Boss Lady

Business tips to get you through the tough times

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Managing a small business is hard — and probably even harder right now.  On top of all the things you are juggling in your personal life, you also have to worry about employees, budgets, and marketing. The world of business and technology is changing so quickly, that it is important to stay on top of the most efficient ways to manage your business.

Connect to employees

When employees feel connected to the business, then they work harder and collaborate better. Even if they are not equity partners in the company, it is still possible to help them feel like they are a part of the team. It is also important to support employees in their professional and personal growth. People who feel supported are more likely to think outside the box and find unique solutions to problems.

Set up an LLC

The second you decide to start a business, you need to set it up as a separate entity. Even if you have no employees and are funding the business on your own, you still need to seperate the business from yourself for tax purposes.

This protects you personally in case your business gets into legal trouble. Most small businesses never run into trouble, but the process is quick and easy and can save you a lot of headache if a problem does arise.

Creating an LLC protects your personal finances from getting tied up into business financial troubles. This keeps the IRS from bothering you personally for business tax issues and can save your personal assets if you happen to get sued.

Separate finances

If you are unable to create an LLC for your business yet, or the paperwork to start it is taking longer than expected, you can still keep things seperate. Open a separate bank account and credit card to use only for business purposes. You will have to do this eventually when you set up the LLC, so it makes sense to get it done from the start. This will help you keep the finances straight when tax season comes around.

Accounting software

Speaking of finances, it is important to keep careful records of money in and out. You are probably looking for ways to save money, but do not skimp on accounting software. This will make sure you never lose receipts, it will keep track of your major expenses, and it will help your business look more professional when you send out invoices.

Physical space

If you are setting up a business that requires a physical space, then it is important to find one that will work for you. You should look at the cost, what utilities are included, and the condition of the space. You should also look at the location: is it far from your home and what is the foot traffic like during the day? If you are moving from a previous location, consider Dallas Movers or another moving company in your area to help make sure everything is delivered safely and quickly.

Invest in education

We know that we can learn to do just about anything consulting articles and videos on the internet, but if we are being honest it takes a long time and mistakes are made along the way. If you are serious about your business, then it is important to invest in your education.

Taking classes and courses from people who know what they are doing will help you make more money, simplify your business, and become proficient in areas much faster. Trying to learn it on your own can cost a lot of money and waste your precious time.

Train employees

Hiring employees to help you with your business can be a great idea and can help you delegate some work and focus on other areas of your business. One thing that some people overlook though is that initially, hiring people will take more of your time than free it up.

Finding the right candidates, advertising the position, interviewing, and then training employees will all take time away from other areas. Be prepared to spend time training employees once they are hired so you can start delegating with confidence later down the road. Taking this time to train employees will allow you to delegate more to them later and will decrease the amount of employee turnover.

Time management

As a business manager, you will have a lot to juggle and lot on your plate all the time. One of the best things you can do for yourself is to learn to manage your time well. One way you can manage your time is to do your work in batches. Group small tasks together, like checking email and only do them during specific times.

It takes our minds a lot of effort to switch between tasks. So while having notifications pop up about incoming emails and answering them right away may seem very productive, it is actually taking up more time than it needs to be taking. Instead, try having two times a day where you check emails and respond.

Schedule decision time

There are many things pulling you in different directions when you run a business. You will have tasks to complete, marketing to set up, employees to train, and meetings with various people. One thing you shouldn’t overlook is setting up a time for you to meet with yourself and go over all the decisions you have to make.

Spend at least 30 minutes each week to go over the upcoming decisions and projects for your business. This helps give you a step back from the daily tasks that can overwhelm you to picture on big plans that can get pushed back and overlooked.

Don’t overschedule

People are usually bad at judging how much time a task will take. We often forget to factor in small talk, mistakes, and technical problems. Because of this, we tend to overschedule our days and fall behind quickly. This sense of always being behind can be mitigated by leaving 20% of your day open to cover the unexpected issues that come up that are not on the schedule. You will cover any extra tasks, and if you do finish on schedule, you will feel ahead of schedule.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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