Business management tips
Here are a few tips that may assist you in managing your business to its maximum potential:
1. Look after your customers: If you look after your customers and are concerned for their
welfare and their satisfaction, you will find that they will keep coming back to you for their
requirements. This will result in higher sales and profits. The business should never lose sight
of the fact that it is the customer who provides the income and they are therefore perhaps the
most important link in the chain.
2. Watch your buying: If you buy at the right price this will give you a better margin and
flexibility to sell at the right price. Check your prices compared with other suppliers and match
up the cost as well as the service offered before making decisions.
3. Get the support of your staff: Happy employees mean a solid business. Your staff will be the
biggest asset you have in the business and their support and loyalty is worth a lot of money to
the business. Ask for their suggestions and listen to their feedback.
4. Watch your expenses: Make it a point to train everyone involved in the business to watch
costs. It is amazing how even small savings can add up. Low costs will mean high profits,
which means security for jobs etc.
5. Be accurate when paying your bills: You must have a good system with controls in place so
that you do not end up paying your bills twice, or making errors, which cost the business
6. Chase up all money owing: Don’t allow credit to run too far ahead. If your customers are
behind in their payments, give them a friendly reminder and see if the problem can be resolved.
Your cash flow is so important to the success of your business.
7. Watch how others do it: It is best to learn from others who have gone before you than have to
learn from trial and error. Watch your competitors and pick out those strategies that work well
for them and learn from that. Discuss some of the issues in your business with those you trust