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Tips for Small Business Managers

  • January 7, 2020
  • By Sarah Solomon

Running a small business is no small task. You’re in charge of all the details.  From sales to marketing to hiring to leasing inventory, the responsibilities never end.  It’s easy to feel defeated when you are keeping track of so many different things. The good news for small business managers everywhere is that there is a way to make management easier.  

REIL is going to give you a few tips for small business managers below. 

Automation 

Have you ever heard the quote “time is money”?  In our society today, this idea is extremely prevalent.  The time you spend on day-to-day operations could cost you sales, customer interactions, and profits. 

Make every minute count by taking advantage of automation.  Automation will increase your business’s efficiency, quality, and overall production.  Work hard, but not too hard. Use apps and excel to keep track of inventory, manage your money, and more.  Weigh out the cost of automation, verses the time you would ultimately save with those inputs. Some automation programs may even be free!  This is definitely something all small business managers should develop and look into for their business. 

Technology

Be current and with the trends.  Our society is fortunate that technology has been made to embrace the current times.  People want to service and products faster, better, and cheaper. Good thing is, there are products to help your business do so.  For example, upkeep a high-quality website. Allow appointments or purchases online with the click of a button. Additionally, make payment very easy.  Allow apple pay, cash, credit, or even Venmo. A sale is a sale, it doesn’t matter which card or wallet it comes from! 

Maintain a Budget 

It is always essential to have a great cash flow.  Working capital is important and allows small business managers to be prepared for unexpected or projected expenses.  No matter the number of tasks that hit your desks, always be mindful of your business’s financial status. You want to make sure your business is safe and stable.  Most importantly, you want to make sure your business has the funds to grow and prosper.  

As your small business grows and changes, continue to evaluate and alter your budget.  Make any changes you deem necessary. Figure out if you are in need of business financing, REIL is always there to help. 

REIL Advice 

Sometimes work can become so busy, small business managers forget to control what they can control.  REIL can help your small business become more organized. Speak with one of our REIL representatives to see if your small business qualifies for financing.  You can use the working capital to increase automation, update your technology, or alter your budget for a promising future.  

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