Do you know what your most cost-effective product or service is? Or how much time you and your team spent on non-billable tasks? Do you know what your turnover and profit is made up of? Or how most of your clients and customers find their way to your door?
If you can answer all these questions with a resounding ‘Yes!’ read no further as you’re already in control of your small business. If you’re not so sure, take a few minutes and see how to take control of your small business.
A well-Oiled Machine
Knowing the inner workings of your company helps you to identify potential weaknesses or opportunities. You can react in time, optimise your workflow and run your business smoothly profitably.
Have a system in place that gives you the numbers, figures and stats that represent the heartbeat, pulse and other vital functions of your company. I’ve put together a list of ways to gather the information you need to take control of your small business.
1. Time Tracking
Many tools and apps out there help you track the time you spent working day in, day out, making what sounds like a tedious task the way to make the best of your time. Here are a few examples of how this can optimise your work:
- Invoice the exact time you worked on your client’s project without having to guess and sell yourself short.
- Look for ways to improve your profitability, e.g. by finding ways to reduce time spent on non-billable tasks like admin or invoicing.
- Figure out ideal rates to reach your financial goals.
- Free up important resources in your team by outsourcing, delegating or automating processes.
- Improve your workflows and be more productive.
Again, a range of software and online services will help you keep an eye on your finances. If you want to know where your money goes and comes from, your bookkeeping will give you the answers you need:
- Keep your cash flow healthy with regular reports and projections.
- Oversee expenses and ensure you remain within budget.
- Check you’re on track for financial targets and adapt your marketing accordingly.
- Maximise profit by minimising unnecessary overheads or production cost.
- Identify funds to re-invest into the business.
3. Time Management
Nothing knocks us off our stride more than losing control of tasks and to-do lists. Proper time management gives us peace of mind, the ability to quickly adapt quickly to changes and the feeling of achievement at the end of every day. If you don’t have a time or project management system in place already, consider these benefits:
- Plan your time and resources ahead and react to bottlenecks and shortages in good time.
- Get projects on track and coordinate even remotely-working teams effortlessly.
- Achieve a healthy work-life-balance for your and your team.
- Be flexible and adapt tasks as needed without delay.
- Never forget anything ever again.
4. Marketing Monitoring
Monitoring your marketing activities gives insights into what works and what doesn’t. You can research your target group, competitors and marketplace, but nothing beats the facts of your customers’ past behaviour for planning future marketing:
- Find out if your marketing campaigns are financially viable.
- Keep tabs on your goals and check you’re on target with your marketing.
- Identify busy and slower times for your business and plan activities and resources accordingly.
- Find out where your customers are coming from and why.
- Use analytics for quick tests and boost slow campaigns before they strain your budget.
5. Booking Systems
Whether you’re selling products or services, a booking or e-commerce system helps you understand customer behaviour and their preferences for timing, price and product. You can:
- Plan and improve your product portfolio by identifying what’s popular and what’s not.
- Analyse your customer behaviour and use insights to improve your product, marketing and customer service.
- Communicate with existing customers to improve repeat business, referrals and loyalty.
- Anticipate busy times and plan ahead for production and storage.
- Ask where customers and clients have found you and reinforce those channels.
Peace Of Mind
To be in charge of your small business you have to know what’s going on behind the scenes. Data, facts and stats aren’t for everyone, but being in control means running a more successful and resilient business, having peace of mind and being a happier business owner. And who says you have to do the number crunching yourself?
WANT TO READ MORE?
To read more about this topic, have a look at these:
How to Stop Wasting Time as a Small Business Owner
Why You Need to Change and Evolve Your Business
How to Tackle the Biggest Marketing Challenges for Small Businesses
5 Steps to Get More From Your Marketing – in Less Time