Here are 5 business management strategies for entrepreneurs. When it comes to making a small business successful, every little detail counts. From developing a great product to creating a strong digital presence, you as the owner need to be on top of all projects and ensure business goals are met.
Trying to handle various moving pieces of a business simultaneously can become overwhelming.
5 Business Management Strategies for Entrepreneurs
To help streamline this process, this guest article by Tina Martin explores 5 useful business management strategies entrepreneurs should adopt to improve business productivity and efficiency.
Set Achievable Goals
While setting business goals may sound like an obvious strategy, according to Investopedia, lack of goal setting is one of the biggest causes of small business failure. The goals you set serve as a roadmap for all future business decisions, hence before you move forward with any project, invest ample time and effort towards creating achievable goals.
Following the SMART criteria is a tried and tested method of successful goal setting. Under this method, each goal you set needs to be – specific, measurable, achievable, realistic, and timely. In the long run, this minimizes wastage of resources, overcomes ambiguity among stakeholders, and helps accurately predict future business performance.
Keep Track of Finances
Maintaining a positive cash flow is essential for the success of any small business. This can be achieved by keeping expenses in check, maintaining a predictable flow of receivables, and reinvesting profits in core business areas. Creating a budget is essential for maintaining a positive cash flow as it provides you with an overview of each transaction and highlights areas that need improvements.
Ideally, small businesses should have weekly, monthly and annual budgets. Making multiple budgets manually can become cumbersome, hence, invest in accounting software that allows you to create financial statements in just a few clicks and provides the option of pulling reports as and when needed.
According to research by BTR, more than 60% of business decisions made by companies worldwide are based on gut feelings. Following one’s gut is an ineffective and non-measurable way of making important business decisions. To avoid your business becoming a part of this alarming statistic, develop a culture of data-driven decision-making.
On a daily basis, your business will generate tons of data through website visits, marketing activities, sales efforts, and more. Instruct all teams to analyze this data to find patterns and trends which can help make better decisions. Additionally, your analysis will identify areas of improvement, accurately measure performance and find new business opportunities.
Hire Professional Help
If you have been struggling in a certain area of your business for a prolonged time, rather than wasting additional effort and resources, look to hire professionals who can solve the problem for you. For instance, an online business manager can undertake responsibilities of brainstorming project ideas, data analysis, website SEO audits, content creation, and much more.
Utilizing their skills and expertise, an online business manager can complete these tasks in a fraction of time and help you achieve the expected results. Additionally, delegating these responsibilities provides you greater time to invest in other core areas of the business, resulting in all major projects being worked on simultaneously.
Make Time for Self-Care
A common mistake made by new entrepreneurs is believing that more hours worked results in faster achievement of goals. In reality, pushing yourself to the limit each day will gradually reduce performance and lead to burnout. Achieving peak performance requires a balance between work and rest, which can be achieved through the following steps:
- Have a set work start and end time, allowing you to indulge in activities beyond your business.
- Exercise for at least 30 minutes a day, which can include jogging, weight training, cycling, swimming, etc.
- Whether you have a home or commercial office, adding indoor plants will help reduce stress and promote a positive work environment.
- Invest in an adjustable work desk and an ergonomic chair that allows you to work long hours without experiencing back and neck pain.
Incorporating these 5 business management strategies towards managing your small business will result in accurate decision making, higher productivity and help you gain an advantage over your competitors.
About the author – Tina Martin
Tina Martin started her career in business administration but eventually decided to pursue something that actually inspired her: becoming a personal fitness instructor. Today she stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance. She started ideaspired.com as a side project to reach as many people as possible, and encourage them to put their dreams first.