In order to achieve business management success it helps to have an inside look at the seven things successful business managers share in common:
1) Business Plans: All great business managers work with a business plan. They share their plan with key team members so that everyone is working together to meet the same goals and objectives. A business plan addresses five points of the business including:
- Goals and objectives
- Capital required
- Sales and marketing plan
- Cash flow
2) Flexibility: A good plan remains adaptable to the changing landscape of the business. Keeping pace with the competition, rising to meet new challenges and working with the unforeseeable are all part of a good business management plan. Staying flexible and being able to troubleshoot and move on is key.
3) Listen: Good business managers always have an ear to the ground and an open mind. They do not believe it is their way or the highway, although they do stay focused with their eyes on the prize. Business management requires the foresight to be humble enough to listen to the experts in order to succeed.
4) Cash Flow Pro Forma: Tracking success and failures allows the business management plan to be adapted in order to use best practices and discontinue tactics that have failed. Watching cash flow and the effectiveness of money spent wisely and not so wisely keeps the business management plan from failing.
5) Delegate: A good business manager knows they are not the person to execute. Instead they surround themselves with the best of the best so they can feel comfortable letting each expert do their job and focus on the aspect of the job that will contribute to the greater good of the business management plan. No micro managing allowed.
6) Internet Savvy: The savvy business manager of today has their pulse on the marketing tools of today and their eye on the tools of tomorrow. Understanding trends in marketing and the importance of tools such as social media keeps the business manager in the new and now. It does not mean doing it themselves, but it does mean understanding it enough to hire someone to do it for them with gusto.
7) Net Profit: Knowing the focus is net profit makes for good business management. It’s not about gross revenue which can only mislead.
Embracing these seven tips will help lead to business management success.