Sometimes too much of a good thing can be a bad thing and that still holds true in the world of business. Having too many employees than you can handle to take charge of your expanding business, spending way too much resources on promoting your company and managing stock that’s way beyond your capability are only some of the things that start out as positives but when out of hand can result in negatives.
The Guardian recently had a Q&A session with a bunch of small business experts in order to help others maintain the right balance that’s key in entrepreneurship success. Here are some of the questions that were tackled:
- How much time should I allocate to PR and social media in the early days? Marketing usually should take up about 3% of revenues but that could change depending on the situation and type of business. One expert suggests taking advantage of social media outlets like Facebook.
- When is the right time to hire? The best answer is when your very own skills have taken you as far as you can go and someone else is needed to focus on specific areas.
- How do you maintain clear communication in a fast-growing small business? The first step is to maintain company culture. Take advantage of different internal social media channels to clearly make everyone understand the purpose, values and priorities of your business