Tips for Small Business Owners

Entrepreneurs are generally, by nature, inventive and full of great ideas.

They are often highly capable and love to do things themselves and generally are able to get things done.

When starting a business the focus is generally on developing a product or service, getting it to market and finding the money to make it all work.

The initial success, driven by novelty and enthusiasm often levels out after a period and the issue that begins to confront business is that of continued growth and from there, sustainability.

Here are a few tips to remember that will help in addressing these issues:

People
Employees, suppliers as well as your customers are all stakeholders in your business, Look after them!
Money
Never take cash out of the business and always pay the taxman!
Customers
Customers are not always right, but they are always your customer!
Outsourcing
Consultants are expensive, so try and work it out yourself first.
Processes
Processes are extremely important and eliminate risk by ensuring that all your transactions are recorded efficiently.
Training
Develop your staff through training – It does not have to be complicated but the return is priceless.
Awareness
Ensure you are aware of everything that is happening in your business which allows you to identify any risks before they become unmanageable.