1. Know your key business metrics
Every small business has certain key metrics that are essential to the health of their business. Being able to have that data at your fingertips is vital to the growth of your company. Indicators such as daily production, accounts receivable, gross profit, new business – can all be tracked in a daily dashboard and can be instrumental in managing your day-to-day operations. This is important for many reasons, but above all for the culture of your company. Sharing the information that your metrics are heading in the right direction can drive positivity and success within your organization.
2. Create your "dream team" of business advisors
Entrepreneurs are passionate about what they do and know the value of guiding and developing their teams. But often they find themselves “alone at the top” with no one to guide THEM in important decisions that affect them both professionally and personally. A “dream team” of trusted advisors can make all the difference!
The basic dream team is comprised of: CPA, attorney, financial planner and insurance agent. These professionals should all understand your business and personal goals and communicate openly with each other. The connections between these professionals will have a major impact on the success of the business and the overall personal happiness of the business owner.
3. Communicate with your team often
A critical factor in the success of an organization of any size is transparent, open communication from its leaders. Open communication means keeping your team in the loop with updates and changes that affect their overall experience as well as asking for their honest feedback.
The more business owners openly communicate with their teams, the richer the workplace culture is for everyone. Open communication and accountable behavior lead to a more engaged organization!
4. Re-evaluate constantly
Small businesses are in a constant state of change. What worked yesterday may not work today. The metrics that were critical last month may be obsolete now. Be agile and ready to make changes as necessary. Reevaluation will help you refocus goals and priorities and keep your business on track for success.
5. Stay informed
Laws are changing every day that can impact your business, cash flow and operations. Establish a relationship with local and state business organizations that lobby for the needs of small businesses. Work with professionals (your dream team) who will help you stay on top of changing federal and state laws. As a business owner, staying informed and having a voice in laws that affect your operations is critical to the future of your organization.