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What Not to Do When Running a Small Business

  • Highlights

  • A small business requires round-the-clock dedication

  • Distinguish the task flows and empower your employees

  • Maximize the potential of the internet

  • Research, revise goals, and reinvest in the business

Running a business requires immense patience and enthusiasm. Lack of awareness, limited resources, and an ever-increasing workload, might lead you to err. However, when these parameters are identified, it can pave the way to forming constructive solutions. Here are a few things that can be avoided, to help grow your small business.

Avoid micro-management ? Delegate

It is easy to get sucked into managing or overseeing every task of your business at every level. However, the best way to get things done is to entrust or delegate the responsibility of a task to a specific individual/team, and empower them. Taking it all upon yourself can create a bottleneck, affecting task flows. However, hiring the appropriate talent and distributing work is key to clearing this bottleneck.

Ignoring the internet --> Maximize its use

In 2015-16, India witnessed a 17% increase in total internet traffic, adding Rs. 7 lack crore to the GDP. The number of internet users will only continue to rise, therefore presenting more opportunities to access potential customers. It also helps that it’s easier to reach out to your target audience online in terms of cost, conversions, ROI, etc.

Inadequate business plan --> Research and revise

A business plan is inadequate if you do not the answers to the following:

- Who your competitors or customers are?
- What problem does your product/service solve?
- How to improve your product?

Comprehensive market research highlights who your customers are, what they want from your service, and how you can beat your competition. You will find it difficult to get business finance from lenders, if you cannot project your sales or map the markets.

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Manual management system --> Embrace automation

Inefficient tracking of your cashflows can seriously hamper operations. You might miss client payments or fail to pay your suppliers on time. There could be insufficient inventory to meet the demand, or your cash might have been blocked by inventory of a product with dwindling sales. A financial ERP solution with the help of a business loan, will align your needs on to one platform, and give you updated information, so that you can make an informed and agile decision.

Re-invest in the company

While it’s prudent to build a war chest, consider re-investing in the business. Utilize your funds in the right software, personnel, infrastructure, etc., to expand your business. The requirements will keep changing, but the right investment will always pay off.

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