How to Manage Your Business

Posted On January 25, 2007 | Written by Emmanuel Oluwatosin
managing your business

[tag]Starting a business[/tag] requires determination and managing that business is another thing entirely. You are not ready to start your own [tag]business[/tag] until you have given some thought to managing it. A business is an ongoing activity that doesn’t run itself. As the business owner, you will have to set goals, determine how to reach those goals and make all the necessary decisions.

You will have to purchase or make your product, price it, advertise it and sell it. You will have to keep records, and determine costs. You will have to control inventory, make the right buying decisions and keep costs down. You will have to hire, train and motivate employees now or as you grow. Begin your business journey with a vision. Set one big, challenging goal and visualize how it can be achieved. Keep in mind that failure is not an option.

[tag]Good management[/tag] is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major [tag]business goals[/tag] down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years.

Develop a [tag]plan[/tag] in clear detail and prepare in earnest. Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time. Establish priorities. Clarify exactly what your goal is and set a deadline for each milestone. Acquire critical knowledge and skills. Identify the possible obstacles and difficulties.

Determine the resources you would need. That means include vital people, groups, and organizations that you can link up with. Write the plan down in detail including the activity, timetable and milestones. Make the big leap of faith. Push forward; press on despite any initial obstacle. Be flexible. One must remember that a plan is only a guide. Improvise as needed.

“Dream lofty dreams, and as you dream, so shall you become. Your vision is your promise of what you shall one day be; your ideal is the prophecy of what you shall one day unveil.” – James Allen

Download this free book – “Secrets of the [tag]science of getting rich[/tag]!” It is my gift to you.

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4 Responses

  1. Hey Greg,
    Thanks for coming. I also appreciate the link back. I am sure that we would all realise our full potential if we keep working on ourselves.

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