Building Your Small Business: Tips & Tricks

Building you business can involve plenty of steps. Being sure you haven’t neglected anything important is the key. Here are some tips that will help you build your business thoughtfully and intelligently taking the steps necessary to make your venture an ultimate success.

Human Resources

4 keys to crafting effective job descriptions. Having job descriptions for each of your positions is a must. However, they must be thorough and accurate and fit exactly the position. This necessitates that you develop the job descriptions for the positions you have in your business. Finally, the best and most accurate job description is useless if it is not used as an  effective tool. allBusiness
5 ways to build a spectacular team without damaging your ego. People who become an entrepreneur usually have an ego that can be hard to accept. However, if this were not so, there would be very few entrepreneurial ventures. Sooner or later the entrepreneur realizes that he can’t do it all if his venture is to be successful. Building a good team requires the entrepreneur to assess the exact need and then hire for that need. After clearly communicating the function and expectation of each member of the team he must then allow the team to function with minimum interference. Forbes

Self-development

Measure your entrepreneurial instinct. Do you really want to start your own business? Will you be happier and more satisfied working for yourself or working for someone else? Authors present a quiz that is based on the Five Factor Model of Personality presented by Paul Costa Jr. and Robert McCrae. An explanation of the five factors is presented. Forbes
Nine ways employers screw up hiring. Hiring practices and procedures must be made current to match today’s business model and those qualified job-seekers. Businesses must examine their interviewing and hiring procedures and ascertain whether or not they match the requirements of the position they are seeking to fill. Unfortunately, many resumes and interviews do not. There are a number of “bad” hiring practices listed which can be used to begin evaluating your hiring procedures. Bloomberg BusinessWeek

Resource Management

The untapped talent that can juice the economy. The government has seized upon the the fact that most job growth originates with small businesses. Their answer to energizing job growth is to encourage the increase in entrepreneurship. Again they fail to recognize the difference between entrepreneurship and other small businesses. Entrepreneurship requires the development of an idea and then the establishment of a small business to market that idea. While this may result in more long-term job growth, it does not fulfill the need for immediate job growth. Far more can be gained from encouraging skilled professionals to develop more productive businesses. Bloomberg BusinessWeek
5 creative ways for a business to save. As a small business owner, you can’t control the economy. What is under your control and is imperative for the success of your small business is your expenses. Check out the five creative ways this owner used in lowering his costs. In this economy for a small business owner to be successful, he must be able to be creative. CNNMoney

Operations

Living in a bipolar business world. As the global economy continues to grow, we are all going to be drawn into it. We will reach the point where it doesn’t matter from where we are getting the product or service that we need. However, to escape the intrusions that the global marketplace will at times burden us, we will be gathering in small sub-market niche groups that share our interests and concerns. Which grouping does the small business seek out? What role will government have in policy and taxation in this new and very complex marketplace? ABC News
The importance of cash flow. For entrepreneurs, especially those with little or no business background, one of their biggest problems is cash management. The first step in learning this is to do a projection of the influx of cash received and one of cash out-go. Reuters

Strategy

Nervously watching as the economy churns. We see that Wall Street is recovering, but what about Main Street? In surveying small business leaders we find that most of them are very nervous about the economy. Many feel that they should be moving forward but instead they are hesitating or moving more slowly than they normally would. NY Times Small Business
Being remarkable. Of, course, ultimately it takes more than all this stuff to make your small business a success., It takes a group of supporters and customers so fanatical about what you do that they are willing to change the world. The Marketing Blog