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How to Manage Your Own Business
1
Write a business plan (see Resources). If you expect to obtain any kind of financing, you will need a formal business plan. If you are not seeking financing, you still need something written down. It doesn't matter if it's only a few pages or if it's very lengthy; you must have something on paper so that you will know where your business is going.
2
Ensure that you are following all legal codes and regulations. This includes business licensing, collecting sales taxes (if necessary) and maintaining all the proper employee paperwork. You also need to ensure that you are paying all taxes you owe by the deadlines. Consult with an attorney for further details, or see if you can find a small business advisor at SCORE (see Resources).
3
Keep track of all of your sales and expenses. No matter what type of business you are managing, you are selling something--either time or a physical product. You must have a system for keeping tracking of this. Also, you need to keep track of all business-related expenses and receipts. Using Quickbooks can be of great assistance, but some prefer to use a customized Excel sheet. Others avoid the computer and use a hand ledger. Do what works for you.
4
Keep your business and personal expenses separate. You must have a separate business account.
5
Make a list of all tasks that need to be completed. Plan how you and/or your staff are going to complete them and meet the deadline. Do not be afraid to delegate.
6
Give feedback to your employees or contractors on a regular basis. This could be weekly, monthly, quarterly or yearly. If you work by yourself, request feedback from your clients by sending them an email survey or putting a survey in the mail with a return envelope that is stamped.
7
Re-evaluate your business plan on a regular basis. See if you are progressing or remaining stagnant. Determine if market conditions indicate that you need to change focus.
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Running a business requires a lot of caution, especially when it comes to issues that have to do with finances. The main aim of starting a business enterprise is making money, and as such, the money that comes in and goes out of the enterprise should be kept in track and kept in good custody. If one cannot account for the finances that get in and out of the business, then they have no business being in that venture. Finance management is not always an easy thing to do, and if as an entrepreneur you are not confident in the whole management process, do not be afraid to consult professionals in that area.
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