Small Things, Big Results
By Heather Kinzie
We often think of business success as a result of some-
thing big, something significant or something widely innova-
tive. While that may be true for many organizations, signif-
icant business success is often a result of well executed little
things.
This paradox is highlighted in two different ways with
small business: little things are often the biggest challenges.
Likewise, little things, when executed well and consistently,
lead to big rewards.
Cash Flow
Money issues are often at the top of the list of small
business challenges. Whether it be too many bills, unexpected
expenses or clients who are sluggish in paying, available cash
is limited. Small business owners are typically reluctant to
borrow so they end up going month-to-month, hoping that
the tides will turn while increasing incremental debt. That
monkey becomes a very large burden quickly. The following
are some suggestions on how to better keep finances in check:
• Create a budget – it doesn’t have to be complicated but
it does need to be realistic. Then stick to it.
• Begin asking yourself, “do I really need this to get the
work done or am I satisfying another, non-essential
need?” For instance, is your desire to look good driving
your decision to buy top of the line equipment?
• Align your business development or marketing ex-
penses with an actual job or return. Just because the
expense is a write-off doesn’t mean it is a good expense.
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Have clear terms regarding payment for your products
or services. Don’t be afraid to assign late payment fees
if necessary.
Invest in software that allows for online invoices and
has work flow processes to remind clients who are late
in payment.
Stay keenly aware of overhead and don’t shy away from
offsetting reasonable costs with reasonable fees.
Burnout
Even those of us who adore what we do get tired of doing
it. Small business owners tend to “do it all” and do it “all the
time.” While we like to think ourselves perfectly capable, we
are often wrong. Burnout causes disorganization, forgetfulness
and frustration for all parties involved. Small business owners
who aren’t capable of seeing fatigue or burnout in themselves
can often do more harm than good to their business.
Try the following to keep your energy and commitment
optimized:
• Strategic planning
You can’t do it all but if you take the time to lay out the
next 6-12 months of business objectives, you can more
easily see who should handle or manage the activities
needed to meet your objectives.
• Delegation
It’s foolish to do everything yourself and egotistical
to think you’re the best at everything. Furthermore, if
you’re doing everything, you don’t have time to do the
most important things. Identify business tasks that are
better performed by others and delegate accordingly.