Management of any business has a great many challenges. There are strategies that can be used to improve management skills and produce better results.
Plan strategically
Business owners often make strategic decisions with long term impact in the spur of the moment. This can be counter-productive, particularly in an environment of fast growth. Develop a Strategic Plan to force a review of the company’s current position, hurdles to cross, and a plan of action to follow.
Broaden the customer base
Don’t rely on a few major customers. High volume customers are great the business can be very vulnerable if competition steals the business. Stay in touch with key customers to meet their needs.
Manage profit margins
You should review gross profit margins on all products frequently. Why retain products in the mix that are poor performers.
Plan cash flow
It may be a good idea to keep cash management in house rather than with an outside accounting service. Daily cash outflow and intake should be tracked. This important tool can help keep tabs on the business and help you respond quickly when needed. Build trust and credibility with your bank manager by keeping him/her up to date.
These few ideas I hope provide insight in ways to improve your organization. Please let me know your thoughts. gerry@polarisgroupmc.com
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