There are 25 tips that can help you to manage your business.
Fortunately, many management tips can be learned and developed.
Below are just some of them:
Empower Your Employees
As an entrepreneur, it is very important for you to develop and empower your employees.
For example, when companies are posting huge profits, it is employees that make this possible.
When you empower your employees, they will be happy to be part of your success story.
Moreover, they will develop confidence in themselves.
Consequently, their self confidence will enable them to be the best they can be.
You need to train and develop your employees.
For best results, you also need to empower them to develop their careers while working for you.
Moreover, when you empower your employees, there will be mutual benefits between you and your employees.
Firstly, empowering them will enable them to be the best they can be.
Secondly, the empowerment will also enable them to develop their skills to help them achieve greater goals.
Furthermore, you should let your employees, especially the senior staff, know the direction your business is going.
When they know the direction of your business, together, you and your team can figure out when and how to get there.
Build systems for your business
You need to put in place actionable systems that will allow your business to grow seamlessly.
A functional system will benefit your business in many ways, including:
- It will be easy for you to bring in new hands.
- New employees can simply walk in and fit into the system.
- It will be easy for you to fill vacancies created by exiting employees.
Hire capable people
You need to hire people to do things that, for one reason or another, you cannot do by yourself.
This is because you cannot know everything.
In the same vein, you cannot be an expert in all aspects of your business.
Furthermore, you also need people to take some workload from you to free up time for you to focus your attention on planning, managing, marketing, finance, etc.
Tips to help you manage your business: Work on your business
You need to work on your business, not in your business.
In addition, you need to do a lot more to ensure that the internal running of your business is working perfectly.
Moreover, you do not need to spend so much time correcting avoidable mistakes.
Instead, you should try to put in place measures that can prevent mistakes.
In other words, you should be proactive, not reactive.
Researchers have found that it is cheaper to prevent mistakes than to correct them.
Furthermore, you need to network with other players in your industry by:
- Attending workshops,
- Reading up trending industry news.
You need to network with people that will help or mentor you to be successful in your business.
Hire people with the best Attitude
You need to hire employees with the right attitude.
An employee with a bad attitude cannot benefit your business at all, no matter how much skill he may possess.
And, you may not be able to improve the attitude of an employee that has a bad attitude.
However, an employee with the right attitude can be trained to become an asset to your business.
Have a handbook for your business
You should write a handbook for your business.
The handbook can be like a road map, showing everything you want to do to be successful in your business.
Furthermore, all the processes and procedures for doing your business should be clearly written in the handbook.
For example, if you want to go on a vacation or you are no longer around, your staff will be able to follow the procedures in the book and keep the business going.
Most importantly, you should ensure that all your employee, including new hires, have a copy of the handbook.
It is very important for you to make transparency a priority in your business.
When your employees know that you are honest, reliable and focused in all your dealings, they will follow your footsteps too.
Furthermore, making your ways clear at all times, will help your employees to do their work better and faster.
In addition, if you are transparent, doing business with you will be easy not only for your employees, but your customers and suppliers.
Most importantly, you should remember that business is built on trust and connections.
Stick to your Budgets
As an entrepreneur, you can create and stick to your your budgets.
There are various types of budget, including
- Overheads expenses and so on.
For instance, a production budget will enable you to know your cost of production and the price you can sell to:
- Cover your operating expenses
- Break even
- Make profits
In general, budgets ensure that your business activities are carried out in the most responsible and efficient manner.
For instance, a cash budget can be used to track all your incomes and expenses.
Most importantly, it will enable you to know where you want to be in, say, 12 months time.
Focus on Making a Big Impact
You need to aim at making impact in your business.
You may not be able to complete all the tasks necessary for your business to be successful.
Instead, you can just focus your attention on those tasks that will make the greatest impacts on your products or services.
Most importantly, you should pay more attention to things that work, while you work on the other areas that need to be improved upon.
Reduce operating expenses
As an entrepreneur, you must do everything necessary to minimize operating costs while maintaining set standards.
The rule should be “increase revenue and reduce expenses“.
Where it is considered cost effective, you can outsource some of your jobs to jobbers.
Remember that if your business expenses are too high, your profits will be reduced.
Therefore, it is your duty to do everything necessary to make your business successful.
Another business management tip is that you can evaluate the performance of your business from time to time.
