Top 3 Tips for Small Business Owners

Many small business owners, who have been running it for a while now will agree with a famous line from the late 70s song “I wish I knew what I know.”. However, none of us is born with an in-built entrepreneurial guide book in our minds, we got to learn from our mistakes. 

When someone starts a business, it’s very common not to have business experience. Hence they are unable to make educated guesses and predictions. So, in this situation, business and management tips can be incredibly helpful.

Here are the top 3 tips for small business owners to thrive in their market.

Keep your Personal and Business budget Separate

Let’s assume that for some reason you are not in a position to set up a legal entity. And you can’t just wait to get profit out of your business. It’s highly recommended that you should never accept payment checks in your personal accounts or even put business expenses in your own bank account. 

Now many banks will ask for some official business paperwork like NTN or something like this to open an account based on the name of your business. Nevertheless, you can open an entirely different account that is designated for only your official business transactions. 

Now what this will do, since you are having separate accounts it will be easier for you to make audits and avoid messy links between personal and business transactions. 

Don’t Hesitate to Buy Software

Spending on your business in an initial stage is very crucial, however, many who are bootstrapping are always looking for ways to save as much money as they can. 

Still, when your business is small it’s important to take help from software. A lot of softwares are specially developed for businesses who are in the early stages. Such as accounting software or work timer app, these kinds of apps are very helpful in the early days of businesses. 

Helping apps can take a lot of burden off your shoulders. Even if your business is small, one must have a team to handle tasks that you are not good at or are too small for you to handle. Being a business owner, you can not withstand an unproductive team of people. 

A lot of small business owners also look for freelancers to complete some crucial tasks. In such cases, owners look for  time tracking apps or monitoring software for employees as well, which can help them to track their productivity and quality of work. 

These helping apps can save you several headaches such as failed experiments, not making decisions you regret or getting behind your goals. 

Don’t Quit Your Day Job

It has been seen very often that when a person is staring his small business or even just an idea, he just quits his day job right away, and then eventually runs out of money and fails. A founder of a famous company credited himself for the fact that he actually didn’t quit his day job. While building his startup he worked as an office equipment salesperson for about two years. During this, he learned to work with minimal sleep hours and build his company off the ground. He didn’t want to resign from the job until he was sure about his small business idea would work. 

He said, there were even days when I was at work and my startup deliverables were dropped off at my apartment. After he quit his day job, just a couple of weeks later he was aired on a popular talk show only by the dint of his startup. 

Conclusion

Well, there is no single rule that says you have to learn each and everything at once. So,  pick one and get done with it, promising yourself that you will take care of the rest late in the run. 

Additional Business and Productivity Trends Resources:

Want to learn more about Business and Productivity trends,

Strategies to Increase Employee Productivity in 2020: Employers need to prioritize efficiency. They should let employees make a list of daily, weekly, and monthly tasks. By creating a list, they will have a structure and plan to stick to. This will also give them a reason to chase and decrease their chances of getting sidetracked by irrelevant tasks.

10 Ways Managers Can Help Solve Employee Time Management Issues: Every employee has their own way of doing work. Some tackle the hardest tasks first and then move on to the easier ones. Others operate in the opposite way. If they’re completing tasks on time then leave them to their preferred pattern.