What do you do for a living? If you run a small business, it might not be as easy a question to answer as you might think. However, understanding your core duties is essential. These are the duties that cannot be handed off to your staff and will require your direct attention. 

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Creating a business plan

The business plan will help you decide where the money goes, for some time, but at some point, you will outgrow the business plan and have to decide where the rest of the money goes. Paying yourself a bonus might be tempting, but you need to consider which parts of the business need the investment money most of all, be it marketing, equipment, or something else entirely.

Taking care of the finances

How the money is handled is your decision and your responsibility. As such, managing the day to day finances as well as more occasional needs such as end-year accounting is your responsibility. However, that doesn’t mean that teams like MNE Accounting can’t help you take care of it. Outsourcing to chartered accountants can help you be doubly sure to avoid mistakes.

Hiring and managing employees

Another responsibility of yours is to build the team that will help you keep the business running and growing. As such, it’s important you have a good understanding of the duties that make up the different business processes and create the positions that fulfil those duties. This can be one with the help of recruitment teams like Hays.

Taking care of the legal side

No-one but the owner of the business is responsible for ensuring that it adheres to any local, regional, and country-wide laws. This includes making sure you get any licenses and permissions necessary, are insured, as much as you need to be, meeting your tax requirements, and more. You should, naturally, hire a lawyer to help you manage the legal requirements of owning and running a business.

Investing in the business

The business plan will help you decide where the money goes, for some time, but at some point, you will outgrow the business plan and have to decide where the rest of the money goes to make the business bigger. Paying yourself a bonus might be tempting, but you need to consider which parts of the business need the investment money most of all, be it marketing, equipment, or something else entirely.

Watching over the team

You may hire a team to help take care of the many duties in the office, but as the employer, you are responsible for training them and making sure they’re equipped to handle those duties. Team management software like Monday can help greatly, but you also have to deal with resolving disputes and enforcing company policies when it’s necessary.

Aside from those mentioned above, the duties that don’t require quite as much explanation include managing customer service, marketing efforts, managing the office supplies, furniture, and equipment, and getting tech support in place.