In other words, regular assessment of the performance of your business can help you to know whether your business is doing well or not.
Furthermore, continual assessment can help you to identify any weaknesses so that you can address them before they become big problems.
Therefore, periodic assessment can help you to avoid bad business moves.
Keep accounting records
You need to keep good accounting records of your business transactions.
Depending on the size of your business, you can hire a book keeper or an accountant.
Additionally, you can hold regular meetings with your senior employees, such as the accountant.
Hiring an accountant will cost you some money. But the benefits can be worth the money because their inputs can help you to know the financial position of your business.
If you have not been keeping accounting records before, there is no better time than now to start doing so.
Automate to free up your time
As a small business owner you will have many tasks to think of.
Consequently, you can consider computerizing your entire business processes.
Business processes such as invoicing, cash and payments, stocks/inventory control, sales can all be computerized.
This way, you will need few employees to handle all your business processes seamlessly.
The best part is that you will minimize costs, optimize time and provide efficient services to your customers.
Tips to help you manager your business: Stay organized
You should always stay organized. Start right away and keep it up.
Make the spreadsheets, file the papers, use online management systems or hire it out. Whatever you do, organize everything. You will be glad you did.
Set goals and stick them
You and your team should set goals for your business.
Involving your employees in goal setting is a smart way of getting amazing results.
Goal setting can help your team to remain highly focused and results oriented.
Most importantly, when you involve your employees in the goal setting process, none of them will have any excuse for not performing.
Believe in Your Employees
Believe in your employees. In other words, you should not underestimate what your employees already know about your business.
You need to believe in them because you never can tell who of them might have brilliant ideas that can move your business to the next level.
Sharing information with your senior employees on such matters as finance, marketing can help you tap into their insights and loyalty.
Tips to help you manage your business: Keep Employees Happy
You should make your employees happy.
Making your employees happy is no doubt a great way to get the best from them.
Furthermore, it is a sure way of getting things done faster at optimal cost.
You should give listening ears to your employees, especially their views on things that they think can be improved upon.
This way, it can definitely feel more like a team work, not everyone to himself.
Tips to help you manage your business: Measure Everything
Another important business management tip is for you to measure everything.
You should measure:
- Income and expenses
- Time management
- Return on investments
- Efficiency levels
- Time you spend with customers
You will be surprised by what you will find.
Focus on things that work
No matter what stage you are in your business, focusing on the things that will get you to the next level are the only things that matter.
By keeping intense focus, you will be better able to grow and learn what works and what does not for your business.
However, do not just throw away anything that is not working. You can still continue to find out why they are not working and what you can do to make them work.
Tips to help you manage your business: Stick to a To-Do List
The best way to manage your day to day activities and employees for you to draw a daily list of things to do.
Handwritten to-do list is more effective than, say, a mobile app.
Furthermore, you need to spread your activities into three categories:
- Things that are urgent, important and needs to be done now
- Those things that are important but not urgent
- Things that can be done on a future date.
By the time you prioritize your activities this, it will become easier for you to achieve amazing results in record time.
Do not let low sales discourage you
Many businesses do experience periods of low sales. You should not let numbers run your business.
There are many ways to judge progress. Sales is just the shiniest.
Being discouraged over a bad sales period in your company can prevent other areas of potential growth from being pursued.
Let the numbers be what they are. Keep on building your whole company.
Tips to help you manage your business: Provide Great Benefits
There are many ways you can keep your employees happy.
These include, among others:
- Keep employees motivated
- Give them benefits,
- Let them undergo training
- Give them access to community events, happy hours,
You are showing your employees that you actually care for them both in words and actions.
Furthermore, you should value them, show them that you value the work they do for you.
Your employees want to feel as though they are making a big impact at work.
Consequently by providing these benefits, you are making them feel important. They will feel like they are part of the family.
Tips to help manage your your business: Build Relationships With Employees
You should set attainable goals and hold your employees accountable for completing the tasks.
Furthermore, you should give your employees plenty of space to use their talents and learn new skills.
Equally important is that you can make your employees feel they have a stake in the company as a whole, not just in their own work.
In conclusion, therefore, it is your responsibility to do whatever it takes to make your business successful.
By Samuel Ijenhi
B. Sc. Accounting
[University of Benin]