Managing a business is not an easy thing to do. You as an entrepreneur must ensure that the wheels of the business run well and of course achieve the targets that have been made. For this reason, implementing business management is a must.
Business management is one of the activities to regulate everything in running a business so that the expected goals can be achieved. Business management is not only applied to large businesses, all lines of business from small businesses should even apply business management.
In large companies, business management is usually managed by professionals who are experienced in their fields. Then, what about small businesses? Here are some ways you can do business management for small businesses to develop and succeed.
Set a Marketing Strategy
Next you need to consider in applying business management to your business, especially in marketing planning;
a. Determine the market using STP
The most common mistake made by prospective entrepreneurs is “idealism above consumer”. That is, entrepreneurs often only focus on the benefits of the product but pay less attention to consumers.
Use the STP strategy (Segmentation, Target, and Product Position). Who are your customer segments, Determine the target consumer, and also position your product on the needs and desires of consumers. The STP strategy is very important in building your product so that it can enter existing markets and even create your own market.
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b. Don’t forget the marketing mix: 7P!
The thing that is often overlooked by entrepreneurs is that they do not pay attention to aspects of the marketing mix, which is 7P (price, place, product, promotion, people, physical product, and process). The marketing mix aspect is also useful for managing marketing strategies and personalization management in your business.
c. Determine the marketing tools that will be used.
Marketing tools are useful as promotion, monitoring and evaluation tools in developing your business. Tools depend on the budget and business needs. Use of tools that are hasty and haphazard will only hurt your business. For example, you only sell online using only Instagram, you don’t need to use tools through out-of-home advertising.
Looking for Investors for Funding
The second thing you need to consider is the issue of funding. Don’t invest your own money in a business that you are about to open. Look for partners or investors who can help provide funds. Partners can become allies, where you will work together.
So if there is a problem, there will be partners who help you. In addition, make the team work so as to facilitate work and be able to share burdens.
Work Hard and Discipline
You must have a hardworking attitude and be disciplined with time. If you are not willing to work hard, overtime, undisciplined, and other good attitudes, then you should not have to be an entrepreneur. To manage and manage a business, you must have organizational skills. This includes organizing oneself with these attitudes. Decide, to work efficiently and effectively.
Selling Strengths and Quality
If you are just starting a business, you will usually experience problems relating to marketing or the market. Therefore, try to sell the advantages and good quality, besides that good communication skills will also provide added value to explain the products being marketed. Going forward, sales will increase along with the advantages and quality provided to buyers.
Recruit Good and Qualified Employees
Along with its development, your business will of course get bigger right? Therefore, recruiting employees will be needed. To do the recruitment should be done carefully. Look for good and qualified employees to work together so that business goals will be achieved.
In addition, good employees will be easy if you give direction as one of the management functions. Then, don’t forget to assume that employees are company assets not labor.
Treat Vendors Well
Vendors or suppliers are one of the important things that determine your business chain, so treat them as best you can. They are one of the determinants of business sales, if the supplier is late sending only goods, you can suffer losses. In addition, if you maintain a good relationship with the supplier, you might be privileged like getting a discount, free shipping or anything that can benefit your business venture.
Technology is a tool that greatly helps human life, not least in the business world. Besides being able to accelerate human work, technology can also be used as a controlling management function. The sophistication of today’s technology can help you to exercise control over the company’s operations.
Business management in a company is needed. By knowing the important components in it, it is not impossible that you as an entrepreneur will be able to gain success in developing the business going forward. In addition, companies can also use technology assistance in the form of accounting software to handle administrative work.
Lately, many emerging applications or software and data storage are equipped with cloud technology at a very low cost. This certainly can be utilized by small companies so that small companies can compete also with large companies. One type of accounting software that can help you do business management is Journal.
Journal is a cloud-based online accounting software that helps you save financial data automatically. With Journals, you can get the ease of recording for business needs anytime, anywhere. Not only recording transactions, the Journal also provides features for automatically invoicing, tracking item availability, and asset management that will help develop the value of your business assets in the future. To find out more information about the Journal, you can get it here.