How to manage Small Business

 

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!