Whether a budding entrepreneur or a business manager trying to make a name for themselves, here are 5 and half tips for successful business management:
1. Hours, Punctuality and Attendance: Arrive on time and show up for meetings or staff will be taught neither is important to the business. Being available to work flexible hours including weekends also demonstrates commitment and can work as an incentive for others to follow. Managers or business owners who don’t lead by example will find staff unresponsive and less willing to make the sacrifices asked of them.
2. Focus, Delegation and Mentoring: When progressing in a business management position it is imperative strengths and weaknesses are recognized in staff as well as in the manager themselves. This will allow for the duties to be performed by the best suited staff member. Multi-tasking is a skill, but in the role of a business owner or manager it is important to focus on the big picture and allow others to get down to the tasks at hand. A good manager will ensure staff are being well mentored in order to best develop their skills and won’t waste time micro managing capable staff.
3. Contacts, Relationships and Networking: Networking is necessary for managers and owners to help forge realistic, productive relationships and pursue new clients and leads. It also helps find the best suppliers for your business from printers and office cleaners to accountants.
4. Business Plan and Strategy: Applying a strategy to the business will allow for objectives to be set and tasks to be assigned. A good business plan is one part strategy and 9 parts execution covering:
- The Niche you are filling
- The market and trends
- Your value proposition
- Your target market
- Current competitors and your edge
- Product offering
- Resources and team
- Priorities and how to meet them
- Financial forecasting/budgets
5. Review Results and Set Metrics: Keeping track of how effective each strategy works will allow the metrics to be measured and address tactics. Being on top of budgets and making continuous projections will keep you on top of the state of the business.
5½. Review the Plan: Refer to your plan often as a source and constant reminder of where you were, where you are and where you are going.
Focus, strategic planning, accurate forecasting and leading by example will help create the success required in business management for entrepreneurs and managers alike.