As a business owner, there is always something to do. However, many business owners often spend more time working in the business than they do managing the business.
Here are some key management tips to help you make your business successful:
Protecting your business
Ian and Meg own their own catering company, and both work in the business full time. The business relies on Ian for the day-to-day management of the company including their financials. Meg is also a key person in the business, and manages fifteen staff including rostering and HR. Business insurances are a necessity for Ian and Meg. Here are a few options they should consider:
Create a succession plan
James, aged 56, has owned a successful small business for 20 years. After years of building up the business, it’s time to think about retirement. One of James’s key employees has expressed an interest in taking over the company when James retires, so the two agree to spend some time discussing the future: