Jan 25 2007
How to Manage Your Business
Published by 
pace at 1:38 pm under Business & Entrepreneurship, Decision
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Starting a business requires determination and managing that business is another thing entirely. You are not ready to start your own business 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.
Good management 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 business goals 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 plan 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
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Technorati Tags: Starting a business, business, Good management, business goals, plan, science of getting rich
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[...] Emmanuel Olawutosin reminds us that starting a business means knowing how to manage it. Entrepreneurs are very often “idea people” – which is great. But often success or failure is in the details, in the operations, in the management. [...]
Excellent article, brief, to the point and yet has substance.
[...] Being a bit of a planning geek, you know I love it when someone takes a complex subject and simplifies it. Well this young man, Emmanuel Oluwatosin, provides excellent points on planning but also on managing a business. Make sure to check out his short and insightful post. Develop a plan 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. Via Emmanuel Oluwatosin [...]
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.