Steps to manage a small business
Small business managers have the responsibility of assuming multiple roles. In addition to managing employees, they are also in charge of managing the cash flow, marketing, human resources, and several other things. Learning to manage a small business can be difficult at best, but with hard work you can learn how to become a successful small business manager.
Step # 1 - Time management
With all of the different shoes you need to wear, one of the most important things you need to do is to learn how to manage your time. Have a personal assistant or secretary handle your schedule so they can keep you on target with all of the different meetings and other business functions you need to be involved in. This way you will avoid double bookings, late payments, and other things that can doom your business and your personal success.
Step # 2 - Cash-flow management
One of the most important things a small business manager must be in control of is the cash-flow. Proper cash-flow management will help you avoid falling into problems with over drafting accounts, late payments, missing pay dates, etc. Almost all small business failures can be directly pointed at cash-flow management problems. Hire a bookkeeper to help you stay on top of your accounts so you don't have cash-flow problems. Just make sure you check up with the accounts because it is common for employees to commit fraud when they have a lot of control over finances and no one checks on them.
Step # 3 - Employee trust
In order to successfully manage a small business, you need to gain the trust of your employees. People need to have a reason to follow you and your ideas. Gain their trust by holding yourself to the same standards that you hold them to. This means you need to show up to work on time, avoid taking long breaks, and leaving early. As you set a good example for employees, it will be easier for them to have a strong desire to follow suit.
Gaining their trust also comes from making hard and important business decisions. Listen to their needs and concerns and try to do something about them. Let your employees know that you really do care about them by being active for their part. Try to make their jobs easier by providing them with all of the things they need to perform their job duties like modern equipment.
Another part of gaining your employee's trust comes down to your ability to be there for them as they struggle with personal problems. Let your employees know that your door is always open and you are willing to help them no matter what the problem may be.
Step # 4 - Hire the right employees
Since your employees are in charge of face-to-face interaction with your customers, you need to make sure you are hiring the right people from the get-go. Proper screening and interviewing of potential candidates is the best way to hire the right employees. Talk to a variety of individuals with various skills and talents and try to find someone that has excellent people skills, since customer satisfaction will drive your small business.
Step # 5 - Train right
Finally, the last thing you can do to make sure you will become a successful manager is to take the time to train your employees. Once you hire the right people for the job, you need to spend enough time with them to teach them everything they could possibly need in order to do their job. When employees are not trained properly they become frustrated and many of them lose their drive to work hard and to help the company become successful.