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When you are just getting started with your small business, it is important to know how to manage your business better so you can prevent unwanted headache. In this article, we will be sharing with you some business management tips and tricks that can be incredibly helpful.
1. Set up an LLC (or a form of business entity)
Even if you are self-employed and 100% self-funding this business with no one else working for you, it is still important to set your business as a separate tax entity. You may think this can wait because you should focus on ramping up the client base but did you know that it doesn't cost alot to protect your personal assets from any legal trouble your business might get into. Don’t get us wrong, we are not saying that your business will get into legal troubles but it is better to be safe than sorry.
2. Invest in your education
There are so many aspects to running a business and you may not have knowledge for all and that’s okay. Spend a few hours everyday learning something new by going for workshops, courses, reading books or listening to podcasts. Learning from others and gaining different knowledge everyday prevents you from going through months and months of trial and error before getting it right.
3. Schedule meetings with yourself
As a business owner, there are countless decisions to make and you are responsible for your company’s success or failure, you are the one employees look to for direction. Others might have the false impression that running a small business is easy but we know that you have so much work to do and a long to-do list everyday. Do you find yourself being caught up with checking things off your to-do list that you sometimes forget that you are the business owner? So, it is important to schedule a short meeting with yourself to acknowledge the different goals you have for your business and see if what you are doing now is aligned with your goal. If it is, congratulations. If it is not, it is a good time to figure out what you can do to change it.
4. Leave 20% of your day open
If you have scheduled 5 hours to be in office, only have 4 hours of work planned. The reason is, there will always be something that comes up at the last minute that needs you to handle. It might be a needy client that wants to talk to you or a task you thought needed an hour to finish but it takes two. You might be thinking, what if nothing comes up one day? Perfect isn’t it? Now you have the time to catch up on your emails, read up on what is happening in the industry or even take the time off to relax.
5. Work on one non-urgent task each day
Something that is not urgent today can turn into something critical if you keep ignoring it. Spend some time everyday working on a non vital task, this way, you won’t find yourself feeling anxious over looming deadlines.
Here are some tips that we thought might be useful for you. If you have other tips you find useful, feel free to comment down below to share with us and any other business owners who might be reading this! 💪🏻