Top 10 Tips for the Successful Small Business Owner to Follow
As shop owners, we all wear different hats everyday to make sure the work around us gets done correctly and on-time to ensure we have happy clients. At some point during our day, we are customer service reps, HR reps, screen cleaners, printers, foldering, shipping, and quality control not to mention, the day to day management of the accounts receivable department. Wow! You have to ask yourself how we get all this work done!
The question we ALL need to ask ourselves is what happens to the shop if we aren't around to perform or ensure all these tasks get done as they should. Here are some thoughts that can help us survive and make our shops more successful.
1. Take care of yourself!
All to often shop owners run theirself into the ground (sometimes literally). We feel we have to keep everything going or the world will collapse. We run 12-18 hours a day sometimes 7 days a week. We suffer physically, our families suffer because we cannot spend time with them, and our friends... well,... our friends are non-existent because we are never around.
We must find a balance in our work life and our personal life. Force yourself to take a day off weekly. Once a year, schedule and TAKE a family vacation. We all have to unplug at some point. My personal favorite is taking a cruise. That way no one can reach me and I have no way of reaching my shop. It forces me to unwind.
Above all else, remember why you started your business. I am sure you wanted to be in control of your life and your family finances. You wanted to spend more time with your family but ask yourself, are you? Or are your children growing up without you around because of the business that will fail without you.
2. Stick to your core business
As much as you want to, you can not be all things to all customers. It's impossible. Figure out what is your core product offering and simply be the best you can at that. I have seen several businesses fail because they specialized in nothing but offered everything. Unfortuately, nothing met the customers expectations and the business failed. Know your limitation and stick with them. Build partnerships with other businesses in your area that specialize is other products. Refer your clients to them when needed and they will refer clients to you when they need your services. It's a win-win. The customer get a quality product and both companies gain satisfied customers and referrals.
3. Know your finances
This one topic is one that never ceases to amaze me in that most businesses have no idea what things cost on a day to day basis and where their company stands financially. I had one person tell me that as long as they had money in the bank, they were doing great! In reality, they were losing money at a staggering rate.
Questions come up on these boards all the time about pricing services before shop costs are even established. How can you price your service if you don't know your costs? You CAN NOT base your prices on what your competition is charging. If you do, your business is doomed from the start. Know your costs, set your prices, stick to your prices. If they job doesn't make financial sense, then don't accept the job. If you do, you are working for free and your business is now a hobby. You suffer, your family suffers, and your business suffers. There will ALWAYS be someone cheaper either down the road or online.
4. Create Best Practices for your company
What is a Best Practice? A best practice is a method or technique that has consistently shown results superior to those achieved with other means, and that is used as a benchmark. Documenting and charting procedures and practices is a complicated and time-consuming process often skipped by companies, even though they may practice the proper processes consistently. Even though this is time consuming process, your company gains from it as you are forced to look at each aspect of your business and verify the way something is being done is the correct way of performing the task. You will probably find there are better ways to accomplish tasks as you go. Not to mention, hiring someone new will be a breeze once you have your processes documented. This will make a great training tool!
5. Hire GREAT people and let them work
It can be a challenge for small business owners to hire great people and get out of their way so they can work. Most small business people believe only their way is the correct way. There are always alternatives. Train your people well then be open and listen to your people ideas and suggestions. They see things differently than you do and you would be surprised how many times their ideas make sense if you allow yourself to be open minded.
If there are skills that only you possess, train someone. Remember, your job is to run your business. Sometimes that means you have to delegate jobs and tasks to others. Don't forget, you're going to be taking vacation and that shop needs to run without you. ;-)
6. Create a culture in which people want to work
When people want to come to work, it makes for a more enjoyable day and more work gets done. If you employees are not smiling and relaxed, something is wrong. Ask questions, LISTEN to their responses and be willing to react.
Owners/managers should NEVER argue infront of the employees or heaven forbid, the customers. Owners/managers should always work out their issue behind closed doors. Even if the arguement has nothing to do with the employees, the employees feel that stress and react to it.
7. Set goals and review them consistently
Your shop needs goals. These could be sales, production, and/or quality goals. Make sure every employee understands how he/she has an impact on all the goals. Develop a method of tracking and posting your shop progress. Discuss the goals often and keep everyone involved in the progress.
8. Take time to invest in yourself (the owner)
In small business, you never know everything. Find seminars or workshops on owning and running a small business. Check with your local Small Business Association or Chamber for classes. Talk with others in the industry to see what they are doing to be successful. Take training classes offered by manufactures to learn different techniques in producing a better quality product.
When you get back, take time to pass on your new knowledge to your employees. Your employees want to learn new techniques. It makes the job more interesting.
9. Outsource!
If you find yourself spending more time on things like doing your own books, doing your own taxes, and managing HR tasks instead of selling or bringing new ideas/techniques into your business, you might want to look into outsourcing that work to a part time bookkeeper or an agency that handles all that work for you. Focus on improving your business and outsource the mundane tasks if possible.
10. SMILE! You are living your dream of self employment. Enjoy it and enjoy your family!
At SkylinePrints.com, we are always looking for ways to improve our business. We hope that you find our tips useful in your own shop. Be sure to follow us on Twitter and Facebook.


