What do I need to know to run a business? It is an essential question that every good leader must answer to improve the operation of his company. This activity revolves around increasing the development of competitiveness and productivity with a specialized team. Keep in mind that the success of a business is based on a strategic plan that makes the most of resources.
8 keys you should know to manage a business correctly
1. Get to know your company thoroughly
The main thing is to know the identity of your company, otherwise you are making the first mistake. Do a total research of the sector, environment, customers, products and competencies to start establishing business parameters.
Visualize and plan reliable, measurable and realistic goals that will be met in the short or long term. You must ensure that the objectives are achievable and that the necessary resources are available for their advancement. This way you can proceed to assign responsibilities with your team.
3. Financial peace
Normally companies have two types of expenses: fixed and variable. Find the balance between the two expenses so as not to go over budget and find yourself in debt at the end of the month. This happens a lot in small companies, and they are forced to ask for bank loans, which affects them in the same way. The key is to use your own capital meeting demands and reducing the budget when necessary.
4. Professional life vs Personal life
A basic and obvious tip is to divide the profits between your company and your needs as a person. Each has corresponding expenses and you should not make the mistake of disposing of the other’s money. An effective recommendation is that from the beginning you assign yourself a monthly salary indicated to the profits of your company. Ariel Pfeffer comments “Consider yourself successful when you don’t spend more money than you can get.”
5. Inspect the inventory
From time to time you must monitor and organize the materials you have (expiration, quantity, status). In this way you prevent the loss of materials and the money invested. Not being aware of this means poor management of your company. Remember that it is preferable to have quantity to not having enough materials to cover the demand.
6. Your customers
It is important to know the demands of your customers to optimize the experience with your brand. This excellent strategy increases the number of customers who bet on your product as the best, your earnings and your image.
7. Do the accounting at the end of the month
It is necessary to make a closing of the month to ensure that your company has not deviated from the objectives set. Accounting is vital in order to control finances with the result that there are no variations.
8. Don’t be afraid to hire
A team is an ally in your moments of accumulated work. Don’t be afraid to seek help when you need it, as you will not be able to meet the demands of your clients alone. With teamwork you will ensure the success and excellent management of your company.