How to Think Like a CEO When You’re Right in the Middle of Daily Business Challenges
Congratulations! You’ve launched a new small business venture.
After taking the plunge and forming a new company, getting new clients, and making sure your operations fulfill your vision and promises … things can get a little overwhelming.
Here are a few ideas to help you when the going gets tough …
Planning for Business Success
First … Planning for everything you can think of. Your role as a new business owner is to manage your company. All of it.
Like satisfying your customers. Paying your employees. Paying your liabilities on time. And don’t forget, you have personal bills to pay too. You are going to need a salary or owner’s draw from the company.
The best first step in business is to write your business plan. It will force you to think of necessary actions. It will make you learn things about yourself and your operations.
A good resource to use when writing your business plan is the Small Business Administration’s website. See: “Write your business plan”. Link provided below.
They do a good job at providing the steps you will need to take to complete your Business Plan.
Keep Business and Personal Lives Separate
Second … Keep business and personal lives separate. Many new business owners think that it’s no big deal to tap into the personal savings account for daily operational expenses. Pretty soon, things can and probably will get confusing.
Open a business checking account as soon as possible after filing for your business license. And then track everything financial. Down to the penny. Revenues coming in and expenses being paid. You have to wear the Chief Financial Officer hat now too.
Define Your Business Self
Third … Know what you won’t do. You cannot be all things to all people. So, you must not only decide what your business will do but be clear about what you won’t do. This is part of the first stage of writing the business plan and includes developing your business strategy.
Define Your Company’s Strategies for Success
Fourth … This brings up the question, what Strategies will you use to succeed? What market segment of your industry will you appeal to? How will you fund your first year of operations. What operational strategy will you create? How will you compete?
Need Help … Seek Help
Finally … Ask for help before things get out of hand. There are many free resources that are available to small businesses. SCORE Mentors, SBDC offices, many online Free Training resources.
Free Business Support Resources
We have provided a good list of FREE resources over at C & M Bookkeeping. Click here to go to the Resources list to get more information.
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