Key Skills for Small Business Owners

As the owner of a small business you must find the balance between a variety of roles. You will play the owner, manager, worker, accountant, salesperson, safety officer, receptionist and more. All of this can be overwhelming, especially when only one or two of these positions actually fall within your realm of experience.

There is an abundance of information available to the small business owner but choosing which information should be given time and attention is simply another item on the ‘to-do’ list. Our work with small businesses has given us the ability to peek inside the operations of many small businesses and what we have found is a consistency to the actions and behaviours of the successful business owners who also have a balance in their daily lives.

1. Have a well-defined business plan – A business plan will force you to put pen to paper and formalize your goals for the company. It makes a tangible record and action plan for success. A business plan may be formal and detailed or it may simply be a hand-written account of your current status, the desired status, and the actions you intent to take to get there – and deadlines for accomplishing them!

2. Evaluate your resources – You are a limited resource. Owners simply do not have the time to do every task – it isn’t productive or profitable. When it comes to accounting, get a bookkeeper; for safety training, outsource to an e-learning training program or online e-learning solution; and for achieving your COR, seek the help of a COR safety specialist. Paying for these additional resources will save you money in the long run by freeing up your time and improving your overall quality of service.

3. Hold meetings – Whether you are one person or one hundred, communication remains essential to the success of any endeavour. Decide when and how often you will meet, set an agenda of issues to discuss and hold the meeting. If you are alone for your meeting, or your partner is patiently listening to you talk, then great! This is a way to expand on the business plan with details of action that is being taken and what the current status is. Basically, you will be following up with yourself.

4. Set due dates and adhere to them – It’s important assign responsibility for action along with a date of completion to all tasks. Without this you will end up with loose ends, unfinished business and confusion as to who was doing what, when.

5. Take time off – Do not work around the clock. While this may seem tempting to be available to your clients 24/7, it is not a precedent you want to set and it’s not good for your health either! For home based businesses, be sure to define the time of day which you will end work. Turn off the computer and leave the office for the day. By setting defined times you will create balance in your work and life which will translate to a happier, healthier and more profitable you.

You work hard to get your business off the ground and successful. Ensure that you can sustain these results by investing some time and energy into the planning of the business as well. Hiring temporary help and integrating accountability into your business will free up time and make actions SMART. Specific. Measurable. Attainable. Relevant. Timebound.

©Sotera Safety Inc.