When we talk about managing small business, our daily actions are very important as they may make or break the business. Taking right actions means, making right decisions and it is only possible when you have true & complete information. Make sure you are always fully aware about everything concerned with your business.
Do not leave this for your employees. In a small business, usually owner has to wear many hats therefore he/she should have sufficient knowledge almost about everything related to the business.
Some of the things which you, as an owner, should always know are:
- Your current payables & receivables.
- Your latest bank position & cash in hand.
- Your expected sales & stock position.
- Your competitors’ activities.
- Your product / service cost till the delivery of the product / service.
- Your production capacity utilized & idle. Also your production efficiency.
- New market trend.
- Likeness & dislikeness of your customers.
- Any change in rates of your inputs.
- Government rules, regulations & taxes and their updates.
- Any other news which may affect your business in any way.
The more you are informed more you will be able to make swift & right decisions. Making right decisions at the right time is the key to successfully managing your small business. I hope you found the above helpful. Please feel free to comment.