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Plan big with these operational best practices for running a small business

Owning a small business means you work hard and wear many hats. Whether you’re flying solo or operating as part of a trusted team, there are operational best practices you can implement to simplify processes, make your business run smoother and prepare for what lies ahead.

Best practices for invoicing and quickly getting paid

  1. Go digital. Digital invoicing saves you time. It’s faster, more convenient and can be automated, so invoices go out as soon as a deal is done. Customers are also likely to pay more quickly when they receive a timely, professional invoice with a digital payment option.
  2. Have a system in place for managing invoices, tracking payments and following up as needed. It’s possible to do this from a mobile device with applications such as SimplyPayMe.
  3. Use an accounting system to keep track of income, expenses, money due and money owed. This will provide a clear picture of the financial situation of your business. Expense tracking apps are useful too, especially for micro-businesses.

Best practices for hiring and keeping staff

  1. Fill in the gaps with expert staff and find the right talent to help you grow your business. Connect with professionals through platforms such as Talents Ascend.
  2. Whether you’re hiring full-time staff or skilled contractors, make sure your job advertisement is clear and accurate. Be transparent about what you expect and what the worker can expect in return.
  3. Your people are the most important asset. Invest in them by offering access to benefits, retirement savings plans and other perks. Even if you can’t fund their plans, you can support staff with information and a stipend to help them secure their own benefits.

With systems in place for invoicing and monitoring money along with the appropriate well-cared for loyal staff, your business is primed for success. Document all processes and procedures so they stay in place as your staff, client list and business grow.

Best practices for predicting and planning ahead

  1. Build customer loyalty. Implementing a customer relationship management (CRM) tool to stay in touch, track business, document sales patterns and digitally deliver promotions.
  2. Make data-driven decisions. CRMs provide customer-based data and analytics from social media, online shopping carts and your website can also help you plan by identifying trends, successes, failed promotions and customer demographics.
  3. Plan customer outreach and promotions at least six months ahead. Using data gained, you can identify trends and plan how best to capitalize on them.