This post has been modified to reflect new information since its original publication.
Successfully running a business in the 21st century requires a foundation of proven business principles. It also requires technical knowledge that wasn’t required a generation ago. Administering business functions, and marketing products and services in today’s world is a different game than it used to be.
Here’s what you should know about small business management, administration, and marketing today.
Small business management
Small business owners are putting in over 50 hours per week to keep their companies afloat.
To reduce their workload, many rely on technology. However, having the latest business software and hardware doesn’t guarantee success.
Business owners must also have the following people-management skills:
- Delegation skills: Trusting tasks to proven workers can be hard, but necessary.
- Mentoring and developing of key employees: The more key employees understand the business, the more they can contribute.
- Understanding of group dynamics: Balancing skill sets and personalities leads to more effective teams.
- Smart decision making: Seeking input from talented managers and key employees can give you the insight you need to make wise business decisions.
Small business administration
Business owners who are accustomed to hard work and handling everything can be tempted to take on administrative functions themselves, particularly if funds are tight. However, business administration for only two or three employees can be complex and very demanding of your time. And the more benefits you offer, the more complex administration will be.
Outsourcing functions like payroll and benefits administration may seem like a capital outlay you don’t need, but if you do all the administration yourself, one run-in with the IRS or misunderstanding with a health insurer can cripple your business or possibly shutter it altogether. Administrative service providers for small businesses include:
- Insurers
- Banks
- Payroll services
- Investment brokers for 401(K) plans
Online reputation
Your business’s online reputation is intimately intertwined with your marketing. While online reputation can’t be completely controlled, it can be managed to augment your marketing efforts. The goal of online reputation management is to make your business look its best online.
Search engine results can be misleading or plain wrong, and negative online reviews can hurt your business. At the same time, positive online reviews and proactive online engagement through blogs and social networking can give your business a real boost.
Laws have not caught up with the speed with which people can share information on the internet, and there is little to protect you from people who want to damage your online reputation. Specialists in online reputation management, however, know the steps to take to keep search information about your business accurate and up-to-date, and to keep your online reputation as positive as possible. Online reputation management may be a new aspect of small business marketing, but it is indispensable in the internet age.
Putting it all together
Making small business administration, management, and marketing functions run smoothly is a massive undertaking, and doing it effectively requires a leap of faith for many entrepreneurs. It isn’t easy to let go of functions you’re used to doing, even if they have become major time burdens.
With a strategic combination of developing key employees to handle important business management tasks, outsourcing administration when you can, and staying on top of your business’s online reputation, you can keep all systems running … and free yourself up to do what you loved doing in the first place.