Running a small business is a very rewarding experience. The hard work and effort which you personally invest in your business will reap many dividends, especially as you will be directly responsible for how successful it is. In order for your small business to thrive, here is some advice which can have a positive impact:
Check that employees can complete a variety of tasks
In a large business, the job description which employees have is normally the only duties which they will complete. Although there might be an opportunity for them to progress their career, employees will be restricted to the position which they hold.
Small businesses do not have that luxury because employees will often be expected to complete the duties of other team members. For example, if a receptionist calls in sick, a member of staff from the IT department might have to do their job. So that the right individuals are hired, people should be asked during their interview if they are able to perform a wide range of tasks. Explaining what you expect from your workforce will enable you to determine from their answers whether they can contribute towards your company or not.
Training can help employees to be multi-skilled
If employees are not multi-skilled, training can help. Training courses can be attended by all members of staff and not necessarily by those who are working on the front line that talk directly with customers. For example, managers that have no experience in completing finance tasks or how to conduct an interview can attend finance and HR training that will help to better their skills – these are otherwise known as overlap courses.
Many training providers which run overlap courses are in the United Kingdom. It is recommended that you attend such training in small classes. In large classes, you won’t get the type of learning experience which you want because a training course will be more like a lecture. Small classes enable course leaders to answer any questions which delegates have. A course leader will not have to shout in order to be heard as well.
Seek advice from an accountant
When you file your tax return at the end of a financial year, a great deal of information will have to be entered onto the form that is submitted to HMRC (Her Majesty’s Revenue and Customs). Unlike a Sole Trader, an accountant should complete a company’s tax return. Not only is an accountant able to send a tax return but they can communicate with HMRC directly. Therefore, you can concentrate on running your business rather than having to talk to HRMC. If your time is spent largely on getting in touch with HMRC, it is wasted. Although hiring an accountant can be costly, it will be worth every penny.
The importance of negotiation
If your small business will be supplying goods to customers, you might have to negotiate a procurement deal with suppliers. However, you might not have negotiated before. When attending a procurement meeting, you should have a clear objective and mustn’t accept the first offer which is made. Suppliers might apply pressure during a negotiation meeting and you should know when to ask for a break. This will clear the air and enable you to gather your thoughts.
Other small business advice during a procurement meeting includes taking a team with you. Every team member must know what your objectives are and the questions which should be asked. Your team can also pose questions during a procurement meeting which you might not have thought of beforehand. Having a knowledgeable team at your side during a procurement meeting will result in it going to plan because the right price will be agreed.
Small business advice, such as the aforementioned, can give you the right footing when building your company up to what will more than likely turn into a highly respected brand.