Every year, thousands of companies are born. Even more go under in a few years. The range of activities is becoming more competitive and therefore a business owner or manager needs to become more proficient in the management of his business afloat.
To achieve business success, there are areas cardinals as a manager you should not overlook. In fact, the more experienced you are in these areas more likely your company is to survive and progress. They form the core of what every manager should know. Mastery of these key management skills go a long way in determining how successful you become in the business world.
1) the management of cash flow, a large percentage of businesses that fail do so because of cash. E 'or not selling enough products / services and thus do not generate enough money or do not manage the funds that have wisely. In both cases it is easy to see that cash is an integral part of the business, in particular, to begin with.
What is cash flow? For a layman, the cash flow is the movement, the availability or lack of physical currency inside, outside and inside the company or business enterprise for use in various purposes. The importance of cash flow can be illustrated by an example of a small company that does reasonable revenue from the sale of its products. After the salaries of law and fixed costs the company owners decide to invest a greater proportion of corporate profits for the purchase of new office equipment and cars for executives.
A situation arises in which the company needs a considerable amount of money to offer a contract of mass for the supply of its products to a new purchaser and the payment was to be at the delivery point. The Society suddenly finds itself short of money to achieve this new agreement, which is more than five times higher than the monthly average of their orders and would require much larger amounts of money to meet. The bad decision to put most of the profits of companies in unnecessary purchases led to a most unpleasant problem of cash flow and the company may be forced to borrow from banks or from any other source to make the deal again business. Get this alternative financing can be time consuming and cause the small business grows to lose business.
Managing cash flow is to make the right decisions on spending. What should be spent? What should you do with excess cash? This is a fundamental skill that must be handled without emotion on the part of managers, entrepreneurs and CEO's. Many times the management has landed selfish companies in serious financial difficulties. Instead of new company cars, outrageous holiday bonuses for themselves fat managers should learn to make money easily vessels liquids for their companies and channel money only where it is needed.
2) management; Getting the workforce to perform under the most is a most difficult task. As a manager you will discover how varied and irregular moods of your workers. However, one thing is important to know as a manager of people. Human beings all respond to certain emotions depending on their personality. Your job will be to determine the personality of the people who work closely with and use the buttons emotional about them. Emotions that affect people include: fear, greed, love, sex, anger, etc.
Discover the things that trigger your people more and act accordingly. People management means that you will make a commitment for life to the study of personality and then gently urging people to their strong areas. Dale Carnegie's timeless book 'How to Win Friends and Influence People' will be a great help to learn how to get the best from your people.
3) Time Management; Many things have been written and spoken on this issue. In our modern world, lifestyle sophistication, technology and quickly becomes more difficult to manage our time effectively. Many experts in their attempt to show off their superior knowledge to proceed with elaborate and complex solutions to the problems of time management that ultimately consume the little time we have left.
Implementing some of the tips of time management leads out there better understand the difficulties of time management. For a manager as an entrepreneur, business what is the best approach to time management. Effective time management is just a matter of common sense. Commonsense time management consists of the following practical tips;
- Daily schedule, one of the key lessons that I learned while setting up as a young, inexperienced entrepreneur was to plan each day the night before or in the early hours of that particular day. It remains for me the most effective way to get the most out of my day. Day planning should involve open the next page of the daily program and drawing a line in the middle. On the left list all the tasks for the day and right on the delegate as many tasks as possible. Look through and pick up the phone. Start now to delegate those that can be done through the phone. Keep your daily plan flexible and make any major emergencies that arise during the day. Time management does not take much advice elaborate. And 'common sense.