The Roles of a Business Owner

Published on 2019-03-27 18:48:05
2 min read
As a small business owner you will wear many hats and play many roles in your business. You'll need to evaluate your strengths and weaknesses to determine if you need to improve on those skills or hire someone else for those roles. For example lets say that you hate accounting and the task of entering checks in a ledger. Hiring a bookeeper to come in parttime for a couple of hours a week is a good solution to save money and time so you can work on a part of the business you enjoy. Or, let's say, you have a very limited budget, so it's better to buy app downloads as a promotion, but create the applications on your own, it's really easy, because nowadays a lot of free online courses available.

Here are some of the basic roles:

Accounting

If you sell products you'll be collecting sales tax. An accounting role incompasses keeping records of transactions, paying State and Federal taxes, financial reporting, collections and paying bills. A bookeeper will use an accounting software package such as Quickbooks Pro or Peachtree to keep track of daily entries using work orders, Quickbooks report creator for making financial reports, and various other accounting functions.

Manager

If you have employees you'll be responsible for human resources that includes recruiting, hiring, scheduling, payroll, firing and keeping track of benefits such as insurance.

Sales

Planning sales, negotiating deals, direct sales to buyers, customer service, managing other sales reps and tracking competitors.

Marketing & Advertising

Planning your marketing or advertising plan. Marketing may include writing ad copy, annual market planning, media planning & buying, market research, distribution channel planning, pricing & packaging.



Legal

you may be required to know about certain legal aspects even if you don't have a lawyer. Preparing contracts and other legal documents as well as simple legal guidelines will take some research.

Business Planning

After starting your business you'll be monitoring your progress, preparing financial statements, expanding business, adding new products and adjusting your small business plan.

Technology

As a small business owner you may be faced with technology challenges so it's best to be prepared. We depend on our computers so much that planning for when it breaks or needs upgrades, or you need new software installed is best planned ahead of time.

Receptionist/Clerical

This position performs duties such as filing, mailing, collecting gas accounting receipts, typing cover letters and answering the telephone.

As your small business or home based business grows you can hire people to take on some of these roles and responsibilities.

A small business owner must possess many skills and qualities to be successful. Required skills include vision and the ability to be creative and innovative at running and growing a business.You must have dedication and willingness to spend long hours making your business succeed. As you monitor change you'll need to be flexible and embrace change with strategic planning. The business will evolve around you so you need a positive thinking attitude with high energy, drive and enthusiasm.