The Basics of How to Run a Business
I‘m always on the lookout for articles with the potential to positively change a business. What’s your take on the following points I came across recently?
Once you establish your business and open doors, you'll have to get used to the process of managing it on a day-to-day basis. Running a small business can be an overwhelming yet rewarding experience. Although every business owner's experience varies based on the company and its required activities, general concepts usually apply to just about any type of business.
- Review your inventory (if applicable) regularly and place new orders to suppliers when needed. Pay your suppliers and other debtors on time and in full to assure a positive business credit rating.
- Follow up with customers to assure that they have received and are enjoying their products or happy with the services you've provided. Ask them to refer your company to others.
- Monitor the growth of your small business by preparing and reviewing financial statements, including income statement and balance sheet, as well as fluctuations in inventory levels or the workload of your employees. Make adjustments as required to assure that you don't overwhelm your business or grow at a faster rate than your company can handle. "Uncontrolled growth" or over expansion is commonly cited as a reason for small business challenges.
- Review your business plan regularly to assure that you are operating as close to that plan as possible. Another cause of business failure is lack of proper planning.
I’d be really interested to know your opinion. Check out the full article here and then I’d be happy to discuss with you by phone (0467) 749 378 or email [email protected].
Thanks,
Robert