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5 Tips to Managing Your Small Business

April 25, 2016

managing your small businessManaging your small business can be rewarding, but also stressful and time consuming. By following the five tips below, small business owners can better manage their businesses and relieve some stress.

1. Maintain a healthy work-life balance.

For many people, including both business owners and non-business owners, maintaining a healthy work-life balance can be one of the biggest challenges. it’s especially true for business owners running their businesses out of their homes. Some ways to help maintain a work-life balance are setting routine business hours and taking breaks throughout the day. If you work from home, leaving for lunch can help you take the mental break you need. Destress and recharge yourself by developing interests and hobbies outside of your business.

2. Set goals.

Setting both short- and long-term business goals can keep your business on track. They also offer a sense of direction to guide your business toward its goals and growth. It doesn’t hurt to think big for your long-term goals. If you hope to open another location or increase profits, be sure to set short-term goals that will help you achieve your long-term goals.

3. Keep your finances in order.

Many small business owners do all of the work themselves. So when it comes to keeping your records up-to-date and tracking income and expenses, it can easily get out of control using paper, file folders and spreadsheets. If this is your method, reconsider how you keep company finances organized. By keeping your finances organized throughout the year, it will help when it comes to tax time. No matter what your accounting needs are, finance software such as QuickBooks will allow you to easily and effectively manage your finances, and helps at tax time.

4. Stay informed.

With any business, it’s important to stay informed about your industry, business trends and current events. Subscribe to some industry newsletters or to Google alerts to stay current. It’s also important to stay informed about specific laws, regulations and tax codes that may affect your small business. The U.S. Small Business Administration is one resource that can help you stay up-to-date on regulations for small businesses.

5. Develop a network.

Small business owners often don’t have the support or resources of a larger company so, it’s important to build a strong network of people, employees, vendors and other small business owners. One method is participation in local business organizations and conferences. Check out your local chamber of commerce for upcoming events to attend. The people you connect with can provide you with invaluable inspiration and advice to help you manage your small business. After you meet these contacts, be sure to connect with them via LinkedIn so you can easily keep in touch.

Managing your small business doesn’t have to be as stressful as you may think. These tips and a little organization can go a long way.