By Tina Martin
Small business owners and other entrepreneurs often have a few key points in common: They want to control the direction of their lives while doing something they love. In addition to having similar motivations, there are a number of business practices that all business owners should heed, regardless of the size or nature of their endeavor.
Candlish Elite presents a few of these best practices below.
Organized Finances
Invensis points out that a well-organized finance system is crucial for the success of any business. Accurate financial information, in addition to solidifying company success, reduces mistakes, increases trust in the business, protects the company from tax liability, and improves the decision-making process. This side of a business encompasses a lot of actions, including:
Accepting payments from customers
Tracking and paying for employees' work
Setting aside money for seasonal shortfalls
Establishing prices
Planning for retirement
Purchasing a comprehensive software system like QuickBooks mid-level ERP software, or piecing together several components that work with each other, is a great way to streamline everything related to your business finances. For example, when integrated with payroll, an at-a-glance timesheet makes it quicker and easier to calculate employee paychecks without making mistakes due to issues handling time off, overtime, or employee misclassification.
Intentional Communication
As it has done in many other areas of industry, technology has changed the face of communication, but basic principles still stand. Business owners can improve communication throughout their company and for the good of their company by establishing a few key habits:
Identify the main goal of each communication and keep the message simple.
Avoid controversy, gossip, and emotional topics in informal conversations.
Learn to use multiple methods of communication, including body language, emails, and texts, for example.
Practice active listening with facial expressions, gestures, clarifying questions, and pertinent comments.
Share positive feedback with employees and maintain a positive attitude during interactions.
Professional, articulate communication leads to credibility and respect as an entrepreneur. Clear communication also improves company morale, employee productivity, and business relationships.
Networking Efforts
According to The Lonely Entrepreneur, making a good impression on other professionals is a good way to build a strong network in the community. Entrepreneurs tend to gravitate toward other self-starters and business owners, and these relationships can lead to new opportunities. While it's natural that many conversations with like-minded individuals begin online, meeting each other in person goes a long way toward solidifying those relationships, according to philosophers and business leaders.
Joining the local chamber of commerce can also open up a lot of doors, especially with attendance at sponsored events. Show up early to and linger after those events to open up time to visit with new people. Whatever the networking occasion, remember to be direct and intentional during introductions and conversations.
A Plan for Growth
Small business owners generally have a business plan in place well before they put up their "open" sign. One vital part of that plan should be the path to new growth. This description of how the business will reach new markets and expand into new offerings should include a market analysis. As well, clearly establishing sources of funding and long-term goals are vital to the success of the business plan. Lastly, it’s not enough to get your products or services out there — you need to follow through with comprehensive solutions that ensure continued growth and success. Market your products and services on your website and social media. Use tools like a free online logo maker to help you create a memorable, eye-catching logo that will immediately make people think about your services.
The path of a small business from its fledgling beginnings to a successful, secure venture goes through many challenges and changes. However, with solid business practices, it is possible to carry out successful daily operations that lead to long-term fulfillment.
Candlish Elite can assist you and your business through consulting, career coaching, life coaching, and environmental product test consulting. Call 503-502-7882 today.
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