Business Management

Seven Basics of Business Management for Success

All of us want to become successful in our journey in life. This simple article will outline seven important aspects of executing effective management whether personal or in business. But the idea here is more focused on business for you to achieved success.

We always have time and freedom in any ways for us to find ideas for you to create an “old machine” for it to work effectively. And to tell you, continues improvements will have a good return on your investments.

1. In Marketing – Product, Positioning and Pricing

Timing is a good thing to consider. Mars bars, Tootsie Pops, Snickers and even Musketeers are all created in 1930s during the early “Great Depression.” If you have not absorbed the idea that we have, those times are considered the stressful times, and people turn to foods are their comfort.

Chocolate products are inexpensive choice to choose, it also effective in relieving cravings and release our endorphins. Those were the product of the old times but still good to market up to this date. But for today, we believed that that best product that you can offer in the market is the digital information.

In the new generation, wherein most people are connected to the internet, people uses it to get new information day by day, they access in the internet using their mobile device like tablet, phones, laptops and personal computer or anything that can be connected to the internet.

People are searching for articles, e-books & audio-books, how to videos and webinars, on the record that we have it clear shows that those things are greatly on high demand.

2. In Finance – Accounting your receipts and Earning Money

If you have shop and you are not earning the enough money from it, well may be its time for you to close the shop. You need to be creative.

You can get paid good amounts of money by doing freelancing job. You need to develop an effective plan for you to minimize your possible losses. You can increase your profit by just outsourcing and up-selling.

You need to keep your transaction receipts and regularly organize it every month, so those items won’t scramble in times of taxing computations. In fact, many of the business owners specifically those who are in the small business category failed to itemize the expenses because of that reason that we just said “tracking and organizing”. So make sure that next time you don’t miss major deductions.

3. In Production – Creating High quality and consistency that has worth

Basically, customers or buyers don’t want to spend money on certain products that has no quality, shall we say break shortly or stop working after a little period of time. In the same scenario, they don’t want also to pay shabby services in other words services that are not worth paying with our money.

The dependability of the product you have certainly added up premium value to the business that you have. When you have it, your satisfied customers will then notice this and start spreading the good news to their closed friends and families.

Take note, mouth factor from your satisfied clients is very vital in marketing. This cannot be denied because it is already proven since in the past. And all company now whether small or big make every effort for this one just to achieve this level.

4. in Distribution – Offering Services and Products in the Market Economically and Timely

Selecting the best channel that will connect with the services or merchandise that you are offering to the market is important.

The need to carefully research efficient logistic system from your rivals and copy those that have work on them, remember that there are certain products that are good for convenience stores, or products that can is best offered if wholesale, larger retail or direct sales.

You need to product your business with a sound agreement with your manufacturers. Not just marketing, you also need to execute online and offline methods for you to get known. We have some of the examples below.

Online:

  • Social Media Networking (Face book, Twitter, LinkedIn, etc…)

  • Affiliate programs

  • RSS feeds

  • Videos

  • Widgets

  • PPC or Pay Per Click advertising like Google Ad Words

  • Electronic mail marketing

  • Blogging

Offline:

  • Sponsoring events

  • Cold Calling

  • Door hangers, postcards, flyers and brochures

  • TV and Radio advertisements

  • Print ads in magazines and newspapers.

5. Research and Development – Reinvention, Innovation and responding the competition

This one consist of more than a few steps before a trial product is finished, starts from the developing of ideas. Then, you will have to work with the design of the product, the engineering, the market analysis and research and lastly the price.

Not all steps to be followed are that necessary, you need to keep in your mind that it such item is technical, engaging in development research is expensive. So for you to spread the cost, you need to undergo business partnerships. In 2001 IBM used this method (but they are not the first company who do it) and till today they are still in collaboration with the strategy.

6. Regulations in the Government – Complying legal laws

Every country has its rules, from the issuance of business license. You can check the website of the government agencies. For faster research, you can check business licensing and business permits. The approval process, restrictions and the possible fees to be paid when applying, the procedure below includes on the list below.

  • a. Legalizing the business structure
  • b. Registering business name
  • c. Registering for Employer Identification Number
  • d. Registering with the Revenue for Business Tax Number
  • e. Initial with the city representative
  • f. Completion of the application
  • g. Review on physical location for permit(s)
  • h. Review by inspector, if that necessary
  • i. Issuance of the certificate

7. In Labor – Finding the right people to become your staff

Your personnel are somewhat extremely important. It might be the highest company expense of a company especially when you hire, pay insurance, payroll and the retirement cost. The idea of having a staff can give you even billions.

But with uncontrolled employee behaviors and very poor management can lead a company into sure failure. You need to have office policies and this is crucial. A non supportive and non-hostile work environment will lead to optimal performance of your people. Just control these mentioned issues and we are sure that the results will be rewarding.


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