There is no “one size fits all” approach to small business. However, there are a few key elements that can help every small business, no matter what stage or industry they’re in.
1. Understand Your Cash Flow Situation
This is often a key theme in on the show, and for good reason. Understanding and being able to manage your cash flow is a vital part of your success in business.
It goes farther than just understanding how much cash goes in, and how much cash goes out – you need to make sure you have a firm grasp on the timing of your incoming and outgoing payments. Terry Frisk, B2B CFO offers insight on how managing your cash flow can help you make your business recession resistant.
2. Learn to Delegate
Repeat after me: “I can’t do everything.”
It’s true – you can’t. More importantly, as a business owner, you probably shouldn’t. There are certain tasks that you just can’t do well enough to meet your own business standards.
You are not an expert in every facet of running a business. You are skilled in certain areas of running your business, and while you need to have a working knowledge of what is going on – certain tasks can (and should) be delegated.
Take an honest look at what you have to do in your business, and what you can teach someone else to do. Maybe that means another employee, or it could be hiring an outside company or contractor to do the work until you can hire that full time employee.
Get to know your Entrepreneurial DNA, focus on your strengths, and delegate in those areas where you need a little help.
3. Never Stop Learning
We’ve talked about professional development many times on the show before, and it’s worth mentioning again. Just like your business; if you’re stagnant, failure is likely not far behind. Stay sharp and up to speed on your industry. Look outside the state, outside the country, and outside the box on what you can do to make your products or services more effective. What can you do to improve your customer experience and stay ahead of your competition?
Don’t stop there! Focus on growing as a leader and an expert in your field personally as well. By adopting a lifelong-learner mentality, you set the example for your employees as well.
Jim Sandler of Sandler Training offers his tips for professional development and why it’s important to your business.
Remember to tune into Wright Stuff Radio, every Saturday at Noon on AM 580 KIDO in Boise, or check out our podcasts on iTunes!
Contributor: Erika is the founder of Heeren Content & Strategy and serves as Project Manager for Wright Stuff Radio. A 13-year marketing and public relations veteran, she has a professional focus on integrated media spanning 16 different industries. She works with small businesses and non-profit organizations to provide affordable, professional-quality content development, marketing, and public relations services. Her clients include local small business owners, marketing agencies, public universities, media outlets, Huffington Post-published authors, IT firms, and non-profit organizations.