Set On the Pathway To Success



Volume 9, Issue #18, 5th Sept 2010
Publisher Irena Whitfield
iwhitfield@thecassiopeia.com
http://www.thecassiopeia.com/

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Today's Feature Article

How to Manage a Business
If you have just started out as an entrepreneur then you need to learn how to manage a business successfully. Starting your own organization needs a lot more than just financial investment. We tell you what are important qualities that will make you a good business manager.
Tulika Nair

If you have just started out as an entrepreneur then you need to learn how to manage a business successfully. Starting your own organization needs a lot more than just financial investment. We tell you what are important qualities that will make you a good business manager.

Have you always wanted to own a small business that will allow you the opportunity to be your own boss? While starting your own cafe or book shop may seem like a distant dream, once you have your initial capital in hand, running your own business can be child's play as long as you learn how to manage a business effectively. If you want to manage a small business, then you need to be aware of the responsibilities that come with the job. Depending on what the business is, your responsibilities can range from ordering the things you need, managing the employees, assigning their duties, managing accounts and finances, marketing and advertising the place, customer relations, etc. While your key responsibilities can seem overwhelming, with effective management skills you will be able run an organization pretty well.

How to Manage a Business Effectively

Learning how to manage a team and effectively turning a business into a profit making organization requires you to imbibe a lot of skills and work on several things like leading a team, managing employees, etc. Here we tell you more about how you can learn to manage a business.

Leadership

One of the most important skills that any effective manager needs to possess are leadership and management abilities. Without proper leadership a business can flounder. You need to able to make good decisions and solve problems as and when they come. Being a good leader does not mean that you take all the responsibilities on your head. In fact it means that you need to be able to delegate responsibilities and ensure that your employees perform all the tasks that they have been assigned effectively. Another important thing to keep in mind is that while managing business you are responsible to create strategies in order to develop the business. While learning about what makes a good manager, many people forget that one of the most important duties of a manager is not only to ensure that the business is run smoothly but also that it makes profits. As a leader you need to think of opportunities and possibilities that will allow your business to grow. It is important to understand and imbibe this while learning how to manage a business.

Employee Management

As a manager it is your duty to ensure that your employees are motivated and give their best to the job at hand. Ensure that your employees are satisfied and that you are approachable in case anyone has any problems. Treading the fine line between being a boss and a colleague is important. While they should know that you are there to solve their problems, they should also be aware that at the end of the day the employees are reporting to you. Good employee management also entails that you treat your employees with the respect they deserve. Avoid reprimanding or disgracing your employees in front of other employees or customers. Never get into petty fights with them or bad mouth them. If an employee confides in you about something, it is important that you are discrete about the same. Good manager qualities such as these and managing business properly will ensure that you command respect from your employees.

Marketing the Business

One of the main office manager duties is ensuring that you market and advertise your business well. This is crucial for successfully running a business. While trying to understand how to manage a business, it is also important that you learn what is critical to marketing a business like proper market research, good customer service, deciding on your target audience, proper packaging and pricing, advertising your business properly, etc. While you can always use traditional advertising techniques like newspaper ads, radio spots, etc, as a small business one area you must target are social networking sites. Using technology for business management and advertising gives your business a much needed edge.

Awareness about Regulations

Effective manager skills need to be combined with an awareness about the laws and regulations that you need to follow so as to ensure that your business does not become one of those organizations that is charged with non- compliance. Pay your taxes on time and understand taxation processes. If you have a successful business it is only fair that you pay what you are due for. Insure your business against any probable accidents and mishaps. As an owner cum manager there are some important decisions that you will have to make which includes taking proper insurance for your business. It is also important that you understand the legalities that are connected to your business. While you do your bit, it is essential that you know where to go for assistance in case you are being impacted by unfair regulations. Understanding the laws that protect you and knowing what resources are available to you for help, are important while managing business.

While these are some of the necessary skills that you need to educate yourself about while learning how to manage a business, it is also important to learn how to manage a business budget. Understand your finances and capital; if you are borrowing money for your business from a lender then plan out how you are going to go about repaying the money. Financial planning and growth are important aspects of business management. As important as it is to manage your business effectively, an important aspect of management development is also to plan your exit strategy. It is important to learn how to go about selling or shutting down your business if need be. This is an important lesson to be learned while mastering how to manage a business office, which is generally forgotten. Now that you know what are the different things that go into management of a business, you just need to practically apply them in the management of your business.

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Tulika Nair: You study, keep studying and then study some more, only to realize that what you studied to educate yourself about life is well, antipodean to life. So there goes... Click here.

Internet Marketing Gone Wild

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I never did anything by accident, nor did any of my inventions come by accident; they came by work.
Thomas Edison

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