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Things every small business owner should know

There are eight things every small business should know and do throughout the year to help ensure the growth and success of his company.

1. Know all your systems from top to bottom. If you do not know your systems, you need to. Carefully examine what is working and what is not. If problems are found, you might be able to fix them yourself or you might need to bring in outside help. Commonly small business owners are surprised to find that their business has fallen into habits that are hindering their company from being more successful, so review and know your business and how it runs.


2. Review all your vendor contracts. Take some time to look over how much business you are doing with each vendor. Make sure the relationship is still beneficial to you both. Many times a business relationship is initially beneficial to both parties, but over time that relationship can change, and become less beneficial. If changes need to be made, make them. If you are satisfied with your vendors, take the time to let them know.

3. Know who your best customers are. You should always treat all your customers well, but knowing who your best customers are will help you to give them a little bit more VIP treatment. Often times small business owners are surprised to find out that their best customers are not who they thought they were and have not been giving their most profitable customers the proper recognition and service they should be.

4. Show your best customers how much you appreciate their business. This is a quick and easy way to show your customers you and your company care about their needs. At this time, you may also want to encourage customers to give constructive feedback to help your company make improvements.

5. Know when it is time to do some cleaning around the office and do it. You will find doing some "spring" cleaning around the office will provide a much happier and more productive work environment. Get rid of items that no longer work or items that have become an eyesore. Make sure your employee's have the supplies they need to work efficiently, items such as staplers, pencils, pens, paperclips, etc. Also make sure computers, copy machines, fax machines and other office equipment are properly working. Many times employee's will work with equipment that is not properly functioning rather than bringing it to the attention of management.

6. Update your business cards. Make sure all the information on your business cards is correct and current. Review the colors and the overall design to see if there are any changes that you may want to make.

7. Know when you plan to do your taxes. Discuss with your accountant how you will be doing your taxes, quarterly, yearly and so on. Plan the perfect time to meet with your accountant, sometimes the end of the year is not the best time for a company, some company's find meeting with their accountant quarterly is best for their company.

8. Know the latest technology updates. Knowing the latest advances in technology and if they could benefit your company is helpful. The end of the year is an excellent time to upgrade computers, phone systems or other parts of your business that may need upgrading. Technology upgrades can make a huge difference in the daily lives of your employees and how they perform their job tasks.

A small business owner should try to always be familiar with all aspects of the business to make appropriate business decisions that will benefit the company throughout the years to come.

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