As a business owner, you’re part of an elite group. Many people dream of starting their own business, either to follow their passion, or just to get out of someone else’s cubicle. The fact is, most small businesses don’t last very long, and few people ever act on their desire to run a business in the first place. And even if you do take that risk, the passion you had can fizzle out if spend all your time on administrative tasks. The key is having a plan, and knowing a few basics will help you build that plan. These are five things you should know how to do whether you’re just starting out, or have been at it for a while.
Keep Track of Projects
Nothing will put your business on the path to destruction quicker than missed deadlines. As a business owner, your name, face, and word are inextricably linked with the reputation your business builds. When you promise a client something, you have to deliver on it. And if you can’t, you must have the integrity to own up to it and try to make it right. Even if you only have one client, they may require multiple products, so you need a way to keep track of your projects.
Everyone has their preferences, and what might work for you may seem ridiculous to someone else. If you can manage all your clients, projects, and deadlines in a simple spreadsheet, don’t spend money on complex software with more features than you need. Just remember to look ahead to a time when you may have more than one client, or multiple employees, and you’ll need something more streamlined. A program like Basecamp can help you manage projects and deadlines. It can also help you keep track of the time your employees spend working on each project. The best thing is, there’s a free option, and you can always upgrade to a paid option when you’re ready.
Set Up Conference Calls
Savvy business owners know they can save a lot of money on overhead by allowing employees to telecommute. It also allows employers to draw from a much larger hiring pool because, as long as it’s not necessary for employees to be physically present in the office, you can hire employees who live just about anywhere. You may also have clients located in other cities or states, and it will save everyone money if you can communicate without involving expensive travel. Along with e-mail and instant messaging, there is conference calling.
E-mails are good for quick, day-to-day communication. Employees can check in and provide status reports on their projects, and you can relay that information to your clients. But there will be times when a lengthier discussion is required, especially when something goes wrong. You need to reassure your clients, and they need to hear that reassurance in your voice. You need to find a reliable conference call service provider that offers easy setup, good customer service, and an affordable plan. Also, make sure to choose a plan in which you cover all the costs, and your clients aren’t charged for participating in your conference calls. Small business courtesies like that go a long way.
Market Your Business
You can’t expect your business to grow if no one knows it’s out there. Relying on potential clients to drive by and see your sign on a building isn’t the best marketing strategy. You have to get the word out, but you have to do it in such a way that you’re not turning potential clients away, either. No one likes to be bombarded with spam e-mail, and cold calling isn’t really fun for either participant. Marketing your business can be done well, even with a few inexpensive or free tools at your disposal.
Even if your business is based online, you need business cards. You may, at some point, attend a conference. Or you might strike up a conversation with someone in an airport, or at the grocery store. Having business cards handy tells people you’re professional, and serious about your business. Writing your site’s URL on a napkin does not. Sites like VistaPrint offer free or inexpensive business cards you can design yourself. Just note that the free ones will have the VistaPrint URL printed on the back. They’re just as savvy about marketing as you’re trying to be! Also use free services like Facebook and Twitter to create fan pages, or broadcast accounts to provide both clients and customers with information about your products and services. Eventually, you can use a Twitter account to provide customer service, if you have the ability to monitor it properly
Manage Taxes
Ok, the one thing that will put your business out of commission even faster than missing client deadlines is messing up your taxes. Tax management mistakes can cause minor headaches that require an accountant and a bunch of paperwork to fix. Or, they can cause an IRS audit complete with jail time. If you’ve always worked for someone else, you had it easy. Your employer automatically deducted your taxes, and paid a portion of your social security and Medicare taxes for you. As a business owner, you’re responsible for the whole thing, all by your lonesome.
The easiest route is to get an accountant. If you can’t afford one, redo your budget to find money so you can. If you still really can’t afford one, make a commitment to maintaining meticulous files of your incomes and expenses, and find software to help you keep track of everything. You’ve no doubt heard of QuickBooks and TurboTax, but you might also try an Internet-based, free service like Outright that incorporates a community. You’ll be able to ask questions and get help from financial experts, and other business owners who have experiences similar to yours. Then, as soon as you can afford it, get an accountant.
Know When to Switch Gears
There may come a time when you just have to admit it’s not working. You’ve done everything you can to get your business going, but it’s still just limping along, and you’re not sure how much longer you can keep it up. Now hold on before you just quit altogether and hope your old boss hasn’t already hired someone to replace you. Maybe you just need to switch gears.
Take some time to examine what you’ve been doing with your business, and assess the success rate of each tactic. Have you used every marketing avenue available to you? Is that spreadsheet you created to track deadlines not substantial enough for where your business is now? Have your clients stopped calling because they have to pay toll fees to contact you? Find ways to improve what you’re doing, and if something doesn’t work altogether, be willing to let it go. The business world is ever-changing. It has to be, or no business within it can grow. You must be willing to adapt and make changes when it’s necessary.
Combine this knowledge with drive, ambition, and above all, integrity, and your business will be on its way to being a success.
Amanda Mitchell is a freelance writer who specializes in getting the most of technology for small businesses. You can reach Amanda at mitchell_amanda@ymail.com.
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One of the questions I get a lot from small business owners is “What key performance indicators are most important for my business?”
