Self Made: NASE's Blog

The experience of running a small business can vary tremendously. At the best of times it can be thrilling and rewarding, but when things are going poorly it can be stressful, exhausting, and even feel hopeless and futile. Additionally, when things are going poorly this can mean financial worry and real loss, especially given the alarming failure rate of new small businesses. So, the National Association for the Self-Employed lists some of the top practices that successful company owners rely on, to keep their businesses healthy and productive.

Stay on top of your finances

Staying on top of and in control of your numbers is crucial for keeping your business healthy.

• Set and stick to your budget, understand cash flow, and monitor it closely.
• Work with an accountant so you are always on time and accurate when it comes to taxes and payroll.
• ’s important to register your company as an LLC or similar legal entity and choose the right structure, in order to keep your finances in order.

Continually improve yourself

Evaluating your skills, habits, and talents and working to improve them will help you be a great leader.

• If you want to improve your business savvy, think about pursuing an advanced business degree, which can easily be done online. For example, setting out to earn your bachelor of business degree may only take five weeks per course and coursework can be completed wherever you have an internet connection.
• Protect and reinforce your mental health by promoting positive energy at home.
• Lifehack suggests taking on new skills or challenges like learning a new language.

Be a great communicator

And remember, communication skills go beyond merely talking or sharing information - it has to do with conveying information effectively so that it is understood.

• Use tech, devices, and software to keep all your team members looped in—and don’t forget to keep that tech updated.
• Yonyx advises always being prompt in communication with customers, clients, and suppliers.

   

• Look for new and innovative ways to communicate your company and products through diverse marketing and branding strategies.

Stay organized across the board

Organization is the linchpin of successful business management.

• You need to keep all your records, transactions, and data well organized so it can easily be accessed, so it can be secure, and so you won’t make mistakes.
• You also need to keep your physical spaces and work areas neat and organized.
• Time management and scheduling are also important aspects of organization, so get comfortable with time management hacks.

Keep your employees happy and engaged

Never forget that keeping team members happy is essential if you want your business to stay healthy - and you can’t expect loyalty without being willing to invest in workers.

• Make sure you compensate your employees fairly.
• Invest in your team members by offering them chances at career development, training, and advancement.
• Keep your benefits package attractive and competitive.

If you’ve decided to take the plunge into entrepreneurship, you should be aware of what to do to keep the experience positive and keep the company profitable, so it will continue to be rewarding and not turn into a burden. Knowing best business practices is not a guarantee of success, but it can make a significant difference if you take them to heart.