Virtually all the wealthiest men in the world are business men. There is no billionaire who is not into one form of business or the other. They are billionaires because they are successful in their businesses and they are successful in their businesses because they are good managers. Being a good manager goes beyond overseeing the operations of the business, It involves taking advantage of every available resources , to ensure productivity and growth of the business. Good management is not only the key to a successful business,
it is the only key to a profitable business. Although there are different kinds of businesses with different mode of operations , without a good management team , the business will not produce the desired result. There are different aspects of a business which as a business manager you cannot afford to ignore. If you do, it will be to the detriment of your business. They are very important to the extent that without them, no business can produce reasonable profit. Before I tell you about this important secretes, to business management let us first of all find out what a business is.
WHAT IS A BUSINESS: A business is simply any activity you are engage in for the purpose of making profit for yourself and at the same time increasing your financial base.It is the product or services you provide to the public for a price set by yourself. Therefore your business is your source of income and how you manage it determines the results you get from it.
WHAT IS YOUR BUSINESS: Your business is what you do. It is the goods or services you provide to your target market for a price. It must be something you love doing and you must be willing to be at the service of your customers at any time. This is something you do with passion without which you will easily be discouraged when storms arise. Therefore your business is that good and services you provide to the populace for a certain price. You must what your business is and you must have good understanding what your business is all about.
Here Are The Top Secrete To Successful Business Management
A MAN TO CARRY ON A SUCCESSFUL BUSINESS MUST HAVE IMAGINATION . HE MUST SEE THINGS AS IN A VISION, A DREAM OF THE WHOLE.
Charles M. Schwab
Managing Your Business: It is one thing for you to start a business, it is another for you to manage the business to produce profit.
Managing a business requires good managerial skills. You must have adequate knowledge of what is involve in running the business. Remember that your business is not the only one in the market providing the same product or services, there hundreds of others competing for the attention of the consumers. Without proper understanding of the trend in your line of business, you will never be able to meet up with your competitors. Customers go to where they will be given satisfactory service. They must have their money’s worth if they are to come back for more. If they don’t get what they want, the will easily move to the next available person that is ready to satisfy them. Except your kind of business is unique in your area and there are no competitors, You must always keep your customers coming back for more. This can only be achieved if you are able to give them what they want. The secrete to every successful business is attracting customers and not losing any. A growing business is one that is constantly having new customers. The truth is , the more customers you have, the more sales you will make. The strength of your business lies in your customer base and this will help you maximize profit.
ALL BUSINESS PROCEEDS ON BELIEFS OR JUDGMENTS OF PROBABILITY AND NOT ON CERTAINTIES
Managing Workers: This is one of the most vital aspect of every business. Depending on the type of business you are into, you will always have somebody or people working for you. Every body has different potential with different abilities. How you make use of this human resources to your advantage, will determine how profitable your business will be. It is therefore important that your workers be considered a valuable aspect of the business. Workers performance in every business operation requires proper guidance for the purpose of maximizing productivity. A good manager does not only oversee the day to day running of the business, he also oversees the activities of the workers to ensure that every department contributes it’s effort ensure profitability. He must be able to motivate and inspire the workers to put in their best knowing that if the business fails, they too have failed. They must be properly educated and trained on how to make use of their potentials for the benefit of the business and of course themselves. They must be made to know and understand what they are suppose to do. Their job description must be clearly stated and strategies must be set on how this goal will be achieved. According to Peter Drucker, Management is the specific organ of the business enterprise. When efficiently used, the human resource can prove to hold a great promise for economic performance.
BUSINESS IS A COMBINATION OF WAR AND SPORT
Developing Managers: Just like workers, managers are very important in every business enterprise. In his book ” The practice of Management” Peter Drucker says the manager is the dynamic , life-giving element in every business. The management team is the leading group that every other person look up to. The manager is the decision maker, and the kind of decisions he makes will either affect the business positively or negatively. The manager’s responsibility is to ensure that all resources are made to work in harmony to bring about high productivity. Considering the competitive nature of business operations, the quality and performance of the managers determine the survival of the business. Being an essential part of the business, it is important that managers be developed and maintained to carry out the functions of running the business. They must be trained to take responsibility. Also worker must be trained to aspire to grow to the level of a manager so that there will always be some one competent enough to play the role of a manager.
THE BEST MENTAL EFFORT IN THE GAME OF BUSINESS IS CONCENTRATING ON THE MAJOR PROBLEM OF SECURING THE CONSUMER’S DOLLAR BEFORE THE OTHER FELLOW GETS IT
Keep Your Customers Coming Back: This is the most important part of the business. Good management must translate to customer patronage. No matter how well qualified a manager is. and no matter how high the quality of your products or services may be, if there no customers to patronize you, all efforts have been defeated. The role of management also involve attracting and keeping customers thereby staying ahead of competitors. You must be able to make your customers see and value the need of patronizing your business.