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Fundamentals of Business Management Training

The Fundamentals of Business Management are an often overlooked set of skills. Yet, knowing the fundamentals can be all that separates a business from success or failure. Perhaps you’re a business manager and question the importance of these fundamentals to your business. Lots of business managers do, so that makes it OK, right? Wrong! Behind every good business manager is a person who has learned and mastered the very fundamentals of business management. If you’re one of those who have not learned these fundamentals, it’s time for you to take some time out and do it. Not only will such training benefit your business, but it will have a positive effect on your business career as well.

Business Management Fundamental #1: Don’t Try to Be Liked

Most business managers want to be on the good side of their employees. While this is a great thing to want, it is not a good idea to make it the main focus of what you are doing. Ultimately, the most important thing is to make sure the business is run in an effective way. Being a friend to your employee won’t always accomplish this.

Make sure to “lay down the law” and tell your employees exactly what you need and expect from them. Don’t try to sugar-coat things or be “gentle” with them. It’s obviously not popular to be strictly about business, but it’s what is needed to forge a successful business. After a while, your employees will grow to like and respect you, simply because of the fact that you have chosen to do what is best for the business as a whole.

Business Management Fundamental #2: Change Things as Needed

Proactive business managers are a great asset to any business they work for. They do what they have to do to make the business better. They advocate change when needed. And they don’t back down when some may question the plan for change, especially if they believe in the plan. Change is a necessary part of business, one that some try to avoid. Business managers can’t allow themselves to be persuaded by those employees who may question their plan. Those who do give in lose the respect of their employees, who see a boss that can’t stand up. Don’t be the boss who puts off change just to please a few critics. Instead be the boss who does what is needed to better the business!

Business Management Fundamental #3: Represent

Make it known that the employees you are managing are accountable not just to you, but to your superiors as well. Don’t disrespect your superiors, either. Instead of saying “they” won’t like it if a task isn’t completed on time, emphasize that the business as a whole (“we”) won’t like it if the task isn’t completed. As a business manager, it is important to represent the business as a whole on every level.

Business Management Fundamental #4: Be Optimistic and Realistic

Negativity can kill a business. A negative manager can rub off on his or her employees, thus creating a negative work environment which cuts down on the productiveness of the business. Even when hard times hit the business, try to be optimistic. When things are going good, try to be optimistic and realistic. This positive attitude towards business management will rub off on employees, which will increase productivity

Check out more details at: http://www.staffkit.com/learn/series/business-management-fundamentals.htm/

How to Build Value For Your Small Business With a Virtual Business

Many of you must be wondering what a Virtual Business is. Before I explain how a Virtual Business works, it is important to understand why small business owners fail to build valuable companies. It is no secret most small business owners spend years building their operations. Unfortunately, very few realize they built a company that cannot be sold until it is too late. As business owners, we are usually confronted with this situation during a time of crisis, such as a personal tragedy, owner burnout or a health problem.

The reason most small business owners fail to build a valuable company is because they fail to see their business as an asset. They grow it by getting caught up in the mechanics of running the daily operations until they become the business themselves. In other words, they fail to build a process driven rather than an owner driven business. This is where implementing a virtual business comes into play. You see…

Most of us start a small business:

  • To have independence
  • To make money
  • To be successful
  • To have pride
  • To create a better life
  • To stop struggling paying bills
  • To have nice things

But few of us start with the “end” in mind, in other words, with the “exit” strategy. The day when we will have to transfer, sell or close our small business. Therefore, to build a valuable business, it is best to build a virtual business with a “wealth creation” mentality, rather than a “job replacement” one. How then, can a virtual business help us build a valuable business?

The value of a small business goes up in accordance to how efficiently it operates and how financially transparent it is. Its value grows as well, when an owner-manager becomes less central to the daily operations of the business. The reason is because the business survival is no longer dependent on the presence of the owner-manager to continue its existence. This makes it easier to find investors and potential buyers when the time to “exit” the business comes.

The least expensive way to build a transparent and highly effective business is by implementing processes and digitizing operations. This is where the virtual business strategy comes into play. Building a virtual business simply means merging your offline and online systems. Having an online business, allows employees, vendors, and customers to communicate and coordinate more efficiently, without the required presence of the owner-manager at all times. By implementing processes, digitizing operations and implementing an onlinel business strategy, a small business is not only ready to be sold or transferred at any time, but its value also increases.

Business Management and Marketing

As any good business owner should know, marketing encompasses a wide variety of actions that can be considered for any type of business. One marketing type is often overlooked by the business management process; network marketing. Network marketing should actually be included into the marketing plan of any business. The key to success when it comes to network marketing is to keep your goals simple but effective.

We mention the fact of keeping your goals simple because many managers tend to complicate the issue while they look for the best marketing method and end up not putting any viable plan into action. There are two angles that you can use to look at network marketing. The first are the well-known multilevel marketing strategies that many companies already use. The second involves business and marketing while away from the office, which is within the social environment. Many people consider the social part of network marketing as wasting time since it is done in a non-business environment such as over dinner or while playing golf. Actually, these events need to be viewed as building relationships with others that could pay big dividends in the future.

If you focus on networking from the social aspect, it can open up a wide range of opportunities within the local or extended communities. Examples of this type of social networking are to have ads placed in community based venues and events that benefit the view of your business. For instance, having ads for your business at local sporting events, or even sponsoring a local sports team can pay off with huge returns on the investment. Successful networking involves keeping your options open. Building new relationships within the business community is important, as well as thinking “outside of the box” when it comes to getting your company name and your product in front of as many people as possible.