I have worked with many small and medium sized businesses over the years. My most successful clients have some best practices in common. Here are a few that could help you to advance your business.
- Have a short and long-term plan. Understand where you want your company to be in the next 1 to 5 years. Have projected financial statements based on your plan. Share the plan quarterly / annually with your key employees.
- Surround yourself with support. With no peers at work, you can feel isolated as a business owner. Find other successful people that you can share ideas and discuss issues with. Consider establishing a Board of Directors or Advisory Board.
- Trust your people. You must trust your team members for your business to grow. Believe that if you have the right people, they will do their part and you can focus your efforts on big picture items.
- Document your processes. Make sure all processes are documented and easy to understand. This will improve efficiency and can provide ease of mind. Employees can cover for others in times of need.
- Support the Community. Supporting the community is a differentiating factor for small businesses. It provides networking and marketing opportunities and increases the Company’s local presence. Employee involvement can also boost workplace morale. Support can be provided financially or by donating time.