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Top 10 Tips for Managing Your Small Business Today

Top 10 Tips for Managing Your Small Business Today

 

Some business owners regard their small business as a pet project, one which may succeed or not. As a result, they may not be too mindful of the skills required to grow the business. If you as a small business owner, wish to manage your business (which is compulsory), you cannot afford to run your business ‘as the situation dictates’. Business dynamics are like a roller-coaster, and only the determined would make a head way.

Below are the top ten tips every business owner must understand if he/she is to manage that small business effectively:

1. Register Your Business

It is always nice to start off on the right foot. Register your small business in the appropriate industry and with the appropriate regulatory bodies. This is to prevent future legal infractions and embarrassment. If your business requires a permit, get those too.

2. Be on Top of Developments

You can never pay too much for information. It won’t do for your customers to be the ones advising you to upgrade a section of your business. Catch up with new technologies that improve or affect your business. Subscribe to newsletters, periodicals and  related magazines.

3. Be organized always

Your business time, the staff strength, finances, goods in stock, etc, should always be in order if you are to meet with success in your establishment. You might need to have some sort of Excel spreadsheet to keep everything organized. Always have weekly reviews to check the state of things.

4. Don’t Stand Alone

Networking is the key to standing strong with your small business. Build meaningful relationships with other small businesses you can find. Join your local small business association and make relevant contributions.

5. Always start with a Plan

If you want to be a success in your business (I bet you do), you need to have a plan that details your business growth and defines your goals clearly. Let your finances be outlined so that you can know the minimum (break-even) output your business has to make to come out on level ground.

6. Use the Bank

Why should you flounder with your business when you can take advantage of the many aids banks provide small businesses? You can have access to low-interest loans which can help you manage your business better and expand your reach.

7. Don’t depend on just one lead

This has been the undoing of many a small business. A big-shot client comes along, and all resources of the business are directed at attending to the client. It’s all well and good, so long as the client patronizes you forever. The day the client leaves, your small business will feel the blow.

8. Know what you are up against

It won’t do to be all cooped up. Knowing your competition can lead to your business forming alliances with them once in a while and they may even pass some jobs your way. What’s even more, knowing what they are up to can help you always stay one step ahead of the rest.

9. Don’t be afraid to terminate unproductive clients

If you have a client that doesn’t pay your business on time, cuts down the agreed price or takes too much of your business’ time, a wise business management decision is to cut them off from your business. It is unpleasant, but someone has got to do it.

10. Learn the art of apologizing

No one is perfect. When you find that your business makes a mistake which may have affected your client negatively, do not hesitate to take the blame and apologize for everything. If possible, offer to make compensation for it.

Business management is a sort of on-the-job training thing. You get the hang of it as you get along. A good entrepreneur should adopt the right business policies pretty early and must embrace all the discipline that owning a business requires.

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Published by Valentine Belonwu

My name is Valentine, founder of this site, an entrepreneur working as a moderator at Bizsugar a small business community news site. Connect with me on Google+ at Valetine Belonwu

135 Comments

  1. Thomas · March 21, 2013

    Wow, this was a really interesting article! I guess what you say is true when it comes to “bigger businesses”, but I know in the blogging world many people do start something and hopes that it will turn out to be a success, but if not, no harm has been done. Adding little money in the start means minimum risk, but then again it is hard to create and sell a good product without using money and getting hold of the best products and workers in the start… If nothing else, your article has made me think and maybe I should do some changes in the way I think about business 🙂

  2. Heather Stone · March 23, 2013

    Hi Valentine. Great advice, especially for someone starting a business. I think having a plan is the most important idea here. A plan is what separates a business from a hobby. It forces you to take a disciplined approach. Thanks for sharing on BizSugar.

  3. dan mo · March 23, 2013

    Good to have a plan as this is to show purpose of the business.I also like that point of doing a way with those who don’t honour payments.Including banking services is also helpful for business boosting.Validit of a business must be recognized by the law hence permited.This article is educative,and doing your business with endless passion and purposeful determination will take you to great heights.

