Any business firm will agree that managing a successful business is not easy. Running a business too, can be a pain in a arse to some individuals that are new to the system. Considering the time spent, energy, effort, finances, technical know-how, the stress, the failed attempts and a glimpse of success. But I’ll simplify everything to a lay man’s understanding through these 5 notes to help you have a successful business.

Setting up a business is one thing, and managing it is the other. I’ll carefully explain in detail the required things to do to achieve this feat.

Like I said earlier, there are 5 quality business management skills that you’ll learn today.

1. Recheck Your Business Plan

Starting a business requires plan. Yet a lot of entrepreneurs started it the wrong way. They probably had a bad oversight of the system, a poor advisor, an imbalance valuation, an untuned research or an insufficient information about the business. With these mistakes, many businesses tend to fail due to nemerous fastors like frustration, spending more time on irrelevant things, processing the wrong data etc. At a point, one tend not to have a proper sight of where his or her business is trading and this might just be a result of a failed business. So I’ll advice you to go back to your drawing sheet, right to the first step, and analyze your business plans properly with a concise research.

2. Have A Business Sytem

Having done a proper analysis of your business, the next best thing to do is to set up a system that is inline with your business plan and this should be A Long Term Business System.

What is a system? A system is simply a detailed accessed description of how to do something. Or A set of principles or procedures according to which something is done; an organized scheme or method.

After setting up a system, you now try to infuse it into those failed business plans. As a matter of fact, this is the most important of all, because every other idea about the business’ growth starts here.

3. Manage Your Resources

Again, this particular point has a huge impact on your business., if not the bedrock. Every business requires capital to run, both in money and in materials. Here, you might have little or huge capital, but what matters most is how and who manages it. Set up a team of trusted ait’scompetent resource managers (in a case of a large capital), let them give you a draft of all the inputs and outputs, for a speculated year it will run and start working towards with the awareness of not exceeding the drafted amount except it’s importantly called for. Make sure you balance the sheet from time to time. Then in a case of a little capital (for a small business), getting to pay a professional resource manager is not necessary as one can take care of that by oneself if well disciplined.

4. Setup A Timetable (Work Calendar)

Having a work calendar at this point is necessary. Especially, having had a proper business system setup and a competent resource manager, now it’s time to work. Draft out your working hours, days, weeks, months just according to the system of your business and compel every one to adhere to it. You might decide to have few hours in a day for a recess, a particular day in a week for a break or a whole weekend of a particular month for rest.

N/B: This should be in favour of your business system.

With this, you’ll be more focused and productive.

5. Monitor Your Progress

This is the last thing to observe because, by this time, your business must have been up and running. And the little boy in you must be screaming for CEO. But again, in any business, the sales, revenue, marketing, technology, the human know how etc. should be properly monitored. This eradicates business lukewarmness, deficiency and setbacks. Any business needs top talents to survive. So the scouting journey for your business starts today.

These 5 business management points has proven to work for any kind of business, top CEOs and mangers are making it that far because they sticked to these points. If you’re about starting a business, I urge you to waste no time anymore. Grab the opportunity as it stares.

http://www.em360.com.ng/2017/07/07/5-steps-to-manage-you-business/