So many hats to wear. So little time.
In the world of small business, you can be handling the bills one moment and then inventory orders the next. While juggling different duties can make you feel productive, it also can distract from your core vision. Let’s take a look at the numerous responsibilities of a small business owner and find ways to streamline tasks so you can get back to doing what you enjoy.
What should I expect?
You probably know which tasks you can comfortably take on and which ones you’ll struggle with. Or you might be starting your own business and wondering how you’ll keep everything afloat. Here’s a sample of the many roles you’ll manage and some resources to facilitate the work.
- Accounting – Staying on top of your books can be time-consuming. Luckily, there are tools like QuickBooks and Xero that exist to help you sort through records. These apps are designed to organize budgets and cash flows into easy-to-read charts and graphs. They also can visualize inventory on one dashboard, catalog orders and projects, set task lists and provide updates on transactions. As discussed in a previous post, streamlining bill payment is important, too. Our blog on automated payments can help explain this more thoroughly.
- Hiring – Small businesses sink when owners and operators try to do it all. You may want to consider hiring workers to balance out the workload. Identify tasks that temporary hires, clerks and contractors can fill as well. Think about registering on websites like LinkedIn, Glassdoor and Upwork to connect with the sea of potential employees.
- Budgeting – Hiring specialists to take care of individual tasks is an attractive but costly option. Before looking to professionals, decide which responsibilities you can handle yourself, and which you should leave to an expert. Stick to an annual budget and be mindful of the costs versus the time and effort it takes to do it on your own.
- Strategy and Planning – Be sure to assess your company’s strengths, weaknesses, opportunities and threats frequently. Small businesses don’t always have the cushion available to weather a downturn or slow season, so futureproof your business by establishing an emergency fund. Start by setting aside a portion of your funds, then monitor your savings alongside your other financials on an ongoing basis.
- Payroll – Keep your employees’ trust and loyalty by staying on top of payroll. Again, accounting software can help you visualize your budget and track disbursements and paydays. Explore using payroll cards and online integrated payroll tools with a variety of personnel benefits.
- Merchandising – This is an artform that requires as much aesthetic expertise as it does product knowledge. Merchandising professionals draw attention to your products, and you can find freelance merchandisers on sites like Upwork. Be sure to ask questions about their approach and experience. If you can’t hire a professional, learn and apply the tips and tricks of successful merchandising on your own.
- Marketing – Our world is becoming more digital by the day, and brick-and-mortar stores have adopted creative tactics to boost their online presence. Start with reasonable ambitions and build your online presence a step at a time. Consider hiring a digital marketing specialist or a social media manager. They can help you start social media campaigns, ecommerce plans and search engine optimization to draw more clicks to your business. At the same time, you can take certain matters into your own hands. Web hosting sites like Squarespace streamline the ecommerce design process. Registering on Yelp is crucial for businesses in service industries. It’s your digital face – and creating an account takes only a few minutes.
- Networking – Stay connected through industry trade shows and conferences when time and budget allow. Trade shows are opportunities to meet leading minds in your industry. On that note, consider joining a trade association for valuable insights, connections and access to purchasing discounts. You might even have a say in important legislation affecting your industry. After meeting experts and insiders, send an email thanking them for their time and stay connected through social channels like LinkedIn.
Where do I start?
Don’t get caught up working in the business when you should be working on the business. Find a banker and other key business contacts who will get to know your industry and your company’s goals. While you’re at it, ask your banker about the steps you can take to maximize your capital and your resources, including the time in your workday. Together, you can take your firm to the next level.
Get started today and find more information on shortcuts to managing your business finances.[cite::171::cite] [cite::172::cite]