You have to pay attention to many details at the same time.Whether you have only a few employees or many, you need to handle them.It's important to keep your staff happy in their jobs.You have to deal with your business's financial needs at the same time.This includes payroll, invoicing, purchasing, and handling taxes.You should always be thinking of ways to increase the size of your business.
Step 1: Determine the staff size.
Whether you are starting a business from the ground up or managing an existing business, you need to examine your staffing needs.To decide how much one person can do, you need to think about the tasks that get done.If this analysis shows you that you need more people than you have, you may need to reassign staff.Rather than focusing on individuals, focus on the tasks.Suppose you manage a store that has sales clerks.You can find out when your busy periods occur by analyzing your sales records.For the busiest times of the day, hire an additional clerk.Increasing the duties of an employee who seems to have too much free time is a good idea.If you don't have enough work for that employee, you can either cut back the hours or eliminate the position completely.
Step 2: New staff should be hired.
Each role in your business requires written job descriptions.An outline of the tasks to be performed, expected working hours, the person supervising the role, and a general statement of goals for the position are all included in the job description.Staff members who will best serve each position are advertised, interviewed, and hired.You may want to read this article.If you are starting a new business, you must attend to certain federal and state regulations.You need to register with your state labor office, obtain worker's compensation insurance, and get a federal employer identification number.
Step 3: Take care of payroll
You have to pay your employees on time and correctly.You need a payroll system that is reliable.You have to deposit the proper amounts for federal, state and local taxes with the taxing authorities.If you want to establish a consistent system for payment, you should do it weekly or bi-weekly.The IRS has two publications for help with federal tax requirements.Both publications can be found at the IRS publications page.
Step 4: An employee handbook can be used to develop and use.
An employee handbook contains all the rules and expectations for your staff.What the staff can expect from the company should be set in stone.It will explain the rights of employees as well as the legal obligations of the employer.The anti-discrimination policies should be included in the employee handbook.The schedules for compensation and payroll.Work schedules.There are expected standards of conduct.There is safety and security.There is a good computer use policy.There are media relations.There are leave policies for employees.
Step 5: Two-way communication should be maintained.
A good manager will keep in touch with their staff.You need to know how they feel about their jobs, what they are observing in the business, and whether there are any problems.It helps for the staff to know in advance if any changes will affect their work.Communication can resolve many problems before they even start.Depending on the size of the business and your position as a manager, you can communicate through regular staff meetings.There is a newsletter or bulletin.Email communications on a regular basis.A company bulletin board can be either a physical one or an online one.There is a calendar of events.
Step 6: Establish an accounting system.
If you don't have a trained accountant, you may need to hire one.If you want to operate your business, you need to choose an accounting system.Depending on your kind of business, there are different systems with different strengths and weaknesses.It is better for small businesses.When you receive your cash, it will be considered an asset.When you pay your expenses, you measure them.The method is Accrual.Larger businesses prefer this method because it works better on an invoicing system.You count the asset when a sale is made, even if you don't get paid at the time.You won't measure expenses at the time of payment.
Step 7: Good financial records are needed.
Whether you use software programs, electronic cash register, or keep old-fashioned records on hand-written receipts, you need a system for recording sales and expenses.You need to use the system consistently and correctly.Problems can be caused by mistakes in record-keeping.There are some popular accounting software programs.
Step 8: Take care of your accounts regularly.
You should compare your bank accounts at least once a month.If you don't like reconciling accounts, you may need to talk to an accountant.The balances reported in your accounting statements should match your actual ones.You might need to make slight changes to the invoices that have been issued.If your accounts don't reconcile, you need to examine your accounting system more closely.Mistakes can be corrected if you do this monthly.If you don't, your business will face big problems.
Step 9: There are some growth ideas to be generated.
You need some ideas if you want to do more business.Areas for growth can be developed with the help of your staff.To expand the business, try to identify what you can do.Specific considerations include reaching out to a new customer base.You can expand your hours of service.Sales and manufacturing should be increased.Don't change your advertising schemes.Hire more people.
Step 10: A marketing plan is needed.
You need to plan before you launch into a new area.A marketing plan helps you plan for the changes you anticipate.Your growth is more likely to succeed if you follow a strong marketing plan.You can get help with writing a marketing plan.
Step 11: A budget is something to plan.
As a manager, you will need to know where expansion comes from.A budget is a part of your marketing plan.If you need to borrow or finance growth from the company's own revenues, you should determine that.To keep the business profitable, you need a plan for repayment.
Step 12: Don't forget to implement your changes.
The most exciting part of running a business is putting your plan into action.Make changes to your marketing plan.If you need to increase your staff.If you want to increase manufacturing capacity, this is the time to buy and install new equipment.Follow your plan and guide the process.
Step 13: You should monitor your plan.
As you implement changes to your company, make sure to review your marketing plan.You should stick to your marketing plan if it has a good budget.Follow the design that you set out.Return to the marketing plan periodically to check your growth after the changes have been implemented.Are your company moving in the direction you want?Any changes you might need to make to the marketing plan should be reviewed by you and your management team at least once a year.
Step 14: Staff problems can be managed.
Resolving conflicts is often what this means.Open communication and the employee handbook should address any problem situation.Things can rise to a level that requires you to intervene.You should use your best judgement to resolve the situation.You should listen to the problem if an employee raises a complaint.If another employee is involved, you should give them the chance to speak to you.Refer to the handbook to address the situation.You might not be able to satisfy everyone.It is best for the company as a whole if you reach a conclusion that is fair.
Step 15: Customer disputes can be dealt with.
If you have regular customers, you are more likely to get complaints.As possible, handle them respectfully.If you don't believe you are at fault, let the customer know that you respect their business and are sorry for the problem.Refer to the terms of the contract for a solution if the customer is an open contract with you.You should consider whether losing the customer's business is worth the cost to address the complaint.A customer won't pay for a shipment of personalized stationery if the quality is poor.Balance the price of the invoice against the costs of suing for collection and losing the customer's future business if you disagree.It might be better for your business to lose one shipment but keep a loyal customer.
Step 16: If there are emergencies, handle them.
You should plan for emergencies.This includes anything from a staff illness to a fire in your store.Any kind of occurrence should prompt a written emergency plan.Every staff member's role should be addressed in your plan, as should how to work with emergency care staff when they arrive.Ensure that your facility is adequately stocked with the following emergency equipment, and that all staff know how to use it.There are smoke alarms.First aid kits.AEDs are automated external defibrillators.
Step 17: Use the SBA's resources.
The Small Business Administration is a federal agency that helps small businesses.There are a lot of resources on the SBA website about starting and managing businesses.The SBA can help with legal and financial matters.The SBA website can be found at www.sba.gov.You can call the general SBA answer desk.Every state has a local district office.You can find a listing of the district offices at the SBA website.
Step 18: You can use the IRS online resources.
The finances and taxes are a big part of running a business.Staff people at the IRS are available to answer questions.IRS publications can be found at www.irs.gov.You can find links to local IRS offices at the IRS website.
Step 19: You can join a Chamber of Commerce.
Business owners and managers are members of the Chamber of Commerce.It is designed to help businesses succeed.Legislation that supports business activities is championed by the U.S. Chamber of Commerce.A networking resource is provided by your Chamber of Commerce.You can learn about sponsorship opportunities, meet other business leaders, and even get discounts for your company.You can join the U.S. Chamber of Commerce at www.uschamber.com.Search online for the name of your community and the phrase "Chamber of Commerce" to find your local chamber of commerce.
Step 20: You should work with the Better Business Bureau.
The Better Business Bureau is a name for many independent agencies.The Council of Better Business Bureaus is a group in North America.They want to build strong relationships with businesses and consumers.Search at www.bbb.org for your local Better Business Bureau.The Better Business Bureau increases consumer trust in your business and can lead to increased income.
Step 21: Business leaders can network with each other.
You can get to know other business leaders by leaving your office.Talking to other business managers can help you come up with ideas for your business.Good will can be built with both consumers and suppliers.It is possible to spread the name of your business by meeting community leaders.Such meetings can lead to referrals for your business.A weekly or monthly networking group can be created if you find a group of like-minded managers.