Sunday, August 26, 2018

Business Management

Success factors in Business

What separates winners from losers? Business analysts almost daily come up with a list of factors or definition of key success factors.

Here are a few to consider:

1. Plan for success. 
A good plan increases your chance of success by defining objectives, framing costs, forecasting revenue and defining risks.

2. Managing and developing people
 People today want some direction and structure, but they also want freedom and encouragement to develop their skills and knowledge. Effectively managing people requires balancing direction, structure, organization, with liberating forces encourage personal growth, development and creativity. If you as manager/leader err too much in one direction or the other, your organization will be either too rigid or too chaotic.
A strong management group is critical. Entrepreneurs should have the confidence to surround themselves with strong people; this will pay dividends in productivity and growth of the business. Those owners who seek individuals who will follow and not lead will be constrained by their own failings.

3. Strategic focus
 In today’s rapidly changing world, it’s not just enough to have a purpose for existing. Leaders have to focus the organization’s resources on the greatest opportunities, which shift with each new day. Doors open and doors close. Major customers or income sources can change or even go out of business at any time. So it’s necessary for leaders to keep focused on the desired end results such as increased sales and profits, or more satisfied customers, while constantly steering the organization across the stormy waters of the marketplace.

4. Consumer focus
 An unwavering commitment to the consumer is invaluable. Understanding the consumer’s wants and needs provides the best way to gain customer loyalty. Repeat business is the lifeline to continued success. This also strengthens your reputation in the marketplace.

5. Know your strengths. 
An honest approach to management of the business can help generate growth. Don’t waste time chasing dreams or ill-conceived ideas that do not match your core values or strengths in the business.

These are just a sample of key factors for business success. I hope they provide some food for thought in your operations.

Please let me know.

Tuesday, August 14, 2018

Business Management

Stress Management

As a business owner, every part of your business has the potential to create stress. Slowly developing sales, debt, poor cash flow, employee issues, equipment or operational issues. You think about the business 24/7 and this makes you tires and anxious.
You cannot escape the reality that business ownership s stressful but perhaps the following comments will help with stress management.

1. Positive Focus
Remind yourself of the many accomplishments you may have achieved no matter how small. Stress will increase if you always focus on things behind schedule, unfunded or that need repair.

2. Be aware of your body signals
Excessive heart rates, headaches, anxiety may be signals and suggest a need to find time to wind down.

3. Don’t procrastinate
Do not postpone decision making. Difficult decisions are not made easier because you postpone them. At times conditions may worsen if issues are not resolved.

4. Purge your Brain
Enjoy time away from the job to let you recharge your batteries. Plan periodic vacations or days off. The organization is unlikely to collapse because the boss is away for a short time.

5. Delegate:  
No one has a monopoly on all of the good ideas and ways to resolve problems. Let staff participate as part of team that enjoys successes and faces difficulties on the job as well.

6. Stay Aware
Make sure key support people including those managing the finances keep you up to date. Since cash flow is a key marker make sure expenses are kept under control and systems to improve productivity are reviewed often. A well run business with good information flow is a key to stress reduction. Eliminate surprises.

These suggestions won’t eliminate all of the stress in your business but they may help keep stress at a manageable level. Please let me have your comments.