Small Businesses, Are You Doing These Essential Things?

Running a small business means wearing a ton of different hats. You’re Founder, CEO, Head of Marketing, Chief Tech Officer etc. We know how busy it can get and how easy it is to forget the little things. We’ve compiled a list of things that, no matter what, you should remember to do for your small business, at least once a month.

1. Reflect

No, we don’t mean get on top of your desk, cross your legs and meditate, although that certainly sounds like fun. We’re actually referring to your progres.

All businesses should be keeping in-depth progress reports but this is especially true for small businesses. Pick a few points that define the success and growth of your businesses and note your progress in these areas monthly. It is also useful to track what you have changed in those areas' month to month to see whether any improvements you’re making are helping you achieve your goals.

We recommend outlining where you are, where you want to be and what you want to track at the beginning of the year and checking in monthly. This will help you stay on track and identify where you can change/ improve aspects of your company.

2. Wallet Check

Analyzing your finances should be a part of your reflection but we think it’s so important we’re going to dedicate an entire bullet point to it!

Of course, profit is one of the ways to track in you’re doing well, but it is part of a much larger picture. First and foremost, you want to make your payments. That includes your bills to your suppliers, employees, freelances, HMRC and of course, yourself. Making sure that your payments are on time will make your business relationships healthy and will oil the cogs in your business machine!

After you’ve made sure that you’ve made your payments then you want to make sure that people’s bills to you are also paid. Invoices should be sent ahead of their payment date to give your clients/customers time to pay them. You should make it clear to them when they will receive their invoice and how long they have to pay it.

Sift through your expenses. Are you spending too much on things that don’t seem to be helping you? Is there a way to minimize your expenses? Just because the overall balance works out well doesn’t mean that it can’t be better!

3. Plan Ahead

Reflecting is important, looking to the future is even more important. It is a good idea to plan ahead and make sure that you’re not over-working yourself or your team.

Look out for deadlines that are too close together, whether they’re internal or external. Make sure that you’re giving yourself wiggle room-things rarely go perfectly so you want to have the time to adjust if you come across a bump in the road.

If your month is looking busy perhaps you can shift things slightly, tasks which are flexible can be done this month or the one after. Or, perhaps you can delegate them amongst your team. If one department is looking particularly busy then you can ask another department to assist where possible.

4. Re-Connect

Don’t forget who is supporting your business! It’s a good idea to check into your company network once a month. Whether that’s your clients and customers, your business partners and connections, or your suppliers and service providers.

Not only is it important to stay front of mind with your customers and remind them that, outside of a business relationship you have a personal one, it is also good to keep on friendly terms with that people that you work with. Healthy business relationships will make the people that you work with happier to oblige you and work to make your business better.

Checking in monthly also gives your customers the opportunity to let you know how things are with them, what they would like to see from you and where you can support them further. This is a good opportunity to show them how trustworthy you are and get them to recommend you to their own network.

Happy Monthly Reflecting/Planning/Connecting!

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