To run a successful business you need a diverse range of Business Management skills, including business strategy, marketing and sales, financial control, human resources, operations management, customer service, product and service development.
Often business owners try to cover as many as possible and are struggling with some of them, hence juggling too many balls and not managing the business effectively.
Through many years of consulting for Small and Medium Enterprises, these tips would be useful for more effective Business Management for better business outcomes:
- Focus on what you are good at and get help with the rest (the business is only as good as your weakest link);
- Must have an effective business strategy to compete and grow;
- Understand your target market and provide values accordingly;
- Establish an effective sales process, channel and resources;
- Establish a strong financial control for profit and cash flow;
- Systemise your business for consistency and building business value;
- Deploy a business management system to help systemisation, to improve efficiency and consistency;
- Hire the right people and reward them accordingly.