1) Having the appropriate technology will work to your advantage.
Use the appropriate technology whenever possible to automate mind-numbing, repetitive tasks. This frees up your and your employee's time for creative problem solving.
2) The absence of a succession plan can kill your family business.
You have to have a plan set up, so that your heir can run your business after you are gone or outside managers can be placed in key spots, leaving the more hands-off ownership role to your heir. Simply having a plan is far more important than what the plan actually is. If you feel overwhelmed, it may help to get guidance from an impartial business counselor.
3) It is a lot easier to save money than it is to earn money.
Every penny that you don't spend is a penny that you don't have to earn to attain the same level of profit. Invest whenever needed, to grow your business; purchase whatever you need; but don't spend without good reason and forethought.
4) Every business has a few key success factors.
Define what these factors are for your business, organize your business to make them a reality, and make them your number one priority on a daily basis.
5) Don't stick your head in the sand.
Even the most efficiently run business can be blindsided occasionally. Stay cognizant of what's going on in your industry and with your clients. Keep track of world events that could affect your clients and suppliers. Don't fret over every potential issue, but keep your eyes peeled for any that do develop.
6) Know your stakeholders.
It's important to identify all of the groups and the individuals who have a stake in your business. Figure out who they are, what they anticipate from you, and how they gauge the business.
7) This is not a tightrope.
Running a company is not a tightrope-walking act. First, you are not in this alone. Second, nothing about business is as straight as a tightrope.
8) Focus on the goal.
Focus on what it is that you want to accomplish instead of focusing on the steps you need to take to get there. Concentrating on individual steps along the way will only take your eyes off your ultimate goal.
9) Do your research.
Whether it's a meeting with the union shop steward or a proposal to a major client, things will go much smoother if you are prepared. Collect the details, think everything through, and talk to everyone involved. Take the time to do the legwork and the rest will be more rewarding and less of a hassle.
10) You get what you pay for.
This old saying is often repeated because it is true. Whether you are buying software, machinery, advertising, or services, you always get exactly what you pay for. If you always buy the best product or service that you can afford, you will be able to appreciate the quality.
11) Structure after strategy.
When you develop your business' Internet presence, for example, remember that what you want to attain has to drive the implementation and design. Don't get it backwards by letting the technology obscure the purpose.
12) Supervisors need to be trained.
Your employees' productivity is the key to your company's success. Your employees' perception of their supervisor is the key to their productivity. If you invest in properly training your managers and supervisors, it will pay off in the end.
13) You never get a second chance to make a first impression.
It may sound superficial, but the fact of the matter is that appearance really does matter. Whether it's your company's website, your product's packaging, or a new client's first impression of you, everyone notices how things appear. People make judgments about you and your product based on the appearances.
14) Practice what you preach.
Lead by example. In other words, don't expect your employees to work overtime without proper compensation if you go home early on a daily basis. Don't stay at a four-star hotel when you're on business trips while your employees stay in a crummy motel.
15) Adapt to survive.
Nothing stays the same forever and all businesses have to adapt if they want to survive. Some industries are relatively fixed, while others change quite fast. In order to keep ahead of things, you have to keep an eye on things and roll with the changes.
Conclusion
Business management may sound easy, but in fact there is a very orderly process that you have to follow to achieve success. There is not a lot of room for gambling in business management, especially if you are a first-time small business owner who is just getting started. Some of the tips provided here may sound like common sense, but far too many business owners get caught up in their own ego and begin to lose track of things quickly. As a business owner, you have a long way to go before you can relax and let the business run on its own. You have to be involved in a hands-on sort of way for years to come, if you really want your business to thrive.
When your business really takes off and takes on a life of its own, maybe then you can relax a little. In the meantime, put your nose to the grindstone, stay involved in modern technology appropriate to your industry, save money, develop a strategy, keep your eyes open, know your stakeholders, focus on your goal, do your research, buy the best supplies you can, train your supervisors, make a good first impression, practice what you preach, and change with the times. Also, remember to have a proper will that includes who your business is for when you are gone. If you follow these few steps, you should have no trouble managing your business.
