BUSINESS MANAGEMENT - SUCCESS and/or MORTALITY RATE

This is the 32nd of a series of newsletters published on Business Management and Management Skills. Not all topics will apply to your business, but each section will be beneficial to establish company goals and objectives. By reading and studying these newsletter articles, you’re taking the first step in achieving your goals.

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There is a basic truth to achieving success in business. You must know how to handle people, how to handle problems, and you must know how to handle yourself.

To achieve even a minor level of success, you must establish goals. Decide what has to be done, and then do it. Ideas are important and they’re necessary, but they’re only the beginning. Ideas must be carried out to have meaning. Something that remains in your mind does no one any good. If you fail to plan, you plan to fail. This is one of the reasons why it’s so important for managers to manage their own time. You must attend to the day-to-day functions of your business; however, you must also set aside time to think and make plans. That’s your job, and if you don’t do it, no one else will.

Cooperation and genuine support from others is necessary for attainment of your goals. Failures motivate you to do things you should have done before. So why fail? Do them now!

If you’re not getting enough work, not making anticipated profits, or not getting the kind of work you want, reevaluate and concentrate on such potential problems as:

Under-capitalization is a prime cause of failure. It also prevents expansion. Use your available funds wisely. Put nonworking funds into interest-bearing investments.

Try to get into noncyclical work, and eliminate seasonal variations in volume. Locate your shop as closely as possible to the area where the majority of your work is concentrated, close to your main suppliers, and within easy access to main travel arteries.

When sufficient capital is available, expand your services. Diversify. Keep abreast of the state of the art of your specific industry. Opportunities may present themselves in the future to enter additional markets, which will greatly enhance your firm’s financial position.

Consider learning more about taking the right road to success by reading The Handbook to Higher Consciousness, by Ken Keyes, published in 1989 by Love Line Books.

NOTE: For additional information, please refer to the section on Goal Setting (#17) and Time Management (#34) in this series of articles on Business Management.

Mike Holt’s Comment: I would like to extend a special thank you to L.W. Brittian, a Mechanical & Electrical Instructor in Lott, Texas, for reviewing and editing the various articles in these newsletters. His comments and suggestions have been invaluable in the preparation of my Business Management and Management Skills’ Workbook. This newsletter article was extracted from that workbook. Watch for our next newsletter, and as always, we invite your comments and feedback. Send us your real-life experiences. We value your opinions and participation. Please respond to Barbara@MikeHolt.com. And… be sure to visit Mike Holt’s Website at www.mikeholt.com

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