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Tips for managing your small business

businessmeeting26251473.jpgIf you are a small business owner or manager, there are certain tasks that must be done on a consistent basis. These tasks may seem mundane but they can make the difference between a small business that flourishes and one that just fades away. It is important to keep in mind that small business management is a skill that you can fine tune over the years, but there are some simple things you need to do now, in order to manage your business successfully. Here are some tips for managing your small business-

  • Make sure that you are providing the highest degree of customer service-It is crucial that small businesses recognize the value in their customers. As an owner you will set the example, for how your customers are being treated. Do you interact with your customers, and do you make each customer have a pleasant experience. This is what will insure loyalty from your customers keep them coming back for more. This is a crucial factor and small businesses especially need to watch their customer service skills, as these repeat customers provide over 80% of their sales.
  • Always be watching your costs-As a manager you need to constantly be aware of your costs. You should know how much money you are spending and if you are wasting a lot of money. The bottom line is that when you have too many costs, it will lead to inefficiencies in the business. Your revenue stream will then be exhausted quickly, leading you to have a difficult time when anything unexpected occurs.
  • Know what you are up against-A big part of running a successful small business comes down to knowing your competition. It is important that you know what type of competition you are up against, and have a plan to compete with them. Do your employees see that you are doing a good job trying to compete with them? Keep in mind that customer loyalty is huge for a small business that is trying to compete with larger companies. Small business management especially needs to research their competition, and take a look at the marketing tactics they are using to attract attention. You must also research their products and services, and be able to explain to your customers why they need to purchase your products over their products.
  • Have excellent communication skills-A great manager is someone who has the ability to communicate effectively to their staff and customers. Always remember that you are in charge of running your business, and you need to communicate your management style to your staff. People need to understand your directions, and they need to feel comfortable with you, so they can come and ask you for clarification if they are confuses. You may need to watch your listening skills as they also make up part of your overall communication skills. It is important to ask yourself if you listen to your employees, and more importantly do your employees feel like you truly listen to them?
  • Always treat your employees with respect-A true manager values the people working for them. You should take the time to ask yourself the following questions-
1. How do you treat your employees? 2. Are you showing them that you truly appreciate having them as part of your staff? 3. Do they look forward to coming to the office daily? 4. Do you talk down to them and criticize them? The bottom line is that when you make your staff feel respected and appreciated, you will have an easier time working with them. Best of all you will inspire staff loyalty that will pay off for years to come.
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