As a business owner the #1 things you must do in your business are your high-valued activities like sales and serving customers. Outsourcing is a great way to keep you focused on running the business, and with the rise of the freelance or gig economy there are more options than ever to get things done. So think carefully about what tasks you don't have time for, or don't feel qualified to do in your small business and get them handled by someone else.
We all know about the phenomenon of higher expectations leading to better performance, and it's named after the Greek myth of Pygmalion. Pygmalion was a Greek sculptor who fell in love with a statue he created, which was given Aphrodite's blessing and turned into an actual woman. In our modern time, we understand that low expectations lead to poor performance. This is known as the "golem effect." So, when it comes to your business, your business expectations tend to become your business reality.
If you own a business, you're automatically both a leader and a manager. Both of those roles are tough, and you need to make a decision about what kind of business leader you want to be. Your perfect management style will depend on what kind of business you run, your industry, your personality, and the people you hire to help you reach your goals.
Many small business owners may think they are protected against computer viruses and hacks, but that may not be the case. In fact, too many small business owners don't do much to protect themselves. There are so many must-dos that accompany running a business that it's easy for tasks like protecting your IT infrastructure to be placed on the back burner. But the typical IT security problem can cost a small business thousands of dollars to correct, and a couple of days of lost work time per year.
If you’re struggling to get your emails read by potential customers, you might need to try a different tactic to ensure that you’re properly targeting your audience. You also need to make sure you are giving them content they need to not only read your emails but to also click the links in them to take action. You also want to examine the language you are using to build rapport and make a connection.
When most small business owners think of being audited, they naturally imagine an audit by the Internal Revenue Service (IRS). Indeed, these can happen to any small business, but there are other types of audits too. For example, software companies have increased software license audits in recent years, making it imperative that businesses keep up with the status of their software licenses.
When you're setting up a business, coping with a flood, fire, hurricane or break-in is one of the last things you want to think about. After all, the probability is small, right? And if you operate, say, a consultancy, how much damage could a big storm cause? Like it or not, one of the steps to starting a business is considering what you would do in the event of a disaster.
The Federal Emergency Management Agency, FEMA, calculates that roughly 40% of all small businesses do not reopen after they experience a flood. And 25% of businesses affected by a disaster shut down within a year. In addition to the effects of the disaster itself on your business, you have to consider the potential impact if neighboring businesses go under and affect your commercial "microclimate," by reducing foot traffic, for example.