Tips, business owners

10 Tips for Small Business Owners

1. Get Serious About Digital and Physical Organization

Having a streamlined organization system can boost productivity and save you from losing access to important documents. This includes managing your physical files as well as digital data. Consider digitizing records and taking advantage of the myriad online platforms for digital case management and file storage.

2. Familiarize Yourself with Federal and State Employment Laws

For small business owners, staying organized also means being aware of and abiding by employment laws. Take the time to do research on these regulations, which differ by state and vary according to a range of factors, like the number and types of employees.

3. Know How to Choose Team Members

There comes a point where a small business owner recognizes that they could benefit from sharing their workload. Finding the right employees and business partners can help you focus your efforts where they are most needed.

When adding new members to your team, past work experience is not the only factor you should evaluate. Determine the specific set of skills you are looking for and focus on their potential within your business.

4. Outsource Specialized Tasks When Needed

Outsourcing is a viable option for small business owners who are not yet ready to add an employee to their business but would like to delegate tasks or assignments (think timekeeping, payroll, and IT) to a specialist.

5. Take (Calculated) Risks

Some of the greatest successes in history and in business can be attributed to risk-taking. Whether it is in the form of a challenge or new business strategy, taking a calculated risk can set your business apart from the rest. However, risk-taking is not equivalent to improvising; a calculated risk takes into account any possible undesired outcomes. Always have a backup plan in place.

6. Remain Optimistic

Every small business faces stumbling blocks. Setbacks can make success seem unattainable, but the way you handle a difficult situation can unlock constant growth and improvement in your business. If your business hits turbulence, try asking yourself, “What have I gained from this experience, and how will it guide my approach in the future?”

7. Learn When to Say No

In deciding when to decline a request from a potential client or customer, carefully consider your limitations. This includes any workload constraints, prior commitments, or if the request is outside of the range of your expertise.

Profitability is also a deciding factor. It may be difficult to decline work, but do not fail to recognize the financial value of the product or service you provide.

8. Learn How to Say No

When declining someone’s business request, provide them with a sensible explanation for why you are unable to meet the request, and make clear what you do offer. Providing this information can leave you open to future business requests from this person, who may, in turn, send other potential clients or customers your way. As a courtesy, you may assist this person by referring them to a trusted business or resource you believe will meet their specific request.

9. Network with Other Small Business Owners

Networking with other local business owners not only deepens the community bond of your business, but it can be a rich source of support and guidance. Don’t be afraid to branch out!

10. Give Yourself a Break

Operating a small business comes at the expense of extensive time and effort. However, business owners should not devalue the importance of downtime. Whether it’s a weekend getaway or a night away from your cell phone, setting aside time to decompress can benefit you and your business greatly, while providing much-needed insight.

If you are a business owner in need of outside counsel or you simply want to consult on an as-needed basis with a licensed Maryland legal professional regarding your business, give the Law Offices of Elsa W. Smith, LLC a call at 410-995-7719. Protecting You, Your Family and Your Business