Every great corporation we see today started as a business idea. Some ideas bigger than others, in most cases they begin as a small business and further develop into a large-scale business over time, strategic thought, and group effort.
Whether you have aspirations to run a burgeoning corporate empire, or simply want to provide for you and your family, there are timeless traits that you and your management team can adopt to further progress towards your goals. Here are 7 “secrets” managers need to know and employ to run & grow a well oiled business:
Setting of goals is very important because it is the foundation upon which the business is built. Goals give your business direction and focus. Goals can be set for a short term, medium term or on long term bases (ideally you should have a plan for all of them!). They should be specific and time based e.g. a plan to make a profit of $5000 in December 2015, they must be achievable, and you should also be able to measure it at any point in time. Goals should be written out clearly as a business plan would be and followed accordingly.
Strong and effective leadership is needed to run the business even when the business has one or two employees. The manager should see opportunities, organize and coordinate how to achieve the set goals and communicate effectively with their employees. They should also:
Good time management many times can be the determining factor between success and failure in business. Time management means making significant decisions and carrying out important tasks that will boost the business. Time should be set aside for planning and delegation of tasks to achieve success with a specific time.
It is the wish of nearly every small business to grow. It has also been established that poor management of growth is one of the leading causes of failure for small businesses. The key to positive and sustainable growth is transitional management, where experienced and skilled employees are exposed to the secrets and wisdom of the business in order to take up more of a managerial position.
Small business should be able to provide good customer service that is centered on customer satisfaction. The product should meet the customers’ need; this can be achieved by knowing the customers’ values, belief, culture and income. Customers should be treated in such a way that he or she will always think of your business first when beginning to go through the buying decision thought process.
Employees should be given opportunity to contribute reasonably in the business as they are actually the ones that carry out the task and should therefore know the business well. This may seem like a face value “duh”, but can often be overlooked as orders begin to pile up or new initiatives are taken on. A good way to keep this in check is to organize (or sign up for) programs and seminars that can offer additional learning opportunities for your employees to enrich themselves and, in return, create more value for you business.
Networking in business is a form of marketing which can even be correlated to a form of word-of-mouth advertising (even if it is you spreading the word!). In any case, you should be making the most out of every opportunity to create awareness of your product and services amongst the people you meet because you never know what one person can mean for your business!