Steps for running a small business

Written By Steps To Faculty Published August 23rd, 2010

Are you a small business owner looking to find ways to run your business more effectively. Read on to find out how.

Step 1 Do less

This may seem counterintuitive since running a small business requires constant attention and being on the go, however, confusion and multitasking can lead to serious error. While it is possible to do roughly three to four things at the same time, do not exceed this limit. Your ultimate goal is not to cause chaos in your workplace or among your suppliers. The main objective of having a small business is to work towards the original vision you established so that it is profitable and even worthy of sale. To do so, you need a clear head, not one full of details at every moment of the day.

Step 2 Streamline

Streamlining a business is not necessarily the same as outsourcing (step 3). Streamlining means examining the provesses that make your small business work. For example, how many people handle your accounting procedures? If more than three, your small business accounting unit is not streamlined. Did you know that you can use XBRL GL, the Securities and Exchange Commission’s version to do all of your financial reporting and taxation. In addition, the software itemizes all expenses by department and even by subfunction. This means that your marketing dept can be a function just like technical services. By streamlining you eliminate unecessary functions, such as bookkeeping, which saves you money.

Step 3 Outsource

What really makes your small business run? For example, if you need to market or advertise you do not need an in house staff to do so. You can get a small company to do this for very little money. Try elance.com or guru.com.

Step 4 Form an alliance

Did you know you can consider expanding your business or reduce the amount of overhead by sharing resources with another firm that produces similar products? Try strategicalliance.org to find other companies that are willing to partner with you.

Step 5 Organize yourself

You need to be organized and ensure your staff is organized. By doing so, your small business will run much more efficiently.

Remember, your small business is your flagship to greater opportunities. Please visit stepsto.com for more great business advice.


Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.