You may have heard the phrase: "Don't do something-sit there." That may be sage advice for small business owners who have been hustling to keep their businesses afloat this year. Taking a day to step back and reevaluate your situation and create an action plan that helps move your business forward in an orderly way could pay off in several ways. Be sure to consider these three areas:
Consistently connect with employees in a way that makes them feel included, valued and safe. Transparency is important for both parties. Keep employees informed of any changes in company plans and ask for feedback on how things are working from their perspective. Not only will your employees feel heard, you may also get some invaluable insights.
More than ever, it's crucial to track every financial detail. Look at sales trends more frequently to evaluate performance. You may find that you need to shift your focus and offer modified products or services. Even if your business model hasn't changed, you may have different expenses than usual, like personal protective equipment.
Utilizing the expertise of an accountant is helpful as you reevaluate your business financials. Also ask to explore additional tax deductions to make sure you're taking advantage of every available opportunity.
Work with employees to streamline or automate some of your processes. Not only will this free up time, but small business management tools can help you scale growth. Time management trackers can also help you learn the true value of certain projects or customers so you know where your time is best spent and which services produce the most revenue.