Smart entrepreneurs have a thorough plan in place before they launch their business. They’ll know what finances they need to have in place, what turnover should be like in the initial period, and where they expect their business to be in five years’ time. That long term planning is invaluable, of course, but that doesn’t mean that more short term planning can be forgotten. A recent article on Ehow.com looked at the day to day events involved in running a business. Here, Justin Cobb reviews the article, and looks at what entrepreneurs across the USA can take from it.
“Starting a business is a very exciting thing to do, and one that I recommend to all, but it can be easy to focus on the big things to the exclusion of the little things”, said leading entrepreneur and public speaker Justin Cobb. “One thing is for sure, and it’s that running a new business takes a lot of hard work, and long hours. By gaining a better understanding of what the day to day running of a business involves, new entrepreneurs can really hit the ground running.”
As the Ehow article explains, an entrepreneur has to be able to master many skills. In the early days of a business, especially, they may have to do all the tasks themselves, whereas in a growing business they will be able to delegate tasks to others. One essential everyday task is controlling and managing finances. Entrepreneurs should know precisely how much money is coming in and going out of a company on a daily basis, and should be flexible enough to react to any unexpected events. They also have to be able to use technology effectively and efficiently. This involves the use of computers, of course, for everything from accounting to sending communications, and it’s also essential to keep social media platforms updated daily, as well as keeping the website relevant.
As a company expands, staff will be taken on. You then have the daily duty of overseeing staff, as well as dealing with personnel issues. One other daily task that cannot be ignored is marketing. Marketing a product successfully is the only way to bring in the revenue that a company needs. It shouldn’t simply be thought of as a finite campaign, as everything an entrepreneur does and every communication they make can be used to market their product or service.
“These are key areas for any entrepreneur to operate in, but there are other areas as well, such as planning and design”, said Justin Cobb. “Outsourcing areas such as marketing to experts in the field can allow you to concentrate on the areas that you’re really good at, in addition to freeing up valuable time.”
Justin Cobb is himself a successful entrepreneur, as well as being an in-demand public speaker and business advisor.