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Small Business Policies: Five simple Tips

Too often I run into a small business with just a couple of employees and there are NO  Business Policies.  Who knows the ins and outs of running your business on a daily basis?  Is all of the information for your most important customers documented someplace?  How about all your passwords?  Procedures for billing customers?  What about important information for licenses?  Where would your company be if one or two of your key employees stopped showing up for work?  

This is where Small Business Policies are a necessity.  It is not difficult to implement one.  Some companies select to have a formal one written up while others just compile a lot of important notes and information in a big folder.  What ever method you select, following are five simple tips:

    • Think ahead and implement policies before you need them. Doing so helps avert crises and helps solve problems before they start.
    • Determine the most important policies you need first.  Don’t get sidetracked by focusing on minor policies.  What policies are most important to your survival?  Usually policies that deal with income coming into your business.  Prioritize. 
    • Let your employees have input. They offer a hands-on opinion and insight. Plus, they are more likely to support the policies they have participated in the process.
    • Make sure everyone in your company is aware of the policies.
    • Make sure you review and change your policies as needed, at a very minimum, do it on an annual basis.