Anyone who has run a small business knows that it takes a lot of dedication and ambition. Being an entrepreneur often entails long work days and finding efficient and appropriate solutions to a multitude of problems. Here are five tips that can help your small business thrive and keep your entrepreneurial sanity:
- Keep an eye on your money. This doesn’t mean only focusing on ways to generate revenue. Smart business owners are aware of both the revenue and expenses. Do not simply rely on your accountant to tell you that everything is okay. Take some time to review your expenses to see if you are wasting company resources, like purchasing too many office supplies or snacks that go uneaten. Small, unnecessary expenses add up and cut into profits.
- Know when to hire an outside consultant. Having an in-house accountant, IT specialist, and designer means dedicating a higher amount of business funds to salaries. If possible, consider hiring outside experts as independent contractors. If your business needs legal work completed, consider using UpCounsel to connect you with an experienced attorney who will often charge a flat rate for generating contracts for small businesses.
- Stop wasting time on the internet. Have a more productive work day by limiting the amount of time spent checking email accounts and avoiding social media.
- Utilize technology. In contrast to the previous tip, technology can also improve your productivity. If you spend a lot of time away from the office, a smartphone or tablet is a modern necessity to stay connected. Also, consider utilizing Skype or FaceTime to meet with clients to save travel time and costs.
- Take a step back. Sometimes a business owner can get so caught up in the day-to-day operations and the “big picture” gets lost. Small business owners can also work too hard, and coming to work frazzled and unfocused might be worse than not coming in at all. It’s important to take breaks and step back to honestly evaluate how your business is performing. By identifying weaker areas in your business operations or issues that are limiting the success of the business, you can remedy the situation instead of letting it worsen over time.