Updated: Apr 27, 2022
By Courtney Rosenfeld
Photo courtesy of Pexels
Are you an entrepreneur or small business owner who is more of a big-picture thinker than a detail-oriented planner? Your creativity and drive may have gotten you this far, but if you want to succeed, you need to consider your aptitude for smaller administrative duties, as well. These tasks, though they can seem inconsequential, can make or break your enterprise if not performed correctly and on time.
1. Inventory Management
Your small business duties may involve stocking and keeping track of items that you ship to customers around the country — or even around the world. Don’t let the details of how much inventory you have left, when it’s time to order more, or which suppliers have the best prices hold your team back from running like a well-oiled machine.
Staying on top of your inventory may be as simple as hiring a new team member to manage your product stock and place orders. If you don’t have this option, or if you are a solopreneur, consider using an inventory management software program.
2. Tax Duties
If you are an independent contractor, a freelancer, or otherwise self-employed, you may need to rethink the way you’ve always done your taxes. Most employees calculate and pay their taxes once a year, while independent contractors or freelancers — those who likely use a Form T2125 form at tax time — have a different tax deadline.
Sort out which forms you and your employees will need during this year's tax season as soon as possible. It’s a good idea to get in touch with a financial planner or an accountant to help you understand your tax duties if you don’t have a clear picture of how much to pay and when.
3. Automated Payroll
Setting up an automated payroll may take the guesswork out of paying your employees on time whether you have two or 200 people working for your business. It also saves you time, as payroll can be one of the most time-consuming tasks on a business owner’s plate.
If you’d rather handle this aspect yourself, you can use a free timesheet calculator that allows you to calculate weekly or bi-weekly timesheets and time cards. Also, consider offering perks to your team, including same-day direct deposit to ensure they get their hard-earned money in a safe, quick manner. You can also give them the option of tracking their work hours digitally so that nobody has to waste time filling out paper-based time cards.
4. Working Directly With Contractors
Your payment portal may need regular maintenance to protect your clients’ details with updated cybersecurity, or perhaps you change your site’s look depending on the season. Digital marketing experts like Skillful SEO can keep your website updated with a fresh look and keep it optimized to make it easier for your customers to find you.
If you rely on freelancers or other contractors to perform these services for your small business, plan to hold meetings with them well in advance of the project that needs to be completed. Review your expectations with them in person or on a video call so that you both have a thorough understanding of what’s expected, or put it into writing if you feel that it’s easier for one or both of you to understand that way.
Many factors go into the running of a successful business regardless of its size and industry. When you develop a good understanding of both the smaller administrative tasks, as well as the big picture that helps you to forecast and guarantee your business’ bright future, you will be well on your way to success.
Let Skillful SEO help you in the process. Reach out today.