BUSINESS MANAGEMENT

One of the best definitions of the term management is simply executive skill. This course was designed with that definition in mind. It is the goal of many individuals to be self-employed, to be in charge, and to have control over their own business lives. However, successful business management requires as much preparation and training as any other worthwhile project you attempt.

This course was designed to assist you in managing your business more efficiently, effectively and productively. The complete program includes four major categories: Business Management, Job Management, Labor Management, and Financial Management. Not all topics discussed will apply to your business, but it is suggested that you go through each section carefully. Information studied in this manner will be beneficial to establish company goals and objectives as a reference for financial planning and credit applications, determining the need for growth and expansion, coordinating small tasks to the best advantage of your company, and much more.

It is important that you view the overall picture objectively. As a business owner, you must be willing to recognize the need for change and improvement and especially be willing to implement those changes. Your staff should be encouraged to participate in the process by submitting job descriptions, procedures in place, suggestions and recommendations for their areas of expertise.

When you complete this course, you may feel that additional professional assistance is needed. I offer a consulting service for service organizations and for all trades, stressing financial growth and profitability, maintaining the competitive edge through strong management, and working with start-up companies or established companies that are considering diversification.

Many companies have found this to be a cost-effective means for receiving expert advice and direction. An individualized program can be designed to meet the needs of your organization.

By taking this course, you are taking the first step in achieving your goals. I wish you luck in your venture and remind you that I am available for further assistance if you need it. Please call my office to set up an appointment for our consultation service.

Before We Begin

There are two major considerations that must be addressed by anyone who is seeking to become and remain successful in business.

The first is SUPPORT. Everyone who wants to be successful should be able to count on the support of his/her spouse or mate, as well as business associates, employees or close friends. A very successful individual who suddenly finds himself going through a personal trauma (divorce, illness, relocation, etc.) may lose the support of the individual who has been by his/her side for the duration. Although it is not something that one realizes, loss of that support may be a reason for future lack of success. It is human nature to rely on encouragement for our actions as well as positive reinforcement. Be sure when you are establishing or expanding your business, that you have the support of someone close to you. Allow them to learn what you are doing and why, and share opinions and discussions. It is a major factor in the success of your endeavors.

The other major consideration is a WILLINGNESS TO LEARN. Too many people become so immersed in their daily routine that they do not take continuing education courses or attend industry seminars or workshops. This can have a disastrous effect on future success. You cannot let the world change, with increased technology and new, improved methods, without staying aware of the changes and keeping on top of the latest information.

These two factors, SUPPORT and WILLINGNESS TO LEARN, will take you far in your quest for higher profits and proficiency.

Advertising

This business function is essential not only to increase your business, but also to replace customers you lose for various reasons. In an effort to cut overhead, a common mistake made by many companies is to reduce advertising when business is slow. Instead, you may need to increase advertising to build up your volume.

Advertising takes many forms. Brochures are generally effective and can be produced inexpensively. The best mailing lists are from the yellow pages in the classified telephone directories. Classified ads in newspapers pull leads, since they attract people who are looking for your services, as do yellow page ads, but only if you are a service company. Remembrance novelties that you leave with prospects are disposed of quickly - perhaps a scale ruler with your advertising message printed on it, which the prospect will use from time to time. Encouraging your customers to send you referrals is inexpensive, and will pre-sell the prospect. Develop distinctive logos or color schemes for quick recognition in your business cards, truck painting and jobsite signs. Think about other effective ways to bring your talents and services to the attention of the prospective buyer. What kind of advertising created by others impressed you? Copy the idea and modify it to suit your target market.

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Please send your feedback / comments to Mike@MikeHolt.com.

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