How to manage a small business

I will teach you how to select a tool that facilitates the administration of your small business i will show you the keys to make an easy inventory control i will tell you what you should know about costs (THIS IS IMPORTANT) We will talk about how to keep a record DIARY of expenses and sales i will tell you how to keep a customer record -i will show you how to track your employees You will know how to make a comparison between the results that your business obtained and what you had planned to achieve And finally we will see what are the properties of a small business running at full throttle If you are planning on setting up a business in the UAE, listed below are some tips to ponder about.

1- How to select a tool that facilitates the administration of your small business

There are many calculations that we must do and nothing better than to rely on some tool There are some as simple but effective as nd others more advanced and complete as But whatever option you select it is important that you have software that supports you The important thing is that you start with one that is easy for you to handle.

2- The keys to make an easy inventory control

A mistake of many entrepreneurs, is that because they are small businesses, they believe they can have control with just the look For example, if they sell ice cream, they only look at the refrigerator and say “There are many, no need to buy more We must leave this, we must begin to have a record of everything and work with numbers as I told you in the info graphic For things like these is that when we sell more than one product it happens to us that some of us are exhausted and we don’t realize it So you should keep track of the amount of products you have Actually this topic goes further, but to begin I recommend you pay close attention to what I comment and for more help

3- What you should know about costs

There are many types of costs:





We must consider them all, however minimal, and keep a record of them What happens? that sometimes we only consider expenses for example the cost of the raw material, but not the Internet service, or the gasoline of the car that will look for the raw material, etc This will allow you to calculate the cost of your products, find better suppliers, etc. This is a task that must also be handled with numbers, no estimates or accounts to the eye You can not imagine the amount of small businesses that have failed because they simply had no profits because income was nothing (compared to expenses).

4- How to keep a DAILY record of expenses and sales

Do not wait for the end of the month to realize how much you spent or sold, it turns out to be very difficult (the margin of error increases, and work accumulates The best thing is «Product sold, product that I register in my system.

5- How to keep a customer record

It is not just registering sales, but who buys You must have a database with your customers, how often they buy, level of satisfaction This information is very valuable for the future of your business For more information I want you to read articles like

6- How to track your employees

That’s right. Remember that the administration of your business goes beyond money, even customers The people who make life in there greatly influence the success or failure of the business So it is important that you track your behaviors. If they are in charge of selling, record the sales amount to measure their performance This type of information will allow you to evaluate your staff and know if you have to train, get attention, change positions and even fire. The tips provided on this website might help you to get the basic measures of success in the new business venture.

7- Compare the results with the plans

A good answer to how to run a small business is to have a plan first, and to compare the results with the plans you have drawn up In your plans you have to set short-term objectives, it is the best way to manage your business. Set up a number of customers to reach in a month (for example), and manage all your resources so that you can meet If the results are not in accordance with the plans after the pre-established time period, it is time to make decisions. Something must be wrong!

8- Business properties are business.

This is good advice for those who want to manage their small business in the best way. A mistake we make many times is to believe that the money, equipment … of the business are ours For this reason, we sometimes run out of capital, worn out equipment, etc. It must be very clear The business resources are theirs and not yours!

Gold is a universal investment option. Although many would argue Gold has reached its high and now its time for the shining metal to jump down, I would predict a 5% further increase in Gold price before we can actually say that Gold has reached its maximum price. From an article in Financial Times I got to know that Central Banks are planning to buy 15 tonnes of the barbarous relic in 2010, flipping them from net sellers to net buyers for the first time in 20 years, a large Hedge Trader in Gold Anglo Gold Ashanti is spending $ 1.375 Billion to take its gold hedges off.

And Dollars has had so many downward hits this last year and before that, it is going to take so much time to recover, if ever, to come back to that standard strong Dollar it was once. Further people are getting warier of the fact that they want to store something tangible, something that has a pure ‘value’ in itself, and is something that can be trusted no matter how low the world economies grow.  Learn more about the strategies that you can adopt to boost your business, on this website:

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