Small business management is a science unto itself, and is not simply implementing general business strategies on a smaller scale. While this may work in some instances, managing a small business requires unique strategies and structure implementation.
Knowledge is not Enough.
Being an academic expert in the field associated with a particular small business does not guarantee success. While an intimate knowledge may lead to increased customer confidence, it does not guarantee the business will be structured in a way conducive to long-term financial success. Intelligent owners need to hire or outsource people with the correct skills to compliment their knowledge base.
Avoid Mixing Business Relationships.
In many cases, small business owners have a contact base comprised mostly of their friends or former colleagues. Hiring these individuals is often a mistake as the business nature of the relationship will be contaminated by the previous nature of the relationship.
Internal Promotion is Not Always the Best Option.
Working closely with certain individuals for an extended period of time leads to an intimate relationship, often wandering into the realm of friendship. This relationship often clouds the evaluative process of the business relationship. Unqualified individuals can only harm the business.
Develop A Strategy.
Many first-time business owners believe that they can run a successful operation based sole on their passion and hard-work. Unfortunately, know amount of work can compensate for a poor or absent long-term plan. Even a general or vague strategy is better than simply approaching every day with no set plan.
A daily routine and a set schedule are crucial for instilling confidence in both customers and employees. It is also useful for ensuring that payments are met, and repetitive meetings are not missed.