Small business management tips
Get tips for managing your small business in South Africa.
Small business management tips for South Africa
Running a small business in South Africa has its challenging moments. Learning how to manage your business as best as possible can make all of the difference. So, what’s the secret to managing your small business? Discover more about how to manage correctly.
We talked with Natalie, an owner of a hair salon, about how she manages her small business.
Natalie answered popular business management-related questions and gave us great tips from her experiences.
Do you have any business management tips?
“Sure, it isn’t always easy to run a business. Unfortunately, I have a few that I learn about the hard way.
Be careful who you hire. Don’t rush the hiring process because you need the extra hands.
Look after your employees and they will look after you.
Do you know how to run a business? Find people you can trust, friends or family who have their own businesses. They can help you with advice along the way.
Get a good accountant and business bank consultant who can help you manage your business’s finances and banking needs.
Will your business be sustainable? Will you be able to make enough money to survive and grow your business in the area where you will operate?
Get advice from a labour lawyer if you have any issues with your employees. Always obey the law.
Keep a close eye on your business’s finances. You need to know if something is out of the ordinary and to be able to spend money more carefully.
Make sure that you are marketing your business the right way. Do you have a website? How are you promoting your business? Spend your marketing budget wisely because it is easy to spend a lot of money.
Crime is a challenge for businesses in South Africa. So, be mindful of security at your store or office.
Price your products or services competitively.
Make sure that you stay up to date with what's happening in your industry. Offer new products and services if needed to stay competitive."
Natalie gave us some good tips. Read on if you want to know more about business management.
Learn more business management tips
What exactly is business management all about? It requires you to line up and coordinate all parts of your business. This could range from managing employees, finances, and suppliers to the daily running of the business. As a manager, you will have to continually operate from the bigger picture of your business plan.
Why should you bother with proper business management?
First, your management directly affects the productivity and performance of employees. What will make it successful is your daily contact with each employee. But this depends on your management style, which should inspire everyone to co-operate and work well.
Second, remember the rule – no moolah, no business. So, it makes sense that your huge responsibility is to handle the cash flow. Be careful how you hire so that you don’t overspend. Do your research. So that you buy the correct software and tools your business requires.
Improve your business management skills
Be transparent and communicate properly with staff and clients. You may not be the greatest at working with people, but that’s okay – it will come with time or some training. Your staff need to understand what you are saying on a daily business.
You need to pay careful attention to detail regarding every aspect of your business. Sloppy attention will provide sloppy decisions.
We all have 24 hours each day, but what we do with our time is important. Skills for effective time management are a prerequisite to success. So, prioritise, delegate, and keep track of your team’s developments.
Communication is important
How are you getting along with your staff? Are you inspiring and caring for them, or are they demoralised? Perhaps, some of your employees feel cut off from the rest because no one is connecting with them.
You can avoid this by making ways for everyone to openly and confidently contribute. Examples are video meetings, phone calls, computers and Whatsapping. Make sure they are all working.
Learn to outperform your bigger competitors
Know how your small business is keeping up with your competitors. Are you gaining on them because you have been tweaking your operations?
Hiring and looking after staff
You should be able to hire new candidates successfully, but how well are you assessing them? Are you letting them know how well they are doing? So often, staff become anxious because a boss neglects to do this. Employees need to be on the same page as you - otherwise, you lose them.
Use tools that can grow with your business
When your business is small, it’s easy to keep up with your business’s cash flows. But this becomes much more difficult when the business gets bigger. That’s why it helps to use the right tools to manage this.
Automate what you can
Small businesses are so pressed for time that it’s a real blessing if they can put some manual processes on autopilot. Try and streamline as much as you can. You can, for instance, create basic email templates or specific steps in your sales process. One company used an interactive voice response (IVR) system most successfully.
Don’t neglect security and compliance
Just because your business is so small does not mean you can forget about these important issues. Please remember that your business's physical and IT-related security needs to be as good as possible. Also, your business needs to comply with the relevant legal business requirements at all times.
Do you know how Yoco can help your small business?
You can run your small business better by using the Yoco portal. This is free software that assists you in managing staff, sales and stock. If your business has a Point of Sale (POS), you can integrate Yoco with your POS. Use a Yoco card machine that best suits your business to accept card payments. Download and use the free Yoco app to track sales history, product categories, and do all of your invoicing with Yoco Invoices.
Source: Small business management