Small Business

Guide to Management of a Small Business

How to handle the challenges of small business management
By Laurel-Ann Dooley

	ABCs of Small Business Management Learn about human resource management so that you are managing employees, not vice versa. Stay focused on what you do best by honing your time management skills. Business management software can simplify day-to-day management tasks.

Time management. Change management. Managing employees. As a business owner, you face the dreaded 'M' word at every turn.  And if you're like most entrepreneurs, you want to run in the opposite direction.  

But don't. Learning business management is not as daunting as it seems, and the consequences of ignoring the day-to-day running of your company can be severe.  Establishing basic operational systems is not hard, and with the help of readily available web-based business management software and informational sites, it's never been easier.  

Four basic areas of business management that you need to address are: 

1.  Human resources management to get the most out of your employees.
2.  Developing your own business management style.
3.  Improving your time management skills.
4.  Mastering change management as your business grows.

Action Steps

The best contacts and resources to help you get it done

Learn the essentials of human resources management Perhaps the biggest ongoing challenge you face as a business owner is managing employees. From the basics, like vacation policy and sick leave, to the more touchy, like bonuses and layoffs, human resources management presents myriad considerations. A solid employee practices manual is the best starting point. With that in place, training in employer-employee communications is a great way to both avoid problems and build organizational strength.

I recommend:  Turn to TemplateZone.com for an inventory of items an employee manual should cover then check out Personnel Policy Service, Inc., which offers business management software to create one.  Some providers of training in interpersonal communication skills can be found at Engage Group, Dix & Eaton and Joan Lloyd . 

Discover your business management style The key to business management: Know thyself. Examine how you naturally lead your troops and then play to your strengths and work on your weaknesses.

I recommend:  For an objective perspective on your individual business management style, take the free quizzes at ManagementVitality and Business Bureau-UK.  A self-coaching system like the one at Signature can help boost areas where you need bolstering.  Sign up for the free emails from Foster Seminars and Communications and Thinking Managers for a steady flow of motivation and insight on everything from specific small business management issues to overall human resources management concerns, change management matters and leadership topics.  

Improve your time management skills From the minute you started your business, you've faced the challenge of too much to do and too few hours to do it in. To balance the work-time equation, overscheduled entrepreneurs need to develop solid time management skills.

I recommend:   Mind Tools Ltd. offers a wealth of time management tools, including a template to help prioritize your workload.  FranklinCovey's PlanPlus business management software performs multiple functions, while TimeWhiz and Time Sheets let you clock activities to see how long various tasks actually take.    

Grow your business with effective change management As your business grows, change is inevitable. Embrace and capitalize on the changes that face your business, developing effective change management tools, such as a strategic plan for growth. You may not follow the plan to the letter, but you will have a better idea of the types of future changes you will need to address.

I recommend:  For help creating a strategic plan that will assist you with change management, download a free template from Gazelles Inc. or PlanWare. Both sites also offer primers on strategic planning. Find more resources on change management at Business.com. 

Tips & Tactics

Helpful advice for making the most of this Guide

• Business management software is abundant on the web. Take advantage of it and establish a framework that will ensure an efficient operation, provide time management skills and help with managing employees.
• Continually learn. Take courses in areas of business management that are not your strong points. Seek out online sources of business advice. Examine mistakes for the lessons they offer.
• Human resources management is one of the biggest challenges you will encounter in running your business. Face it head on and lay the necessary groundwork to prevent problems before they happen.
• Develop time management skills so that you are not overrun by details. Prioritize, delegate and eliminate what you can.