As small business owners, there is A LOT we need to know to run a successful company – it can be tough to keep all those plates spinning! But I recently had a client ask me for just five things they needed to know NOW! It was hard to narrow down because we need to know so many things as small business owners, all of importance, but I finally managed to narrow down a short list.
Here are five things that are easily overlooked while you are busy keeping those plates in the air!
1. Track Your Revenue
Many businesses, especially those without some type of point of sale or inventory system, do not track their revenue streams. Why is this important? It would help if you saw what products or services are driving the most revenue. How else will you know where to focus your marketing efforts, or what offerings need to be reevaluated?
2. Properly Maintain Employee Files
It is not uncommon for a small business not to have a dedicated HR person. However, you can land yourself in hot water, or even obtain fines, if you don’t have your employee files in order. A typical (yet expensive) mistake is keeping an employee’s I9 Form with their employee file.
Too many people hold tight to the old saying, “If you want something done right, do it yourself.” There are just not enough hours in the day, nor does anyone have all the talents needed to run a business. Whether you delegate to an outside vendor to take some things off your plate, or delegate to an employee, know they might do it a different way than you would. It might even be a better way! The bottom line is to let go. It doesn’t matter how it got there if the result is the same.
4. Revisit Goals
You may be great at making goals, but how often do you evaluate where you are at in achieving those goals? The last few years have taught us that sometimes you need to pivot quickly. What may have been a goal on January 1 may have changed by June. Maybe you surpassed a goal within the first four months of the year. At least quarterly, look at your goals to determine any tweaks that need to be made and if they are still relevant.
5. Small Business Owners – Please Love What You Do!
Life is too short. When you do what you love, it shows! You can’t fake passion to your customers or employees. Not to mention the impact on your personal life and health when you are not enjoying what you do every day. You have a choice, even if you have to make a plan for the future.
Contact Flourish Today
There is so much more to growing a business than meets the eye, especially if you want to build your company on a solid foundation. Having the right team in place can save you time, money, and headaches! So, to keep all those plates spinning…with a Flourish, why not give me a call?
As a business consultant, I’ve spent years helping business owners grow their businesses with a flexible, personable, non-judgmental approach.