Part – X
How to
manage Small Business
Managing small business is not something very easy. With limited
resources and most of the time single handed, owners has to look almost
everything.
Learning from mistakes, not to repeat the same
mistake and to remain calm and consisting even after mistakes are some key
factors behind successful business.
This need time, energy and lot of patience. Besides as this is not
possible for someone to be perfect in everything so there are chances of incurring
mistakes and this is natural.
Knowledge, Timing and Decision are the main characteristics
for a successful entrepreneur. Doing right thing at wrong time or wrong
thing at right time both are same and damaging. Understanding of situation need complete
knowledge and delay in decision or hurry in taking decision both are
conditional to the situation and timing should be based on situation.
There is nothing more important that
Communication in any sphere of life. Whether its relationship, job or business. Clear,
concise and to the point communication makes healthy working environment. Otherwise confusions brings conflicts and eventually
gives damages to entire business processes whether it’s between management and
employs, employs versus employs or with clients.
For knowledge, timely decisions and communications, it is important
to focus on proper documentation and reporting tools. There are several on-line
tools which are easy to use and helpful in tracking the on-going affairs
anytime from anywhere.
Similar tools can be used to
check quality assurance and team performance as well as for time management.
With small manipulation of these tools,
strategy, planning, responsibility and results can be architected and documented
in way that anyone can understand easily and also can monitor with consistency.
Simple spread sheets, Google docs, Trello are few examples that if use properly
makes it easy to manage business. Scrum and Sprints should be taken as part of
daily activity to avoid distractions.
Productivity measurement is
important in services related business and this depends on Utilization,
Capacity and Capability of team.
Utilization depends on time management,
infract-structure and project/tasks management. Project managers and team leads
have critical role in utilization.
Capacity and capability depends
on hiring and training. Wrong hiring and improper training results in
non-productive business environment that gives huge damage to business and unhappy
clients which means negative impact on referral sales.
Above are just few factors and
there are few more important factors that we will discuss in our next articles.
Let’s manage!