8 Small Business Management Tips for Success

Jun 14, 2021 · 4 minutes to read

Managing a small business can be challenging. Small business owners are often involved in every area of their business, from everyday tasks to big picture decisions. You may need to be involved with financial planning, hiring staff, and complying with laws that affect your business.

small business management tips

All of this—and more—falls under the umbrella of small business management.

What is small business management?

Small business management encompasses every part of creating and running a company, including:

  • Creating the business
  • Securing funding
  • Overseeing marketing and advertising
  • Managing employees

Essentially, you are responsible for coordinating all aspects of the business to help ensure you are moving towards your business goals and achieving success.

8 Small Business Management Tips

As you can see, a lot of work goes into managing a small business. However, there are ways to help things go more smoothly. Here are eight:

1. Write a business plan

A business plan is a document that outlines your business’ goals and how you plan to achieve them. Writing a clear and detailed business plan can be helpful to making both big picture and day-to-day decisions. Your business plan may include things such as research on your competitors, your advertising strategy, and plans for growth.

2. Keep business and personal finances separate

Opening separate business accounts can make it easier to track your income and expenses. Co-mingling these with your personal finances could create unnecessary complications, especially during tax time.

3. Find the right funding

When you’re starting a small business, funding may be top of mind. This may be through business loans, government grants, investors, or some combination of these. There are pros and cons to each type of funding source, and some may be more available to your business than other.

4. Build a great team

Motivated and dedicated employees can help a small business thrive. As a small business owner, hiring the right people and giving them the training they need to succeed is important. You may also consider perks to retain good talent, such as flexible work schedules and team building activities.

Even if you are a one-person operation, you may need support from time to time. Business professionals, like accountants or lawyers, might not be regular employees, but their services can still help your small business meet its goals.

5. Keep excellent records

Record keeping can help your small business in many ways. As we’ve already touched on, accurate financial records may make tax time less of a headache. It also helps you know when you’ve been paid and who may owe you money.

You may also need to keep excellent records around workplace accidents or injuries, customer complaints, or other incidents. Your notes could become important if a lawsuit is brought against your business by an employee, vendor, customer, or other member of the public.

6. Consider business insurance

Planning is a big part of managing a small business, but accidents happen even with the most careful planning. Business insurance may provide a layer of protection to help shield your business from different types of events or incidents that could impact operations. Common types of business insurance that you may consider include General Liability, Professional Liability, and Workers’ Compensation.

7. Create a marketing plan

Getting your small business noticed by the right audience is a big part of driving sales and growth. A marketing plan helps you create a strategy for reaching customers through advertising, social media, emails, the press, and other channels.

8. Learn to let go

Small business owners must be time management experts. However, there are only so many hours in the day and you may not be able to do everything yourself. Delegating tasks to your employees or support staff can free up your time for more important things.

Another aspect of this is taking time for yourself. Taking a long weekend or vacation can help you recharge physically and mentally. You might also come back to work with fresh eyes and new ideas to help drive your success.

Wrap up headline

Managing a small business means managing all aspects of your operations. What we’ve discussed above is just the tip of the iceberg, but it could make a big impact on your business. Finding ways to make managing your small business easier and more efficient could improve productivity and make it more profitable.

If you’re ready to protect the small business you are managing, BizInsure can help you find the policies to do this. Find, compare, and buy business insurance policies from top insurers online and receive your policy documents instantly.

Start comparing business insurance policies.

Get Free Online Quotes and get coverage instantly

The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Let's find

The coverage you need for your business

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Love it
Hanna R.
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
Very easy to sign up for insurance.
Great company
Brown G.
Fast and efficient!
Kim C.
alireza J.
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
Great company for.your low cost business insurance needs.
constantin T.
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
Complete C.
Super easy process.
Ashley G.
It’s very easy to understand and at a very reasonable price.
Mary M.
Professionalism, Quality, Responsive and budget friendly
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
Always and easy process. Thanks!
Gerald S.
Renewal was quick and easy online
Angelita K.
I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
Juliette S.
Easy to submit an application and to get quotes
Simone S.
I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
Marcia S.
advanced U.
Great service. Very professional and cordial. Thanks
Jeremiah U.
BizInure has been a great company for our insurance needs. I wish customers services was 24/7, that would make it a five stars
Novilette L. J.
Google Rating
Based on 242 reviews