If you are thinking about starting a small business or looking for some inspiration to be a better small business owner, here are some suggestions that can help you to tap into your full potential and grow your business profitably.
Be Smart About Cash Flow
One of the most important things you will do is make sure that you have a positive cash flow from month to month. There are a number of factors to positive cash flow that go beyond simple profitability, so you may need to talk to a professional if you are struggling. In addition, it’s a good idea to have enough backup liquidity to get through a tough period of time.
Create a Good Business Culture
You want your employees to enjoy coming into work, so that you can get the most out of their efforts. Therefore, try your best to create a positive culture in your business. This concept has something to do with your own personality, but perhaps even more to do with letting your employees tap into their own personalities.
Know Your Strengths
You have some key strengths if you are successfully running a business. Tap into them and focus on them, just like you focus on the strengths of your business in trying to increase profits. Simply put, know what you do well and do it as often as possible.
Know Your Weaknesses
Everyone has their weaknesses and it is important to identify them and account for them. That may mean improving in these areas through learning and practice, or it may mean making the decision to outsource some of the things you are not good at. You might also hire someone to do the tasks that are not the best use of your time. For example, your time is probably better suited to developing new business as opposed to bookkeeping.
Make Good Hires
You need to hire good people to keep your business going in the right direction and this matter goes beyond talent and intelligence. You also need to find employees who have have integrity and character. If you make good hires, you should be able to grow employees within your business.
Keep Good Records
It is important to have good records so that you don’t have any issues with your finances. Therefore, take a look into what has worked and what has not worked in your company’s history from a record-keeping perspective. If you’re not good at keeping records, then you might want to outsource that task.
You certainly have shown that you can be a good business owner if you are successfully running a business. But like just about anything in life, small business success is a continual process of learning and improving from day to day.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at firstname.lastname@example.org.