September 17, 2019
I’ve met small business owners and listened to how they turned their dream into reality. I’ve been inspired by their resilience and captivated by their kind personalities. I’ve celebrated their success and stayed by their side through difficult times.
But more than anything else, I’ve tied up loose ends. I’ve taken care of the big and small issues, the tedious and mundane tasks, so business owners can continue building their vision.
Having worked with a host of different businesses – a quaint little chocolate shop, an old family construction business, and even a non-profit for rescued animals – I’ve noticed certain recurring issues.
Despite the different industries, and some to a larger extent than others, many of these business owners either didn’t pay any (or paid minimal) attention to certain simple yet crucial areas in building a business.
There are two major things that business owners need to remember about contracts:
Regardless of industry, business owners have to keep accurate records for a period of 7 years. This is a requirement of the Fair Work Ombudsman.
The best way to go about this is by keeping a checklist of the records that need to noted. And just as importantly, employers should have a sound understanding of who has the authority to access their records and under what circumstances.
A business, no matter how big or small, needs to have the right framework to succeed. Although policies and procedures form a large part of business’ future success, many employers tend to overlook this step.
This is because their absence tends to go unnoticed until the business tackles new frontiers. Having the right policies and procedures in place provides guidance during these times.
Good talent doesn’t always come around easy, especially so for small businesses who don’t have the same recruiting capacities of bigger organisations. So when good employees do come around, it is important to express an interest in their potential and growth.
But often enough business owners get so caught up with running their business as an entirety that they overlook the individual components that piece the business together – their staff.
Turning a blind eye to your employees’ potential is the same as turning a blind eye to your business’ potential.
As much as we would love to, we can’t do everything ourselves. This is a particular issue with small business owners who either take on everything themselves or delegate it to employees who are not trained in that particular task
Outsourcing is seldom seen as an option and it’s usually ruled out often because it’s deemed as expensive. Outsourcing, on the contrary, actually saves on excessive overheads. It also levels the playing field for small businesses.
There is no set formula that can be applied to make a business successful. Each and every business will be confronted with its unique set of challenges – in various forms and permutations. There are, however, measures that can be put in place to make it harder for certain challenges or obstacles to emerge.
Find out where you should be focusing your energy and what you need to avoid across tricky areas like outsourcing, record keeping, establishing business procedures and more with Employsure’s latest e-guide.
Learn more about strategies you can put in place to help your business grow – download our free e-guide 5 Pitfalls for Small Business Owners and how to avoid them.
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