Business Practices to Follow for Small Business Success

Business Practices to Follow for Small Business Success

Business Practices to Follow for Small Business Success

Running & scaling a business is never an easy task. However, it's important to have a very solid foundation of business practices as the base for your company, to make the task less challenging. There are a number of things a business owner has to take into account while focusing on the best ways of running a business. Here are some pointers that will help.

Pointers to Follow

#1 Setting Expectations

Setting the proper team expectations & accountability is one of the most important aspects in a business. It's crucial for you to bring all your managers & executives together at least twice a month, for a meeting to discuss every department, their accomplishments and their challenges. It's also time for all the departments to give their feedback to the management team. The idea is that everyone leaves the meetings with certain follow-up tasks

#2 Keep Your Ego Aside

Many business owners and managers feel that they have some sure-shot methods of doing things. What most individuals fail to take into account is that there are just too many variable in the picture including the employees and the dynamics at work in the company itself. Solid operations always come from business owners who have the courage to admit if & when their systems fail, that they have the good sense to keep their ego aside and make the effort to improve

#3 Clear Processes

It's crucial for a business owner to set very clear processes in his/her company and every member of the team has to understand these processes. When a task has to be completed, there's a very clear funnel & order of operations which have to be followed. It improves efficiency & reduces the chances of botching information & having things go awry

#4 Solid Foundation

If you want to build a solid business, you have to start from the base up. This means, you have to build a very solid and capable core team- one that has the skills and is dedicated enough to understand the goals of the business and your vision. This team has to share your drive & ambition to accomplish

#5 Be Open to Feedback

No manager is perfect and regardless of how much exposure and experience you have, there is always scope to learn and improve. If you want to build very solid processes for your small business, there will be a lot of aligning to do. As you scale your business, you will have to delegate. This also means that you are not as close to the core operations as you used to be. This means, you will have to be open to feedback from your team members, ensure you are addressing all the inefficiencies and making every effort to make changes and grow as a manager

#6 Maintain Transparency

If you want to build a solid business, it's important that you maintain transparency in your dealing with your team members. Cross-checks and social collaboration tools as well as breaking-down those silos are the different ways of ensuring that every operation is working at optimal levels for your unique business needs. Operations must be communicated, tested & approved across all departments, levels & operations.

#7 Documentation

When you provide your team concise & clear documentation; there is very little scope for miscommunication, confusion or error. These aspects tend to be the biggest time-wasters in any company- large or small. When you have all your documentation in place, it becomes easier for you to onboard new recruits & saves your business from relying only on a single person

Maintain Flexibility

Every business practice you set should be scalable. Just as these address the current pain points in your organisation; it's crucial that they are specially built to handle any changes that might surface in the future. You must have the vision to look ahead & plan for potential changes in your business; that is the only way to ensure that the best business practices you are following are not becoming redundant. If you want to build a solid company, focus on process, your people and your product and you will be unstoppable!! Thanks for reading, MaxMyProfit Corporate Australia (02) 9111 5000

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Rated Articles

How your company can adapt to the Digital Revolution

Over the last couple of years, technological innovation has brought about a rapid change in the customer service landsca

LEARN MORE

Will Marketing Automation Help Your Business Grow?

Marketing automation software can benefit your business in a number of ways. It is a great way to increase traffic, enco

LEARN MORE

How CRM Can Maximize Customer Lifetime Value (CLV)

"Keep your customers always on the frontline," this is a key philosophy to running a successful business. Customers are

LEARN MORE

Recently Viewed

How Important are Small Businesses to the Economy

There are in excess of 2M small businesses in Australia and the number is billowing with every passing day. These small

LEARN MORE

6 Sydney Business Meetup Groups you Should be a Part Of

Being a member of a meetup group in Sydney is a great way of networking with people from your field. You can find new

LEARN MORE

5 ways to Increase the Profit in your Business

  Would you like to make more money from your business?   I bet you would!   In fact, one of the m

LEARN MORE
  • Over the past 6 months the incredible team at MMP have supported us to shift our attitude towards our business & month on month our revenue is increasing to the point we will be able to employ additional staff to support our business goals long into the future. Do not regret our decision one single bit!

    • Emma Reece

  • Working with my coach has enabled me to see the areas where my business is failing. This was pretty confronting to me to be honest. MMP has the tools to improve these areas and the guidance on how to implement them.

    • Sharon Robinson

  • I have been working with Max My Profit for approx 3 years now, and over that time I have learnt a lot of things about not only what it takes to run a business, but I have also learnt things about myself. I don't believe i'd be the person or have the business I have today if it wasn't for Max My Profit and our Business Excelerator. Great team to work with if you want to take your business serious!

    • Ben Choy

  • As a new client for Max My Profit (MMP) it has taken no time at all to realise the benefits of business coaching. Despite many years of senior management experience starting a new business requires best practice systems and processes built on a solid platform of detailed planning. I look forward to the benefits of adopting the formula being shared by MMP.

    • Campbell MacLeod

  • Max My Profit Are truly awesome at what they do. They have helped me over the past 12 months to get off the tools in my business and start working on my business. I am looking forward to 2019 with enthusiasm not concern. Thanks so much.

    • Aaron Kemp

  • If you are committed to Growth the Max My Profit Team has the tools and expertise to excelerate all areas of your life. They Care, They Listen, They Understand You as an Individual first then they focus on Your business. Thank you Max My Profit my rating is a 6/5 - Kindest Regards The Mr Handyfix Team

    • Catherine Kavadas

  • The team at Max My Profit are an absolute pleasure to deal with. I love working with a team who is on top of what they are doing and have a clear view of what they are working on with you and helping ensure you get to the end goal.

    • Lauren Watts

  • I have been working with MaxMyProfit over the years and what they do for SME's in growing their business is fantastic. Also due to there knowledge and their supporting material for companies across the 5 lifestyle stages and assisting them through this process day in day out is extremely comforting as a small business owner and have referred them many businesses over the years.

    • Steve Laingy

  • Working with a business coach from MaxMyProfit has been one of the best things I have done for my business. I had several other coaches before MaxMyProfit but these guys are a step above the others. I have seen a significant increase in sales, now have a business that can run itself and the coaching program has paid for itself many times over.

    • Matthew Kitchin

  • Much more than just business coaches. There is an absolute treasure chest of business knowledge in their members site.

    • Iain Campbell

  • Max My Profit are unique as they really partner with you to develop and implement a plan that will drive success for the business. I was hesitant to proceed as previous business coaches tell you what to do and rely on you to implement.

    • Michael de Haan

  • I attended one of Max My Profits introductory events in Melbourne. Having been an accountant for almost 30 years, I was somewhat sceptical. Boy was I wrong. I not only enjoyed the presentation, but I gleaned so much from just that session.

    • Daniel Odd

  • These guys are an absolute wealth of knowledge for Small Business. The programme and support networks they have set up ensure learn more every day and can take your business from good to great. Thanks so much.

    • John Butler