Small business tips on how to manage it the right way:
1) Lead with a purpose. Communicate the mission and the vision of your small business. This is not only important for employees and partners, but it is important for you, as the small business owner. You need a clear mission and understanding of what you do. You need a clear vision describing where you want to go.
2) Have an exit plan. Where do you want to go with the small businesses? It could be retirement, pass to a family member or sibling. The answer could be to build the sales and sell it to an investor. Whatever the exit plan is, you have to know where you are going.
3) Don’t be afraid of the numbers. Use your financials as a way of understanding the health of your business and use the numbers to make decisions when running your business. You don’t have to be a financial expert or accountant but you can’t be afraid to use the numbers to manage.
4) Create systems to run your business. You need to create a way of doing things in a consistent and repeatable fashion. Your customers need to know what to expect every time and your and your employees need to know how to deliver every time. Treat your business like it is a franchise system.
5) Have a clear brand value. Create a pitch for your product or service. Learn to explain your product or service in 30 seconds or less. What makes your business unique. It’s a classic elevator pitch.
About the contributor: Frank J. Aguirre, is currently a business marketing professor at East Lost Angeles College. To learn more about Frank J. Aguirre, check out his website: http://www.smallbizfrank.com/
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