Most entrepreneurs go into business because of a specific passion, product idea or marketable skills, but most entrepreneurs don't know how to start a small business.
There is a lot of excitement when starting a new business. Dreams are big, passion is real and there is a will to succeed.
However, there is a downside. And this is faced with the reality of the business functions required for running a business.
Many small businesses fail because they don't take the time to set up the structure to run the business.
I am often asked how to grow a small business. The simple answer lies in its ability to manage itself.
Many entrepreneurs don't take the time to think about it when they start their journey, which leads to problems that need to be solved.
Consider the following business functions that require the help of a team.
Some of these functions can be learned, but it takes time and some may need to be outsourced to ensure that you have access to the right expertise.
10 main functions to manage a small business
1. Ethical accounting practices
The accounting function of a small company covers many areas.
Payroll, invoices to receive, invoices to pay, taxes, financial statements and the list goes on.
It is very important to pay employees and to keep accurate accounting for tax purposes.
Keeping good data helps to collect a stressful period of trying to collect the documentation needed to submit tax returns.
One of the first members of your team must be a credible and responsible accountant.
Look for an accountant who has connection information (CPA), specializes in small businesses, and who has friendly, accurate, and timely services.
2. Human resources
Small business owners are often surprised by the challenges associated with managing their staff, which requires human resources expertise.
Managing people can be a difficult part of a business and changes dramatically as the business grows.
For example, it is not necessary to have policies and procedures for sick leave or vacation when there are a handful of employees.
However, as the organization grows, it becomes more important to have a human resource management process and written policies and procedures.
Pay attention to the labor laws that apply to small businesses and work on a team that can handle this and ensure that all legal requirements are met.
3. Facility management
Most companies must live somewhere, have an address and a gateway.
Installation problems arise when a business grows to the point where an office facade or building is needed to run the business.
If there are offices, there is a constant need for maintenance, cleaning and maintenance.
Most management facilities can be outsourced to a reputable company with excellent customer service experience.
Prices are always negotiable and an adjusted plan is always an option.
For example, ask the seller how much it costs less if you dump your waste, use your cleaning supplies or receive services less frequently.
These are things to consider when negotiating a contract with a seller.
4. Information technology
Technology rules most of our lives.
Every organization depends on technology to run its business.
It is often useful to outsource IT to a reliable supplier.
There is a lot of excitement when starting a new business. Dreams are big, passion is real and there is a will to succeed.
However, there is a downside. And this is faced with the reality of the business functions required for running a business.
Many small businesses fail because they don't take the time to set up the structure to run the business.
I am often asked how to grow a small business. The simple answer lies in its ability to manage itself.
Many entrepreneurs don't take the time to think about it when they start their journey, which leads to problems that need to be solved.
Consider the following business functions that require the help of a team.
Some of these functions can be learned, but it takes time and some may need to be outsourced to ensure that you have access to the right expertise.
10 main functions to manage a small business
1. Ethical accounting practices
The accounting function of a small company covers many areas.
Payroll, invoices to receive, invoices to pay, taxes, financial statements and the list goes on.
It is very important to pay employees and to keep accurate accounting for tax purposes.
Keeping good data helps to collect a stressful period of trying to collect the documentation needed to submit tax returns.
One of the first members of your team must be a credible and responsible accountant.
Look for an accountant who has connection information (CPA), specializes in small businesses, and who has friendly, accurate, and timely services.
2. Human resources
Small business owners are often surprised by the challenges associated with managing their staff, which requires human resources expertise.
Managing people can be a difficult part of a business and changes dramatically as the business grows.
For example, it is not necessary to have policies and procedures for sick leave or vacation when there are a handful of employees.
However, as the organization grows, it becomes more important to have a human resource management process and written policies and procedures.
Pay attention to the labor laws that apply to small businesses and work on a team that can handle this and ensure that all legal requirements are met.
3. Facility management
Most companies must live somewhere, have an address and a gateway.
Installation problems arise when a business grows to the point where an office facade or building is needed to run the business.
If there are offices, there is a constant need for maintenance, cleaning and maintenance.
Most management facilities can be outsourced to a reputable company with excellent customer service experience.
Prices are always negotiable and an adjusted plan is always an option.
For example, ask the seller how much it costs less if you dump your waste, use your cleaning supplies or receive services less frequently.
These are things to consider when negotiating a contract with a seller.
4. Information technology
Technology rules most of our lives.
Every organization depends on technology to run its business.
It is often useful to outsource IT to a reliable supplier.
