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Being a small business owner presents many challenges in terms of business size and functionality. Small business owners must master the challenge of revenue, transportation, finance, management, and business growth with few or even no employees. The most important thing is to maintain interest from stakeholders: customers, suppliers and the team working to build the force in short time. Running a small business makes a lot of sense both personally and financially.
Steps
Drafting the Right Business Plan
- You can write multiple draft plans and then choose the best one.
- Make a detailed business plan. Thinking deeply about the details will benefit you more than ignoring them.
- You can add questions to the draft plan section. Verifying what you don’t know is just as important as listing what you are sure of. You don’t want to present a plan with open-ended questions to potential investors, including relevant questions in the draft will help you determine the right answer to the final business plan.
- This is the time to ask questions about the service or product. For example, you want to ask the following question, will my product/service appeal to young people or old people? Is my product/service suitable for low-income people or high-end? Does my product/service appeal to customers in a particular environment? You can’t sell ski wheels in Hawaii or sell towels in Alaska, so be realistic about the appeal of the product.
- How profitable will your product/service be? How much money will they get? How much does it cost to produce the product or service? How do you intend to pay expenses and wages? These are important questions that you need to answer in your business financial plan. [4] X Trusted Source US Small Business Administration Go to Source
- Real with growth potential. Always keep in mind that business development always comes with capital development. Projects that thrive in a short period of time can lose potential investors quickly.
Create Good Financial Habits
- Take the option of one bank to talk to the other bank to raise the largest source of capital with the lowest interest rate. For example, if a bank lends you VND200 million at an interest rate of 4%, you can tell that offer to another bank to see if they can provide you with a larger amount of capital at a lower interest rate. Are not.
- Learn about the different interest rates for small business loans.
- You need to decide whether to accept cash, credit cards, checks, or a combination of methods for your customers.
- Cash transactions are the easiest to do, but difficult to review over a long period of time. At the same time, receiving cash is also difficult to ensure the safety of the company’s revenue because workers can steal money from the safe.
- Paying a check can prevent thieves from within the company, but the check can bounce, causing you big problems from the bank.
- Credit cards and international debit cards are the safest form of payment, but there is an additional payment fee to the card issuer depending on the size of the business, which is a bit of a waste. [8] X Trusted Source US Small Business Administration Go to Source
- Inventory management is often dictated by the “lifetime” of the products you sell. For example, if you sell perishable products, you need to get the oldest product out of the warehouse first to maximize the profit of your business.
- You don’t need to hire full-time employees to manage your finances. For example, if you have a solid grasp of inventory management and cash flow, you only need a CPA (Certified Public Accountant) when calculating taxes.
Small Business Management
- Not all businesses need a license. You should check with your local small business administrator if your business is one of them.
- Schedule weekly, bi-weekly, or monthly staff meetings to ensure that everyone is productive and to avoid wasting time when team members overlap. The meeting also helps to analyze who has not completed the assigned work well. [15] X Trusted Source US Small Business Administration Go to source
- You can divide your business activities into specific areas and then delegate them to multiple employees or team members.
- At the same time when delegating responsibilities, you need to supervise when assigning specific tasks to employees. For example, you may not want an accountant to handle legal matters on your behalf or a lawyer to organize your finances. Think of each function in this way to identify needs in the hiring process.
- From time to time, you need to hire and fire employees. You need to know the law to deal with problems that arise when hiring or firing employees. [16] X Trusted Source US Small Business Administration Go to Source
- Letting employees handle customer feedback harshly is a dangerous tactic. Employees will benefit more if only conveying you positive customer feedback, which will lead to loose company management. For example, employees need to show proof when reporting a business. This is your company and you need to put yourself at risk, so be proactive in monitoring business results.
Customer Resource Development
- Think about the promotion and marketing campaign in accordance with the capabilities of the business. Broadcasting on national television is not a good option if your business is only local.
- Think about who will be interested in your product and why. For example, if you sell dentures, it doesn’t make much sense to include young people in the marketing category.
- Large businesses can hardly respond to all customers and will lose a number of customers over time. Small businesses can’t do that. As a small business owner, you can connect with potential customers. This may require you to provide mobile phone numbers and email addresses to customers if you want to grow your business.
- Delivering what you promise starts with adjusting revenue access. If you and your sales team deliver or promise too much, customers will be disappointed when they receive the product or use the service, which will lead to a lot of negative reviews and bad word of mouth about your business. your career. Remember, good sales tactics should focus on identifying and understanding the customer’s needs, making them realize the benefits that the product brings, not deceiving customers with the potential of the product. Products.
wikiHow is a “wiki” site, which means that many of the articles here are written by multiple authors. To create this article, 26 people, some of whom are anonymous, have edited and improved the article over time.
There are 11 references cited in this article that you can view at the bottom of the page.
This article has been viewed 22,849 times.
Being a small business owner presents many challenges in terms of business size and functionality. Small business owners must master the challenge of revenue, transportation, finance, management, and business growth with few or even no employees. The most important thing is to maintain interest from stakeholders: customers, suppliers and the team working to build the force in short time. Running a small business makes a lot of sense both personally and financially.
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