Running a business can be a very demanding job. Even when a person has knowledge and good educational background about it, business management is an endeavor that needs passion, focus, and full commitment. However, it should be noted that business management is not all about cash inflows and outflows, sales forecasts and income, and client relationships, but it’s also all about employee-employer relationship, compensation packages, and other similar issues that are more difficult than accounting and taxation. Nevertheless, here are the top commandments when running a business successfully:
Thou Shall Have a Sound Business Plan
Never put-up a business that you are not inclined with or knowledgeable about, before you even start opening it, always have a sound business plan ahead of time. Having a plan can help you direct to the right path to obtain your goals. It is also recommendable to have the plan checked by relatives and colleagues who are experienced and efficient in handling businesses as well. You can bet that they can give you tips on how to start up your business and keep it going to achieve favorable results.
Thou Shall Focus on your Inventory All the Time
A lot of companies, both small-scale and large-scale companies, have closed because of bankruptcy, which is usually caused by mismanagement. Mismanagement does not only refer to persons, but also to items and stocks which have been neglected. A few pieces of items that were given erroneously to the customers may cause very small loss, but when not managed carefully, this situation may be tolerated. Also, trustworthy they may be, there are a still a lot of cases about employees robbing their own bosses thru inventory.
Thou Shall Stay Organized
From the very minute tasks up to the very major business deals, staying organized is the key to achieve favorable results in all aspects in the company. Nevertheless, you should keep everyone organized as well by always meeting with your staff at least once a month to keep updated with their jobs, entertain queries, and give report on the company’s progress or movements.
Thou Shall Motivate your People
Having a pool of motivated people in your company is the key to make them productive each day. Your employees need your attention, too. They also need to feel worthy, appreciated, and important. A simple thank you, an award giving program during the end of the year, or simply mentioning their names during your monthly meeting can mean something to them. Remember, your human workforce is your greatest asset.