Kirk Chewning of Cane Bay Partners has many years of experience in the field of management consulting. He has helped many business owners make use of better business practices that lead to greater efficiency and higher profits. He offers the following tips for small business owners who are just getting their enterprises off the ground.
Be A Leader, Not A Manager
The best business managers are those who lead through example and mentorship. They promote the company’s core values and encourage all workers to buy into the company’s mission. Leaders gain followers who do their best work from a sense of dedication to the work and the company. Thus, the best advice for new business owners is to encourage employees to learn on the job rather than supervising every step they take.
Attract Good Employees With Perks
A business is only as strong as its workers, so it’s worthwhile to invest in top-quality employees. Companies that go above and beyond in terms of benefits and perks are not only able to attract the best workers, but they’re able to keep their employees happy and earn their loyalty. Some examples of attractive perks are free gym memberships, seasonal or annual bonuses, a well-stocked snack station, and public recognition of individual successes. Another valuable perk is a flexible schedule, which can allow workers to attend to family needs and responsibilities.
Take Advantage Of Automation
One of the best ways to save money in business is to save time, and automation tools can greatly simplify many time-consuming tasks. Some common tasks that are easy to automate include social media updates, invoice reminders to clients, payroll, paying bills, and email responses to frequent queries. By automating tasks like these, workers have more time and energy to focus on other aspects of the business.
Running a business more efficiently can lead to higher profits, and the key to efficiency is eliminating waste. Business owners should evaluate every aspect of their business to see where space, time, and effort could be used more efficiently. Redesigning a work area, for example, can often help workers move faster and more easily. Sometimes eliminating waste may even require dismissing clients that are a drain on the business.