  4. Brandon McBride · March 26, 2013

    After watching a lot of Shark Tank, I’ve noticed that there’s a preference for people who throw themselves behind their business, rather than treating it as a “pet project”. When it becomes your main source of livelihood, you tend to work harder and become a lot more knowledgeable in the requirements necessary to succeed.

  5. Business Plan · March 29, 2013

    Very nice and useful tips for a successful business management. Evaluating each and every process and decision at regular intervals of time will help greatly in knowing where you are heading towards, which is necessary for the growth of the business.

  6. Cheryl · April 12, 2013

    Loved your article, it is packed with great information, short but to the top ten points. I think one of the best points you make is treat your business as your lively hood and not a pet project. Also a plan is vital to have in place. Outsourcing is another great tool to use to get some of the work done that is just too time consuming for one person. I will a bulk email service, or email marketing companies to do some of the larger tasks. Thanks for you wealth of knowledge Valentine!

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    Thank you so much for great post.I think every small business owner must read this for increasing their online presence & growing their business.

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An intriguing reality is that, according to a research study carried out when, Puerto Ricans are the happiest country on the planet. If this is true, it would certainly suggest that the well-known statement that money does not bring happiness has a grain of reality in it. It is estimated that almost half of the citizens of Public Relations struggle with destitution, which can be seen while traveling around the island. Since Puerto Rico is an island, it is most definitely an airplane Or a ship, if you want to link on Public Relations throughout a cruise ship in the Caribbean. The primary flight terminal in San Juan the capital is well gotten in touch with significant United States cities. From what I remember, our trip from Atlanta lasted 3 hrs It is best to rent an auto in Puerto Rico and also circumnavigate the island this way. We had the chance to utilize the general public Puerto Rico transportation just when, in the form of a ferryboat, as well as if all the remainder works according to similar regulations, I highly recommend this cars and truck than nerve-racking Pointer – it’s truly worth renting out a vehicle with a higher suspension. We did not know regarding it and also we determined to get some small gingerbread due to the best cost. We rapidly regretted this choice, because some corners of Puerto Rico are best discovered with a 4×4 SUV. Caribbean, an island between the Caribbean Sea and the North Atlantic Ocean, east of the Dominican Republic, tactically located on the Mona Strait – a vital course to the Panama Canal; San Juan is just one of the biggest and best natural harbors in the Caribbean; a lot of tiny rivers and also high hills in the center of the nation make certain excellent watering of the nation; the south coastline is relatively dry; in the north, a fertile strip of coastal plains. No person flies to Puerto Rico to see its air-conditioned federal government buildings. You desire enjoyable in the sun. Fortunately is that Flamenco Beach will meet your daydreams and then some. Not just does it use white sand and also blue water that shimmies coming up, however it also flaunts bathrooms, lifeguards, food booths, volley ball webs as well as visitor terminals where you can rent equipment for points like snorkeling and also diving. Puerto Rico’s economic situation is just one of one of the most dynamically creating in the Caribbean. The varied industry has plainly exceeded farming as the main driving pressure of the economy and a source of income. Considering that the 1950s, American firms have been investing heavily on the island, motivated by duty-free accessibility to the US market as well as tax obligation breaks. The island has United States base pay laws. Sugar production shed its top position in agriculture to dairy products and livestock manufacturing. Tourist is commonly a crucial income source, it is approximated that Puerto Rico was checked out by virtually 5 million individuals in 2004. 2001-03 saw a decrease in financial growth, mostly due to the US recession; in 2004-05 there was a financial growth, and in 2006-07 it dropped once again. Puerto Rico is just one of the most dynamically establishing Caribbean nations. The varied market has surpassed agriculture and also is currently the primary income. Since the 1950s, American firms have been investing on the island, motivated by the duty-free exchange with the USA and also tax obligation motivations. The island undergoes US base pay regulation. Sugar manufacturing lowered, as well as the dairy sector as well as animals manufacturing ended up being the major income source. Tourist has been a crucial income source for years. It is approximated that in 1999 Puerto Rico was gone to by 5 million visitors. The prognosis for 2000 is great, offered that the financial boom in the US and the growth trends in tourist and building and construction continue. Every person wanted a piece of the New World, and every person was willing to combat to get it. No place is this more evident than the Castillo San Felipe del Morro. Officially referred to as La Ruta del Lechón, the Pork Highway is precisely what it seems like: a three-mile stretch of road where every restaurant specializes in pork. The most preferred kind of pork is lechón, a special recipe in Puerto Rico that involves spit-roasting an entire pig with a blend of sauces and spices. Get your blood pumping with a journey to the Toro Verde Adventure Park in main Puerto Rico. It offers ziplines, rope training courses and rock climbing difficulties that are ensured to make you pee your pants a little when you realize just what you have actually obtained right into! The park’s piece de resistance is “The Beast,” which is noted in the Guinness Book of Globe Records as the lengthiest zipline worldwide. With patched roads, hectic plazas and also vivid residences that pile with each other like building blocks of yellow, blue, environment-friendly, orange as well as blue-green, Old San Juan is among one of the most vibrant areas to go to in Puerto Rico. This is why areas like Isla Culebrita exist. Isla Culebrita is an unoccupied island off the coastline of eastern Puerto Rico. It’s just concerning a mile long, as well as accessibility is limited to ferryboats as well as water taxis. Museo de Las Americas There are lots of galleries in Puerto Rico, yet just a handful are in fact about Puerto Rico. The Museo de Las Americas is just one of these valuable places. It has artefacts, symbols and also fabrics from loads of indigenous teams that stayed in Latin America prior to it was colonized, as well as it can take you on a multi-continental journey through history. If you such as to eat, Mayaguez is the city for you. It’s home to whatever from fine eating establishments to open-air coffee shops with big, vibrant umbrellas, so you’ll have plenty of alternatives when your tummy starts roaring. El Yunque National Forestis Covering greater than 28,000 acres, the El Yunque National Park is a lavish, humid jungle where thick vegetation covers every little thing from wriggling snakes to croaking tree frogs. It’s the only exotic rainforest in Puerto Rico, as well as visitors come from throughout the Carribean to witness both its charm and biodiversity. Situated in the city of Cabo Rojo on the most southern idea of Puerto Rico, the Los Morrillos Lighthouse is just one of those gorgeous areas that you can only discover in the Caribbean. It’s set down on top of white limestone cliffs that are surrounded by salt marshes and also lagoons, as well as the waves collision against the cliffs with a violence that’s stunning yet lovely. Cayo Santiago is a small stretch of land off the eastern coastline of Puerto Rico.

