Saturday, November 1, 2014

Tips for Day-to-Day Management of Your Small Business

3 Simple Tips to Help Better Manager Your Business

stacy oquinn, dani johnson, small business
Stacy lecturing at a
Dani Johnson Conference
Owning your own business and being your own boss is a dream that many people have, but only some can ever fulfill. For a few determined, hardworking people, this dream has become a reality and they are ready to being running their company day to day. Opening a business is a huge amount of effort and getting the business up and running is a large accomplishment within itself. But, once the business is open, there are more hurdles that will inevitably come down the line. Running a business day-to-day is another challenge, but by following a few simple tips, it can be much easier to manage in the long run.

Always Remember to Promote Your Small Business

Where many small businesses fail is in the inability to be able to effectively market its products and/or services as well as being able to grow the business through sales. Marketing is very important to all businesses big and small, so it is important to make the time and monetary investment in this area of the company. Equally important to investing time in marketing – signs, banners, email campaigns, social media, mailings, and so on – it is also important to get to know your target market and make sure you are advertising in a way that motivates consumer to buy from your business. By approaching marketing in this way, you can make the most out of the time and money that is spent by spending it on customers who want to buy.

Manage Cash Flow Carefully

Cash flow is the lifeblood of any business, so it is no surprise that all business owners monitor this area very carefully and it usually becomes their top priority. Not only should it be monitored, it should also be evaluated for any problems or ways in which it can be improved. While this may seem like a lot of work, there are some tools out there that can help business owners stay on top of their cash flow. For example, a cash flow forecaster allows you to look at running costs and help to determine how much funding will be needed to stay in business throughout the year. Additionally, this tool can help you to identify weaknesses within the business’s cash flow and help to make sure invoices are paid on time.

Stay on Top of Risk Management

Risk management is an important part of business, but an area that most owners do not worry about until they need it. In order to spend less time worrying and more time building a business, it is important to put risk management procedures in place from the birth of the company. It is important to invest in adequate insurance including coverage for tools and equipment that is needed to keep the company running. Additionally, it is important to think about your business’s reputation with customers when thinking about risk management as well – make sure to have a continuity plan in place, have a diverse customer base, and monitor what is being said about your business in social media and online forums.

Would you like more help making your small business better? Did you know that Stacy O'Quinn has helped dozens of entrepreneurs either improve their small business or create one? If you would like to contact Stacy to find out how he can help you create a lucrative home business or improve your already existing business, click here.

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