Need some basics when it comes to business management? Don’t worry, I’ve got you covered. It’s a fact that you will hear people saying all it takes to manage a business is passion. While that is true passion alone cannot make your business successful. You need to make the right decisions at the right time along with managing your employees and several other factors that you encounter on a day-to-day basis. Business management is all about putting fires or in this case solving problems to keep your business running smoothly.
Here are The Basics of Business Management: Everything you need to know
The people working for you
A good leader believes the people working for him are his greatest asset and the way you inspire and lead your employees will tell a lot about your business management skills.
Take this instance, for example, Tom is a normal guy, who started a new job. He works for a software company and from day 1 he works passionately and even brings some of his work homes. He even brought work home during the weekends. His goal was to impress his boss and to earn a promotion.
One day his mom gets sick at night and he takes her to the hospital. He was there all night and the next day he showed up to work 10 minutes late. His boss noticed it and yelled in front of everyone “Tom if you show up late again, you are fired!”
After this incident, Tom started to hunt for a new job, and do you think he will give his 100% now for his current job? No! He will do just enough to not get fired and will quit when he finds a better opportunity.
A good leader wouldn’t have shouted at him. He would have noticed that it is unlike Tom to be late for work and would ask him if everything is okay. Would listen to him and offer him any help necessary.
Aren’t you curious to know what goes behind the curtains of successful businesses like Microsoft or Tesla when they launch a new product? To manage the supply chain of a product and making sure your product is ready to meet the demand at the deadline is crucial.
When managing the operations of your business, you will need to come up with new ideas that will help make your company run much smoother. Some of the important parts of business operations include productivity analysis, your capacity, how you can improve your product, and quality assurance.
You need to know the accounting of your business. If you have small business chances are you do the accounting yourself or if you have someone to do it for you, go through the book once a week to make sure everything is in order. This is important when you are creating financial statements for your business.
This is my favorite part of doing business is coming up with strategies to compete with our rivals. Did you hear about Nokia? They were a giant mobile phone company during the early and late 2000s. They sold more than a billion phones worldwide and were the leaders of the mobile phone industry.
You see the problem with Nokia was they were not able to see into the future which Apple did. They introduced the first smartphone and it took the world by storm. Within a few days, Nokia was not the hottest thing in the market, it was Apple.
See Apple had a strategy that helped them edge out the competition and now they are one of the leading tech companies in the world valued at more than a trillion dollars.
Hiring and Payroll
One of the tricky parts of business management is hiring employees. If you are a small business and do not have HR to recruit employees for. You can hire a PEO to do your HR’s job. There are International Payroll Providers available who will provide their assistance all over the world.
As a leader, you will need to always think about ways to make your business better and how you can satisfy your consumer base even more. Remember happy customers mean returning customers.
Watch this space for updates in the Hacks category on Running Wolf’s Rant.