According to Dicksee, “Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted”. Whatever business you’re involved in, be it small-scale, micro, large-scale or online business; it cannot be operated without the proper managerial skills which involve time management, human resources, finance, creative ideas, technological know-how, and customer service.
Every business person should remember always that customers are the key to any business. For a business person to be successful, they have to both be able to lure in new customers easily and also be able to retain old customers by providing goods and services that are in large demands and needed by the customers at the current period. Business management not only involves the customers but also the employees. No matter the ideas, planning, controlling, accessing going on to ensure optimum results, if the employees in the organization are not satisfied, there is bound to be a derailing of the plans to move forward as an organization (Well, you are the boss. You can always reshuffle your employees).
Most business owners’ ability to remain dynamic and flexible towards change in needs and demand patterns of customers, helps to tune down whatever risk involved in the business (and trust me, the risks are certain).
Here are some tips on how to manage a business effectively, in no particular order:
1. Effective Planning: ”if you fail to plan, then you plan to fail”- Benjamin Franklin. Without a plan, it is merely but a dream. When you make the decision to start a business your next step should be to create an effective plan. While working on a plan and strategy for your business, always prepare for failure than success (this is why you should have a plan B).
2. Good Communication Skills: Proper communication is needed to deliver an optimum result. Projection and good dictions are extra and important qualities a business owner must possess especially when conversing with a potential sponsor or investors. Everyone on the team must have the same understanding of the plan and its implementation and with good communication skills, this should be a walk in the park.
3. Team Work: How well a business does depends on the employers and employees in the company. Co-operation, absolute understanding, the thorough flow of communication and positive vibes amongst the team member are key to an effective business.
4. Dynamic Environment: Adapting to the latest trends is what keeps a business running in this modern age and the inability to do this will lead to the stagnation of the business. It is paramount that every business can conform to any changes be it in the product line, needs and demands pattern of customers, technology, etc.
5. Time Management: As an entrepreneur, time management is important because not only does it help you efficiently manage your business, it also produces extraordinary results by making higher profits and customer base.
Being a business owner was your choice, so have fun while you’re at it and give it your all to make it work.