It does not matter how desirable a business’s products are, if the company is being poorly managed. Indeed, poor management has been the undoing of plenty of otherwise sound small businesses. So, what are some tips that small-business owners should follow in order to manage their businesses more effectively?
Getting the Best From Your Employees
If you are new at running a business, then managing employees may be a foreign concept to you. Maintaining positive relationships with your staff is one of the key elements of effective management.
Get to know your employees. Learn about their lives, aspirations, and struggles. When you’re concerned about them, don’t be afraid to let them know. When positive things happen in their lives, don’t miss the opportunity to congratulate them. Knowing that their employer cares about them as people, and not just as workers, will inspire greater employee loyalty.
Make sure your staff knows how important their roles are in the grand scheme of things, and when someone does a good job, make sure they get the recognition they deserve. Always be on the lookout for chances to let them know how much you appreciate their hard work, and when it comes time to bring opportunities for improvement to their attention, they will be much more receptive to constructive criticism.
Meeting the Needs of Your Customers
When your customers give you a mediocre or poor review, don’t take it as an insult; recognize it for the opportunity that it is. If you think about their criticisms objectively, and find that there might be some truth to them, don’t let your ego stand in the way of making your business better. Contact that customer, and see if there’s a way you can fix the situation and improve their impression of your business. Don’t go overboard, but in most situations, a simple gesture will be all that is necessary.
Without your customers, your business wouldn’t exist, so pay attention when they have advice to give. If you often hear customers say, “I tried to come in the other day after work, but you were closed,” then it might be a smart move to stay open a bit later. If you get a lot of requests for a certain product that you don’t carry, it’s probably worth looking into getting it in stock.
Building Business Credit
A solid business credit rating can mean the difference between expansion and stagnation, success and failure. One of your chief goals as the manager of your small business should be to build business credit. Getting started can be a little intimidating, especially if you’ve never had to manage a business’s credit rating before. Thankfully, services like Small Business StarterTM from Dun & Bradstreet can help you get on the right track.