Proven tactics for small business success.
Managing Director Bubblegum Casting & Hunter Talent
When the news is constantly negative and the world seems down, are you going to take your business down with it? Of course not!
It's time to rise up and get your business in gear during these difficult times. Get those gears churning and make your business a success in even the toughest of times.
If you're looking for some inspiration, it's time for you to look into some of these actionable business tips. Just keep reading.
1. Save, save, save
One of the biggest problems that businesses have is that they don't have enough cash in the bank for when bad times come. When there's a slow down in your business or a slow down in the economy in general, you have to be prepared.
Think about this as a savings account.
It's highly recommended that everyone keep six months' worth of living in their savings account. This means that you should have at least $3,000 in your savings account if you spend $1,000 a month. This includes all living expenses like rent, food, utilities, gas, and more.
You should have enough in your business' savings to cover six months of employee pay, supply pay, and more. If you're not keeping this amount in your business' account, you need to reevaluate how your business is operating and allocating its expenses.
2. Take care of your great employees
The best thing you can do to keep your business running on a positive note is to take care of your employees. You need to recognize who your most valuable employees are and take care of them as much as you can.
If you continuously take care of your best employees, they're more likely to work harder and stay longer. Having faithful employees is great, especially when it makes for a great environment for your customers.
The employees that you're taking care of will appreciate your friendly and encouraging workplace over others they may have worked at. The point in caring for these employees is to make your workplace stand out. Take advantage of your great employees and show them that you care so that you can stand out for making them stand out.
3. Say goodbye to bad employees
It is never too early to fire a bad employee. While you should understand that giving second chances is okay, you should know when to fire them.
A bad employee isn't an isolated issue. These are people who are interacting with your business' customers and other employees. They could be making a bad experience for everyone else.
If you're finding that one of your employees is building a poor experience for your customers and employees, it's time to say goodbye.
Before moving on from this idea, we should explore second chances though. It may be useful to have an unspoken system when it comes to disciplinary actions for poor employees.
You may want to give one or two chances for small, isolated incidents. If an employee has blatantly made a customer have a poor experience, you shouldn't be shy about hiring someone else for that position.
4. Look at yourself before anyone else
If something in your business is consistently going wrong, your probably the reason why. This is why you should always look at yourself before anyone else when it comes to workplace mistakes.
Is it your leadership? Is it your reward system? Is it your mood?
You have a great influence on your workplace, from your leadership style to your workplace rules to even your mood. It's important to recognize how you could positively and negatively impact your workplace.
Make sure to evaluate yourself before pointing fingers. Even if an employee made a mistake, you should think about how you could have poorly communicated your expectations.
5. Listen to your customers
The customer is always right, at least the majority of the time. They know what they want, and it's your job to help them get what those things are.
As your business grows, your customers will tell you what they want. Whether it's through your social media channels or directly to an employee, it's important to take down any complaints or suggestions.
Make sure that you tell your employees that they should always make a note of what the customers have been saying.
6. Trust your gut
Your gut is normally right when it comes to split-second decisions. Go with your gut.
In business, you're going to come across a lot of decisions to make. Sometimes, you're not going to have the time or the energy to get into a full-scale investigation for every question and problem. That's the perfect time to depend on your gut.
Focus your time and energy on bigger decisions. Let your gut lead you when it feels strongly about something.
7. Keep your business separate
You need to keep your business life separate from your personal life. Keep them separate when it comes to everything.
Your social life will thank you when you're keeping your work life at work. You shouldn't be working on work tasks at home, just like you wouldn't bring your children to work with you every day.
You should also make sure that your personal and business accounts are different. You never want to tap personal money into your business accounts. It's going to be a tough call to make if your business is ever on the downturn, but you need to make sure that your business is sufficient outside of your personal savings account.
Getting More Business Tips
Getting business tips like these are great for any business person who's looking for a little bit of inspiration and encouragement. You should always be looking to take in great information like the seven tips we shared in this post. If you have more specific questions to ask, contact us here. We'd love to hear from you and help you with anything you need.
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