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Business Success Tips for Managing a Small Business
It’s difficult for small companies to compete with the management capacity of large chain stores or franchise operations. However, small companies can act more quickly than big companies.
If you know what to monitor and where to get information, your business can be as successful as any.
- To sell right, you have to buy right.
- Treat your customers right and they’ll keep coming back: Customer service pays in higher profits. Your entire staff should be aware that it is the customer who provides the money to meet payroll and pay for future salary increases.
- Ask your employees: Companies that ask employees for suggestions get good results. Your employees are directly involved with both you customers and your product and are in a good position to suggest improvements.
- Learn from other small businesspeople.
- Try new ideas: Be innovative and unconventional when necessary. The fact that something isn’t currently being done in your industry or in your area shouldn’t keep you from trying something different if it will give you a better product or better service for your customers.
- Keep payroll costs under control: Payroll costs are a major item in most businesses. Perhaps a more efficient plant layout or work schedule would result in reduced labor needs. Consider the use of temporary employees and subcontractors if your business is subject to seasonal variations. Review employee classifications for workers’ compensation insurance. Review group insurance programs. Consider higher deductibles as a means to lower premiums.
- Use your advisors wisely: Keep your accountant, banker, insurance agent, and lawyer informed about your business. These professionals consult regularly with many other businesses and can help you avoid pitfalls in making business decisions