subject: This Is What It Entails To Manage Your Business [print this page] Managing a business, whether big or small, calls for a lot of decision making. This is to say that, a business owner needs to be constantly aware of what is happening in and around his enterprise. Even though he might not be directly involved in the day to day running of the enterprise, an entrepreneur needs to be in close contact with his customers or clientele, as these are the backbone of his whole business venture. Business management entails a lot of things, save for the notion that, it is all about monitoring daily sales and seeing to it that employees are in the right working conditions.
Some of the decisions that an entrepreneur has to make are the changes that need to be done in terms of the weaknesses of the enterprise. One of the recommended ways in which you can determine the weaknesses of yuor enterprise is by conducting a SWOT analysis. This is a procedural analysis that entails establishing the strengths, weaknesses, opportunities and threats that face a given business venture. If remarkable changes are to be made in the area of weaknesses, a business owner has got to be very honest about those areas that are a let down to the business.
Weaknesses could be evident in a number of areas which include;-
- the way finances are handled,
- the way in which employees are remunerated,
- the way in which marketing is done,
- the way clients issues are handled.
Managing a business, as far as employees are concerned is not a very easy thing to do, but all the same it can be done with ease, if one keeps in mind that without the employees, the business would not run. One needs to ask how they can keep a small but effective number of employees, who will not keep coming and leaving. In other words, you need to come up with attractive employment and remuneration packages that will keep your employees interested long enough to want to remain with you for long. Once you have established such a relationship with your employees, chances are that they will treat the enterprise as their own and will do all they can do see it succeed. Ensure that the employees you go for are committed to your business goals and this will be the first step to spelling out success for your business.
When it comes to managing your business in terms of finances, you need to come up with a strategy that will make you see to it that you only spend what is necessary and only when need be. This is to say that you need to have a budget that you must strictly adhere to. Decide whether the budget will be crafted on a monthly or on a yearly basis, depending on the turn over of the enterprise. However, it is always advisable to have a monthly budget that helps you set financial milestones periodically such that you are able to keep track of income and expenditure on a regular basis.
This Is What It Entails To Manage Your Business
By: Peter Gitundu
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