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    Did you understand these facts on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are isolated from hemp utilizing supercritical CO2 extraction. Thanks to modern technology, the resulting solution is clean, complimentary of heavy metals and unneeded waxes, naturally present in the plant, and the drawn liquid has a typical, oily consistency. CBD oil consists of cannabidiol as a base component and may consist of just trace amounts of tetrahydroxycannabidiol (THC). Functions as a memory enhancer, enhancing concentration and coordination of motions, getting rid of swelling and frequent infections. It enhances the conduction of stimuli in the course of autoimmune illness (multiple sclerosis, amyotrophic sclerosis). It is advised by physicians and pharmacists as an antioxidant and compound that obstructs the action of proinflammatory cytokines (proteins), e.g. in Crohn’s illness or ulcerative intestinal tract. RSO oil has a low CBD content, while high THC. 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The solvent for the production of home RSO is usually gas, alcohol and even kerosene, which instead of curing, poison. Alcohols and their like impair cannabinoids, therefore in reality, they don’t bring anything brand-new to the medical world. Cannabis oil has actually already marked a new period in which man ceased to fear what is unknown, and began to find what our forefathers had actually currently seen and use the significant capacity, in the beginning glimpse, a little strange relationships, associated generally with pathology. Medical marijuana, contrary to its name, does not indicate fermented female inflorescences and leaves containing psychoactive substances coiled in so-called “Joints”, however an advantageous oil without psychoactive THC. 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