What is Business Management?

The definition of managing a business includes all tasks related to running a company, such as planning, coordinating, overseeing and leading.

Many people are afraid and sceptical to open their own business because of the unknown and insecurity. The truth of the matter is that small businesses are the ones flourishing the economy and bringing-in new daring ideas every day. Because opening and managing a business takes extraordinary strengths it produces extraordinary outcomes.

Managing your own business is fascinating and challenging at the same time. You are doing what you love to do, but sometimes it gets overwhelming. It doesn’t have to.

Here are some guidelines that will help you manage your business smoothly.

             -   Make your business plan your guiding document for your business. Always monitor activities and crosscheck benchmarks with your plan.

     -   Keep your plan real; moderate and change it if need be.

     -    Keep proper paperwork and track-down every activity.

     -    Develop forms and frameworks that will help you to better oversee activities (cash-flow forms, employee time-sheets etc.)

     -    When in doubt - turn to experts – outsource expertise.

      -   Manage your time wisely – micromanagement is expensive and it does not return great results.

      -   Facilitate systems that enable you to monitor activities instead of providing   instructions for every single task.

     -    Manage your business not only from an operational angle but also from a strategic point of view.

     -   Focus on the big picture. Focus on the changes in the business environment. How are the business models shifting? Is yours updated? Are the needs of your customers being met currently? Have their needs changed from the day you started your business.

Business management is more than crafting a good plan or a finding good niche. It is about filling a gap, making a change, enriching and improving a product or service, elevating the current market environment to a different level. It is about quality and the way you do business as opposed to just making business. It is about that holistic approach, in which every little detail matters. It is about ethics and care and the way you overdeliver to your target group.

 What is Business Management? – Quick tips before you open a business

Find your passion, your expertise, your “thing”, your niche that makes unique, special and in demand.

Define your target group – your customers.

Assess the environment and identify the gaps that your service/product would fill. Be strategic; analyze where you are, identify where you want to be and how you will get there?

Hire the best people – not just the smartest for the job, the most trusted for the job.