Managing your businesses is as exciting and stimulating as it can be confusing and time-consuming. When setting up our own businesses with our specific areas of expertise we can sometimes feel that we are going into business management a little blindly. As business management is often an entirely new field to many of us it can sometimes feel a little overwhelming. So today we are going to delve into the tips and tricks of making sure you are effectively managing your business to ensure it’s running efficiently and effectively.
Finance & Budgeting
One of the most important areas of any business is finance. The pure and simple cash flow that keeps your company afloat. Balancing the outgoings against the income, monitoring expenses, looking for investments and making future financial predictions are all part and parcel of being a business owner and can’t be ignored.
If you are struggling to find time to keep on top of your finances make sure you hire a top notch accountant to keep all your bookkeeping organized and up to date. Then make sure you section off a set amount of time weekly, or monthly to go through the details of your accounts with that person. Understanding the weaknesses and strengths in your accounts will help you to understand the areas you need to grow and the areas you need to tighten up a little.
You will also need financial aid, at least in the primary stages of setting up your business so looking for companies such as Swift Financial who will be able to advise you on the individual needs of your business and the loan packages available for small businesses, is an important part of getting your business secure and stable in its early stages.
Then once you are on top of the day to day financial proceedings of your company you will then need to focus on effective budgeting. Monitor your largest expenses and see where you can cut back slightly. Keep track of your saving accounts and find ways that you can build up more revenue in order to build up that savings account over time. Looking at the little details in the daily running of your company will make sure you don’t fall foul of any unnecessary outgoings and you can trim where necessary when times are a little tighter.
Hiring a CFO or a chief accountant to look after your businesses finances is crucial to ensure all is running in your business as it should. Spend time with these members of your staff so that you don’t fall out of the loop with what’s happening in the financial sector of your business.
Look at the other areas of your business that need focus and make sure your team is efficient, motivated and competent. Business development and sales staff need clear targets to work towards and need to feel that they work in a supportive, goals driven and motivating environment. So make sure you are putting in a supportive and clear sales infrastructure around this team so that they know what they are working towards and they know what their rewards are when they hit those goals.
Similarly, your marketing team needs to feel that they are working for a company that allows them to work creatively, strategically and autonomously. Creating roles for staff that makes them feel that their efforts make a big difference in your business is crucial to keep staff working harmoniously towards the greater good of your business. So make sure you are celebrating and rewarding the triumphs of your team to ensure you are all working together harmoniously towards your shared goal.
You must be constantly devising strategies that can potentially boost your cash flow. You, as the CEO of your own company, must continually wear your strategy hat to find ways to get through times when business is slow and take advantage of the times when business is booming.
Thinking strategically about ways to boost your business, will not only benefit the finances of your business it will also help strengthen the validity and reputation of your brand. Launching a customer loyalty scheme, for example, will increase customer loyalty and increase repeat business. Discount incentives and BOGOF deals can create a quick boost in income whilst also raising your brand awareness.
There are many creative and strategic ways that you can hook new and existing customers in. Arranging regular brainstorming sessions with your staff to bounce weird and wonderful ideas around will not only unleash different, potential new strategies but will also keep your team, connected, feeling like their opinion is valued and working together to achieve your shared goals.