5 Business Management Strategies for Small Business Owners

Creating and implementing successful business management strategies are key to sustainable growth in your business. There are many aspects, from back-office tasks like handling finances, paying the right taxes, and writing contracts to staying organized and delivering quality work. 

If there’s a particular aspect of management that is lacking in your business, it’s worth taking the time to consider what you could be doing better and take steps to get back on track. You want to start with these five areas of business management together with some strategies and best practices to help streamline your work.

1. Prioritize Client Relationships

Creating and maintaining client relationships are essential parts of your independent business. A good relationship can lead to future work down the road while a poor one can lead to a negative reputation in your industry. 

To cultivate positive relationships, make sure you are thoroughly meeting client needs. Be open and honest with them and encourage them to be truthful with you. Prioritize strong communication and be consistent with the delivery of quality work on time and on budget. 

Try this: 5 Ways to Communicate Effectively with Big Clients

2. Invest in Professional Development

To remain competitive in your area of expertise, maintaining your skills and knowledge above that of your peers is an important investment. 

Professional development can take many forms, from online training courses or resources such as educational webinars, to professional events and continuing education or certification programs. 

For more information try these 5 Professional Development Tips for Staying Relevant

3. Streamline Project Management

One of the most difficult things you can run into with a project is scope creep—when a client adds new provisions, tasks, or deliverables that are outside of the existing contract or scope of work. Scope creep can cause you to miss deadlines, perform additional work that was not budgeted for (or that you are not paid for), and ultimately result in a product the client is not happy with. 

To avoid running into these issues, be sure to include detailed deliverables, timelines, milestones, and responsibilities in your initial project contract. In addition, codify in the contract how out-of-scope requests will be added to the contract (usually through an addendum). As you and the client will agree to this before work starts, you will be on the same page when additional needs arise.

Up next: 6 Project Management Tips for Independent Contractors

4. Make Time for Yourself

Yes, having a long list of clients and a full roster of projects to work on is great. Overworking yourself, however, can negatively impact the quality of your work and put a damper on the reasons you are independent. If you find yourself faced with an insurmountable workload, consider your current time management strategies. If they aren’t up to par, try something new that allows you to be more efficient and stay organized. 

Another option is to engage your own independent professional to work as your virtual assistant. They can help manage tasks like screening calls, scheduling meetings, and organizing paperwork, freeing you up to take time for yourself.

Here’s how: 5 Time Management Strategies for Independent Consultants

5. Deliver Value to Clients

By focusing on creating long-term value with each project you complete, you can help clients reach their business goals while securing future work or a strong referral for yourself. To deliver value to a client, first consider what value means to them. Value will differ from person to person depending on their individual goals and business needs. 

By taking the time to get to know your client and understand what matters most to them, you can conduct your work in a way that supports their goals. Along the way, be sure to measure and communicate progress so your client can follow along and see the work you’ve put in to achieve the objectives you discussed. 

Up next: What is Scope Creep: Top Causes and How to Avoid It