5 Management Tips for Small Businesses
A good business concept by itself will not sustain the business. Whether you’re managing a neighborhood computer shop or a sari-sari store, a growing business requires your continuous attention and careful planning.
Here are a few simple management tips to help you with your small business:
- Talk to the customers you already have.
Think of your existing or loyal customers (or sukis) as your easiest sale. You’ve already spent time and money to gain their business, so why not take it a step further? Talk to them and try to gain their insights. Ask them what else they need or what could be improved on. Not only will you gain valuable insights, you will also make them feel like you are paying attention to their needs.
- Improve what you have.
No matter how simple your business concept is, there are always ways to improve what you are offering. It can be simple changes like extending your business hours or making home deliveries; or as complex as developing a whole new product or service. Always try to come up with something new before someone beats you to it.
- Learn when to say “no”.
Good management isn’t just about seizing opportunities, but also knowing when to stop and say no. If something no longer makes financial sense, it is best to deal with it decisively.
- Measure and track down everything.
You can only improve on your business practices if they are written down, tracked, and audited. Keep records in a ledger or an electronic spreadsheet. Share results with your employees, good or bad.
- Grow your people.
People are the best assets of any business. Develop the skills and attitudes you need to grow your business, then do the same for your team.