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8 things every small business owner should know

Running your own business brings great benefits - such as freedom, control, financial rewards, unlimited growth, and achieving your dreams. But all of that comes with risks, such as stress, time obligations, and financial uncertainty.

Are you a small business owner who has recently embarked on the business journey or simply need advice for better and higher quality business? PickJobs brings you eight things that every small business owner should know.

Small business owners are those who are not micro-entrepreneurs and do not exceed the boundary indicators in two of the following three conditions:

  • total assets € 3,981,684.25;
  • revenue € 7,963,368.5;
  • average number of employees during the business year - 50 employees.

Running your own business brings great benefits - such as freedom, control, financial rewards, unlimited growth, and achieving your dreams. But all of that comes with risks, such as stress, time obligations, and financial uncertainty.

We bring you 8 things every small business owner should know.

Culture counts

 Whether your company employs two or 200 people, corporate culture matters. According to Growth Everywhere, culture refers to the overall experience within the organization, including its mission, values, personality, and atmosphere. Employees seek an organization where they can fit in, contribute to its success, and feel satisfied. Happy people are productive people, and there is a direct correlation between happy employees and business profits. Research from the University of Warwick's Department of Economics shows that satisfied workers are 12 percent more productive than others, while dissatisfied workers are 10 percent less productive - to the tune of $300 billion annually. In other words, it pays to make sure your company is a great place to work!

Hire the right people

The person you hire, not just their resume, is crucial to the success of your business. For example: the hiring process at Zappos includes offering all trainees $2,000 if they quit because they want to make sure those who stay absolutely want to. Harvard Business Review reveals that Southwest Airlines embraces the idea that character is more important than any particular skill - and it has paid off. While other airlines are dropping out daily, Southwest stays in the air because they know they can always teach someone how to do the job, but they can't instill good character in a person.

Delegate your way to success

 If you're just starting out in business, you may feel like you can - or have to - do it all. The truth is, to advance, you have to let go of some control for the good of the business. When you delegate tasks to other employees, your business becomes more efficient because if you've hired the right people, they are experts at what they do. Delegation also allows those people to develop and expand their skills. Effective leaders teach their skills and transfer knowledge to their employees so that they have time to plan the next step and then lead.

Have a plan for unforeseen situations

It is vital to have a plan for unforeseen situations because thunderstorms will come and usually when you least expect them. Yes, it takes time and resources to plan for disasters, big and small, but if you neglect this important task, you could end up paying a high price in the end. Play the "what if" game and come up with a plan: what if there is a recession, a credit crisis, or a major supplier goes under? Your plan for unforeseen situations should cover natural disasters and all other factors that disrupt your workflow, such as which backup suppliers can deliver all the essential materials when your main supplier is overwhelmed. Keep in mind that it is important to prioritize when creating a plan for unforeseen situations so that you do not waste time and money preparing for something that is low on the risk list. Instead, think about the elements of your business that are most important in everyday operations: cash flow, employees, inventory, and office equipment.

Cash liquidity is vital

No matter how busy you are with the day-to-day operations of your company, you need to have a steady flow of cash to keep functioning, and that cash comes from paid invoices. Make sure you have an on-site payment system that allows you to submit professional invoices and know when they are paid.

Customer service

Good customer service is more than just a smiling face of the customer. It directly affects your earnings because most companies need repeat business to thrive. Studies from the "Business Case" reveal that acquiring a new customer costs five times more than retaining an existing one. If your customer service consists of one gloomy person who responds to complaints, something needs to change. Customer service should be woven into the fabric of your corporate culture, with every employee able to provide an excellent response to customer problems.

Understanding the Health Care Law

This Law regulates the principles and measures of health care, the rights and obligations of persons in the use of health care, the bearers of social care for the health of the population, the content and organizational forms of performing health care activities, and supervision over the performance of health care activities.

Quality marketing

Small businesses can feel overwhelmed by the idea of marketing, especially if they don't fully understand it or don't have a budget for a marketing team. But if you want to grow your business, you need to come up with a way to constantly attract new clients and make them come back.


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