3 Important Tips For Successful Business Management
Free enterprise was a dream in empires of old. Many nations have given up socialism to find that the invisible hand of the economy is best for the people. You have become part of that economy with your self-starter business. Congratulations!
Now it's time you made sure that you stay afloat as part of the supply market. Check off these ideas to see if there are things you could fix in your company.
1. Don't Sweat The Small Stuff...At First
Have you ever been assigned a large project and neglected it for smaller, less important items of business? This is partly due to procrastination and partly due to a fear of facing reality.
Here is an example to teach you this concept. You are assigned a science project in school. This probably sounds familiar, so it works well to relate to you. The teacher expects you to form a hypothesis, test the theory, and make a full, understandable presentation out of it. You come up with many ideas right away, but none seem to stick.
Then, in a stroke of inspiration, you figure out what to prove to the world (or disprove, as the scientific method goes.) But you lose your winning streak as you make your board beautiful with sparkles and bows (tailor this to your age). The day before the project is due you realize that you have not even finished collecting data, and thus have not much of a project to show. You have a big problem on your hands; the same problem that comes up in business.
Sometimes you pay attention to every detail, making sure that the store is shining and ready, without making sure that profits will cut it. So look at the books. Numbers show you the growth of the company, what you need to work on, and if you can continue to pay the bills.
Get the largest assignment done first; then move the next largest, and so on. You most likely will never finish, but this way you keep going as the company does, and important tasks are taken care of.
2. Make A Plan
When disaster strikes, you want to be ready. Get prepared now. Sometimes, people get so busy in their lives that they forget about emergency preparedness. So they buy enough food for the next two weeks, always planning on replenishing at the grocery store. But what happens when you lose your job and cannot pay for groceries two weeks form now?
Be ready for the worst case. Check to see if the fire safety system in your office works. Make sure each employee knows how to administer CPR and what to do in case of a disaster. Save money for a rainy day and put some into a steady investment fund.
Banks don't collapse when their stocks fall because they have planned ahead. Take a hint and do the same.
3. Don't Put All Of Your Eggs Into One Basket
You have probably heard the story about the little girl who had a basket of eggs and dropped them all. She had planned on raising chickens and building a farm with the money they would bring in. But when she tripped and fell, all her dreams came crashing down.
That's because she did not diversify. Make sure that your company is not relying on one season of profits. The holidays can bring in lots of cash, unless the economy is hurting. People spend less when they make less, and even less when they don't see a bright future ahead. So make sure that your company will not go under if profits don't hit last year's.
Keep in mind these ideas so that your company keeps running, no matter what the economy is like.