Growing your small business

Dear Professor Bruce: My business has done well over the last few years and I see
much more growth over the next few years. We had our first child a few months
ago and I’m having trouble juggling my family responsibilities and my work
responsibilities. What are some things I can do to be more efficient and that
will make the day easier on me?

Answer: According to Robin Wilson, president and CEO of Robin Wilson Home,“big dreams of running a small business in the New Year can quickly be dashed for many new business owners, as they quickly realize all the details that need to be addressed on a
regular basis.”  Wilson offers these 10 tips on how to be successful in small business:

Use technology. Consider a smartphone, SKYPE, tablet computer or programs that let you file/ share on the run.

Hire outside experts as consultants. Don’t keep a heavy payroll which can increase operational costs; consider hiring a consultant for bookkeeper, social media, computer technology and graphic design.

Manage cash flow. Watch your income on a daily basis until you fully understand the revenue and expenses.
Delegate. Assign a task and don’t micromanage; allow your team to rise to the highest potential and if they cannot handle, then take time to understand why or make a transition.

Communicate. Make sure that you have conversations with your
team on a regular basis that outline your goals.

Organize. Have a plan, coordinate a schedule, ensure you know the budget and outline details before you start a project so that you can allocate your time properly.

Review email only 3 times a day. Do not make email redirect your day unless it is a crisis in progress. Delete ads/spam immediately so it is not clogging up your mailbox and request to be removed from emails that are not important.

Manage the supply closet. Until I put a lockon the cabinet, we were spending 3x the amount for office supplies – and I learned later that some people were using our supplies for their home offices or school supplies.

Manage your meetings and calls. Always give yourself a chance to breathe between calls or meetings – at least 15-30 minutes so that you can collect your thoughts and maintain a sharp focus.

Dress comfortably. Wear heels to meetings but feel comfortable wearing flats around the office most of the day, as your comfort may help maintain your focus.

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2 Responses to Growing your small business

  1. Alexis Maisonet says:

    Small business can be very difficult to start but once you get the hang of things, it can be really successful and fulfilling. Small business owners need to be extremely knowledgeable in so many different areas because they might not have the monetary resources to outsource or seek outside assistance.

  2. Tim E. says:

    A lot of great ideas. One that I especially liked was the use of technology. Being able to do your work “on-the-go” would be very helpful for any business person. Hopping onto Skype to send a message to your coworker or using your tablet to set up a meeting at the last minute are just two quick ways technology can make life easier for any business.

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