7 easy tips on How to manage a small business.

These days, most of us have one or two businesses that we manage. It might be a side hustle
or just something that we do and hope to make it develop into something big someday. Well,
anything is possible as long as you put in the work and trust the process. Managing a business
is like nurturing a child, it needs time to grow and develop. Although it might be challenging and
stressful, with time the work you had put in will definitely pay off.
Managing a business is not always an easy task especially when you don’t really have
experience on how to manage a business. As long as you are willing to learn, it will be easier to
manage your business.
Small scale businesses as the name projects are business investment with little capital or
investments. Small scale businesses need not a specific location, building or space, It does not
require dozens of workers as it can be a sole proprietorship business and mostly is ,also it can
be handled remotely.
However small scale businesses if properly managed can swiftly rise into a big scale business.
How do we do this?

Here are the few tips you need to know about managing a small business.

1 . Take care of your personal finance

when you are managing a small business you will easily
mix your personal money and the business money. It is very important to treat your business
money and personal money separately. You will find out that you are mostly using your personal
money to settle some of your business bills. If you continue to do it that way, you will not know
whether your business is really making profit or loss. This is why you ought to treat the both
separately. Ensure your personal finance is in a good shape, no matter how busy you are with
handling your business make sure you create time for your personal finance as well.

2. Reduce your risk

it is impossible to avoid risk in any kind of business because risk is an
inevitable part of starting and growing a business. But it is possible to reduce the amount of risk
in your business. Since the business is still growing, try as much as possible to avoid taking
decisions or steps that are too risky for the growth of the business. Also make sure you get your
business insured.

3. Have a good relationship with your customers

Whether you sell a physical or digital product, or you offer services, ensure you create a good
relationship with your customers. Be interactive friendly, and at the same be formal. Get reviews
from your customers, answer their questions politely, engage with them, direct them on how to
use your products and at the same time learn to set boundaries.

4. Advertisement

One of the most effective ways to make a business grow is by creating awareness and to do
that advertisement is very crucial. let’s say as a small scale business who sells goods or
services using the social network and makes delivery through dispatchers,your maximum
customer target monthly is 100 persons and for that 100 persons a sale of $1000 is made,
however when adverts are placed more audience are reached thus increasing number of clients
and definitely the profit increases.
In a case like this a small scale business owner will need a location or store in order to make
services rendered effectively and with lesser struggles because customers can easily come to
pick up their goods and services.

5. Reliability

Oh, yes. One major business crusher is when a vendor or dealer is not reliable or disappoints.
To move the business up the ladder you need to be reliable and deliver when needed. Nothing
does a business more good than to be referred to by others and for this to happen means that
one must be effective and efficient in their business dealings

6.Versatility

Most small scale business owners research and know about “what to sell (products)” “where to
sell(location)” and “whom to sell it to(targeted audience)” however most do not know about
“when to sell(time/period)” at times as a business owner you need to diversify i.e try something
new, explore ,don’t just stay in your comfort zone and expect a miracle to occur. Let’s say an
umbrella vendor sells umbrellas and makes enough sales during rainy seasons, then what
happens during dry season when there is lesser rain (now this is the when) and at this point
he/she needs to bring in something new to sell.

7. Expansion

As a small scale business owner, an expansion can also change the face of the business totally,
you can go for a bank loan to help sell in larger quantities, for example you only sell in retail but
having a bigger capital can make you sell as a wholesaler and retailer and this makes the
business bigger.
Not all expansion necessarily needs a loan, being a broker is another approach. Who is a
broker?
A broker is a businessman who buys or sells for another in exchange for a commission.
Now this means with little or no capital you can expand and move up the ladder from being a
small scale business owner to a big scale business owner.
There you have it, here are basic steps and approaches to promote a small scale business into
a big scale business