. It can be tempting to try to save money by doing everything yourself. That can lead you to work sixteen-hour days and seven-day weeks, though, which will eventually run you into the ground.
In the long run, you don’t save enough that way to make it worthwhile. Indeed, if you stress yourself out too much from such a hectic pace, you could end up unable to keep your business going at all. Delegate tasks when you can. Hire freelancers when you need to. Do whatever you have to do not to have work overwhelm your life. Take breaks throughout each day and leave work at a reasonable hour. Develop some personal hobbies that you can enjoy in your free time. Spend time with your family.
Rule #2: Keep your finances in order
Keep close track of the money going out and coming in. If your employees need to spend money for the company, make sure that only one person can give that money out, whether you or someone you assign to the duty. That way you’ll avoid having your employees accidentally spend more than you can afford.
Update your financial books constantly. As soon as money comes in or goes out, write it down and make sure that everything balances. Don’t save it all up to do at the end of the week or the month. That could easily lead to a disastrous miscalculation.
Rule #3: Keep yourself informed about your industry
No matter how long you’ve been involved in your industry, there’s always more to learn. If you keep yourself informed about trends and developments in your industry, you’ll have a good idea about what to expect in the future. You’ll be ready for new problems before they develop and will learn about new resources you didn’t know existed.
As a result, you won’t have so many unpleasant surprises in the future, and you’ll be ready to take advantage of new opportunities when they arise. Managing your small business will be a lot less stressful as a result. Subscribe to some trade publications if you can. You should also talk to other people in your industry who aren’t directly competing with you.
Rule #4: Network
Small businesses don’t have the resources that larger companies enjoy. To make up for that enough to stay competitive, you need to develop a network of people you have good relations with who can help when you need it. Get to know vendors and other small business owners in businesses related to but not in direct competition with yours.
Join local business organisations and attend industry conferences to find such people and develop a good network of professionals. You could learn of cheaper sources of supplies. You could get advice from people who’ve been doing what you are doing. You could even attract top new talent into your own company.
Managing your small business doesn’t have to run you ragged or drive you mad. Just follow these rules, and you can make managing your small business a breeze.