12 Basic Best Practices for Managing Your Small Business

By Sarah Bull


You’re intent on coming up with new techniques for marketing and growing your business - but striving for entrepreneurial success does not have to be complicated. In fact, lots of best practices within the world of entrepreneurship are quite straightforward and simple. If you’re ready to optimize your approach to business management, we’ve gathered these resources to guide you through the process.


Legal and Financial Tips


You want to make sure you’re always on top of your legal and financial tasks in order to keep operating your business without stumbling into roadblocks.


  • Find an accountant to assist you as you file your taxes. This will ensure you don’t miss any filing requirements.

  • In order to reduce your stress during tax season, carefully record your company’s financial transactions throughout the year.

  • Research different business entities and choose the right structure early on in order to save on your taxes. For small businesses, LLCs and sole proprietorships are fairly common.

  • Know where to seek out a small business attorney should you ever need their services.


Invest in the Right Software


Software can help you optimize your company’s processes and hone your marketing strategy! Here’s how to ensure that your software investments are worth it.


  • Look for cloud-based project management software that will allow your team to collaborate on marketing projects, sales initiatives, and other endeavors.

  • You don’t need to manage your social media marketing strategy manually! Instead, schedule content in advance with social media management software.

  • Customer relationship management software enables you to integrate your sales and marketing data into one system.

  • A user-friendly communication app for internal messaging makes it easier to keep everyone on the same page.


Foster Employee Development


Building up your employees contributes to the overall success of your company. You can turn to these resources for actionable tips on employee development.


  • Support staff members who want to form employee resource groups!

  • Start a small internal mentorship program to help your team reach new heights.

  • Deliver more effective performance reviews so that your employees internalize your feedback.

  • Host regular training programs so that your employees can master new skills.


By fulfilling your financial and legal obligations, choosing the best software tools, and investing in your staff’s future, you can grow your business sustainably. You can easily implement these best practices into your own business management strategy. Soon, you’ll be reaping the rewards!


Photo via Pexels


Sarah Bull is a single mom of two, an entrepreneur, and a penny pincher. She is the creator of Economymom.com, where she shares tips and tricks about growing a home-based business. She hopes to inspire her readers, especially fellow moms, to take their earning destinies into their own hands using her career and money-making advice.