Running a small business is a stressful and frequently arduous affair. There are so many things to balance and so many people to keep happy that it’s not unusual to completely miss certain things. There are many reasons why small businesses might fail, but one reason you might be struggling is that there’s something crucial you’re missing. From the very obvious to the truly esoteric, you need to keep track of so many things that there’s bound to be something you’re overlooking. Don’t worry – we’re here to help. Here are 8 things small business owners frequently forget.
1. Chasing invoices
Honestly, nobody feels good about chasing late invoices. If you’re already a little socially introverted, chasing invoices can feel like you’re being a horrible imposition on someone who obviously has lots of other things to do with their day. That is, however, not the case. It’s crucial that you pursue a policy of prompt and reliable invoice repayment, because if you don’t then you might find yourself being taken for a ride by disingenuous clients. If you need a good invoice generator, then check out Hiveage Online Invoicing – it’ll make a lot of this process much easier.
2. Monitoring finances
When your small business is in the black, it can be tempting to just forget about the moment-to-moment minutiae of financing and leave it to the accountants (if you’ve got any). You should be keeping up-to-date with every development in your business’ financial journey, though. A well-informed small business owner can make much better and more rational decisions. Finances low? Consider using loans2go. Soaring in the black? Never a better time to step back, take stock of your money, and make sure you’re spending and investing wisely.
3. Maintaining a social media presence
There’s nothing more frustrating for someone who loves a brand than for that brand to be inconsistent with its social media messaging. Every post on your Facebook, Instagram, and Twitter pages should be on-brand and on-message. You should also be looking into alternative social media platforms to promote your business. Services like TikTok Followers Free can help you get started with TikTok, a platform that has a huge amount of potential for organic traffic generation. Don’t just stick to your outmoded idea of the big names – make sure you’re shopping around.
4. Keeping the human touch
Running a business is difficult, and it can be easy to lose that central humanity that might well have driven you to create the business in the first place. In the end, your business isn’t just about the bottom line; it’s also about your staff, your customers, and – perhaps most crucially – your friends and family. Keeping that human touch means your business will always be an attractive proposition to clients who feel that a friendly face is important when doing business. If your clients don’t feel this way, perhaps they’re not great clients in the first place.
5. Sweating the small stuff
You might be tempted to think that as the owner of the business, you don’t need to get involved in every altercation and every difficulty. That’s technically true, but you should still keep an eye on the small stuff. It’s crucial to be detail-oriented when you’re running your business, because if you miss just one thing and it turns out to be significant, then that could have a serious impact on your bottom line. You should still always keep your business’ mission in mind, but don’t be afraid to query something that you’re not sure about.
6. Checking up on your staff
Sometimes, your staff will be having a pretty hard time of it. Maybe there’s something going on in their home life that makes them less productive, or maybe they have a work-related grievance with you. Whatever the case may be, it’s very important to stay on your staff’s good side. Not only will they work harder for you if they think you’re there for them, but also, they’ll think of you as a caring employee and recommend you to others. If you don’t care about your staff, that attitude is going to show, and they’re not going to care about you in return.
7. Expecting the unexpected
Don’t ever, ever rest on your laurels as a small business owner. Even the most stable of markets can be subject to sudden change, and you don’t want to be on the wrong side of that change. Obviously, you won’t be able to predict every little thing that could possibly happen to your business, but if you stay abreast of as many potential developments as possible, you’ll significantly minimise damage if and when it does happen. Your staff will thank you for this, too; you’re keeping them in a job if you make sure they’re protected against every outcome.
8. Loving your work
We’re not suggesting for a minute that running a business is all fun and games, because it clearly isn’t. It’s immensely hard work, a lot of which can feel like a thankless task. In the end, though, you should still love what you do, and suffuse as much of your work as possible with the passion that led you to start the business. Your clients will quickly notice if you’re not bringing the same energy and spark to your business dealings that your competitors are bringing. Make sure you’re passionate, because if you’re not, it might be time to seriously think about stopping.