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Category - Small Business

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1
Your Employees: Performance Reviews
2
7 Ways Of Financing A Small Business
3
Your Challenge – Strategies For Next Financial Year!
4
How A Business Plan Grows Your Business Year By Year
5
Training Your Employees For Your Absence

Your Employees: Performance Reviews

What is the biggest asset in your business?

Your employees.

Good employees are valuable in any small business. Even if you don’t employ anyone right now, you will. Employees scale your business, doing what you alone cannot do.

Good employees can mean added productivity. They can mean experience. Good employees can help you grow because they become integral to how your business serves customers. Good employees make your business capable of growth because they do more work than you can, and they can be used to supervise and train even more employees as the need to hire continues with growth.

In time, good employees take over management, and you can finally achieve your dream of running your business – without fixing the nuts and bolts every day!

How do you build a team of good employees?

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7 Ways Of Financing A Small Business

Whether you are starting your small business, or planning to invest to grow an already existing business, you will come to a time when you need to find extra cash.

Here are seven ways you could finance your small business.

But first, we should discuss the good and bad reasons why you are seeking the extra cash to invest in your business.

Good reasons to invest in your business include starting a business with a proven market or product and expanding a profitable business. Starting a business with a totally new idea is riskier, so if you are borrowing money or investing your own savings, you should be aware of the higher risk involved.

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Your Challenge – Strategies For Next Financial Year!

At the end of a financial year, you should be thinking about what you are going to do in the next financial year to grow your business and take you on the next stage of your journey to your most successful, ideal business.

Think of business building as a series of steps that you take along a roadmap, the direction chosen so as to get you to your idea of your successful business as quickly as possible. Each year, you should be taking another step in that journey, always aiming for your ultimate desired outcome for your business.

Well, here’s a simple five-day challenge for you to take, to choose some clear strategies for your business in the new financial year.

You will only need a couple of hours a day for the next five days to set the direction of your business, and in doing so, clearly define your strategic direction for your business – where it needs to go and how it needs to grow in order to make it a successful business for you. In doing this, you will effectively mark out what needs to be done next year, and as new opportunities or any changing circumstances arise, allow you to decide if they help you get to your ultimate goal, or if they are merely distractions to be ignored.

That is a powerful situation to be in, avoiding overwhelm and constantly changing tactics, never knowing what really works for your business until you’ve done it – and mostly find you’ve wasted your time!

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How A Business Plan Grows Your Business Year By Year

When I am asked why a small business needs a Business Plan, my answer is simple.

“Don’t you want to grow your business?”

It is that plain and simple.

While a Marketing Plan may grow your sales, a Business Plan directs the growth of your business your way. And it does this year by year.

But first, what do I mean by “the growth of your business your way”?

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Training Your Employees For Your Absence

Unless you own and wish to continue to own a micro-business where you work on your own in your profession or trade, it is more than likely that as a small business owner you wish to expand and grow your business to the extent that you will be employing people as you grow.

Most of us who run and operate small businesses wish to grow in size – as our sales and profits grow, by necessity we need to scale and grow our workforce so that we can produce more, or meet more customers or provide more services. We are constrained by the number of productive hours we, or anyone we employ, can spend on producing goods or services. So we employ more people.

Some of the new people we employ may not be directly customer-facing. Indeed we may need more and more “back-room” hours from new people – keeping the books, managing the stores, manufacturing or working behind the scenes.

The question is, how do you introduce more and more people and continue to control and manage the business as more and more people do the things that you used to do?

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