Running a small business certainly isn’t easy. In actuality, it can be downright chaotic. The worst can happen at the most inopportune times. It may seem like nothing goes right for weeks on end. As a result, many small business owners burn out quickly and subsequently go out of business. This accounts for about 50 percent of businesses during the first five years.
However, there are things you can do to lower your stress level. If you can have a more orderly and efficiently run business, you’re less likely to burn out. Below are five things you can do to create a more orderly business.
Create and Stick to a Business Plan
Something you should do before you ever launch your business is to create an intricate and viable business plan. Despite this, most businesses don’t actually have a business plan. This is foolhardy. A business plan can actually double your chances of success. The reason why that is the case is because a business plan lays out your goals clearly and how to achieve them in the real world. You’ll know exactly what you’ll need to do to create a profit every single day. You will simply need to execute that plan. It removes the guesswork you won’t have to worry about because you will already know how to achieve your short and long-term goals.
One reason why small business owners burn out is because they are overwhelmed by all the responsibilities. Truth be told, you should only be focusing on things that are directly tied to your core business product or service. Other concerns, which you are not an expert at, should be outsourced if you can do so in a way in which the benefit of outsourcing exceeds the cost needed to pay an outside firm. 57 percent of business owners said that outsourcing allowed them to focus more on their core business. There are many things that can be outsourced. This includes customer support, payroll, human resources, manufacturing, website administration, advertising and much more.
Create a Record System
Another problem busy small business owners run into is not being able to find records when they need them. Not having the appropriate paper trail when you need it can be devastating under certain circumstances. This is especially the case if you’re audited by the IRS. You could even be criminally prosecuted for tax evasion. Overall, you need to create a record retention system. This system should include physical paperwork stored in file cabinets. It should also include digital backups of important data and files. There should even be backups of the backups stored at separate locations as well.
Properly Train Employees
One reason why many businesses fail is because their employee training systems are so poor. If your employees are not properly trained, they have no hope of doing the job well. They may not even have an idea of how to do the job at all. You may simply be paying them to slack off and watch the clock. This won’t be their entire fault either. Good training is required to create productive employees. 40 percent of poorly trained employees leave that employer in less than one year. Overall, you need to develop a solid training program if you want your company to succeed in an orderly fashion.
Don’t Be Afraid to Delegate Responsibility
Running an orderly business means not doing every single thing yourself. This requires delegating responsibility. You will need to hire and train managers. While giving up the responsibility for things like employee supervision can be hard, it is required to allow your business to reach its full potential.
Running a business can be extremely hard. However, if you create a business plan, outsource when needed, keep records, train employees and delegate some responsibility, your business should run in a much more orderly fashion. It may take some work, but increasing your efficiency and competitiveness through these steps can pay off in the long run.