A small business owner doesn't always have access to ample resources and a never-ending business banking account. On the other hand, these leaders are tasked with finding an efficient, cost-effective way to run a company and keep everyone happy at the same time.
The key to becoming a successful organization is figuring out how to get the most out of the least amount of funds, especially during the early stages of the small business. Employees, transportation, products, cash flow – elements such as these are what is truly important at this stage. So then, how can a company foster creativity and growth while keeping everything affordable?
Believe it or not, this is achievable. Across the U.S., a number of firms find a way to foster creativity and create a successful financial plan. These goals are possible for anyone, all it takes is some know-how and these four tricks to pull it all off:
1. Make sure the leaders are involved
One of the biggest problems with a small business is an abundance of disinterested leaders. According to the Harvard Business Review, involved, curious people at the top of the company are the first step on the path to success. Recently, HBR conducted a survey of 32 companies over seven industries, involving more than 600,000 people. Unfortunately, the number of unhappy employees outnumbered those who enjoyed their work, but some firms found a way to flip that ratio. One of those keys to success included great leadership. The company should be founded on positive attitudes, beliefs and behaviors, and those traits will trickle down through the entire workforce. Better yet, upper management will show a desire to improve, signaling to the rest of the business that nobody is perfect.
2. Create a great HR department
The results of the HBR survey found that nearly all successful firms had a fantastic human resources department. These professionals are skilled at influencing and teaching employees, which are valuable abilities to have for any company. In addition, HR should also be able to hold administrators accountable. Many of these people can get to their positions without learning how to properly manage, and this could lead to problems for a small business. An HR department full of skilled, dedicated people can reverse this trend and help the entire company improve. Once acquired, these professionals should be extremely valued and respected at the company.
3. Outsource whenever possible
A small business doesn't always have the most expansive financial plan. Instead, it may be wise to outsource whenever possible, in order to save money while still receiving a quality product. According to the Guardian, tasks like bookkeeping don't need to be performed in house. Cost-saving opportunities exist when a full-time staff is reduced thanks to outsourcing. Then, those funds can be spent in other ways, such as improving the current base of employees or focusing on bolstering a marketing strategy. Other duties, such as e-commerce, warehousing and stock level processes can also be outsourced.
4. Improve the office space
Too many companies overlook one important key to efficiency and success – the office space. The Guardian noted that a new location can be extremely costly for any company, especially a small business. Picking the wrong place can have lasting ramifications.
"Calculate exactly how much space you need well in advance of looking," Adam Landau, director of DeVono Property, told the news source. "The industry standard of 100 sq ft per person is around 10 to 15 percent too much, according to our own research."
He added that firms should find an office that has a flexible lease, in the event that rapid growth occurs and a bigger location is needed quickly.