Do you know how the Flying Wallendas got started? The patriarch, Karl, answered an ad for a “hand balancer with courage”. Sometimes running a small service business seems like walking a tightrope straddling a giant bar. (And for someone that doesn’t like heights, that analogy is pretty scary.) A small business is, by definition, imbalanced. Because 80% of all small businesses (i.e. defined as businesses with under 100 employees) have fewer than 10 employees and as many as 50% have fewer than 4 employees.In most small businesses, the owner(s) usually sell, serve customers and do all the support work, creating an imbalance. It can be a struggle trying to determine what area of the business to focus on: sales, operations or support.
In an article by Chaitanya Sagar who writes a lot for American Express, he describes how to keep that balancing act in check.
• Create an On-Demand Model – find other companies who deliver similar services and establish a referral/reciprocal work agreement. It helps not only with cash flow, but with time and resource allocation.
• Hire the True Multi-Taskers – Especially in these times, it’s critical to have employees that can effectively handle more than one activity.
• Outsource Non-Core Activities – Find quality providers who want to and can understand your business and support you.
While the Wallendas didn’t use a safety net, it’s critical for small business to create their own utilizing smart practices.
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