Top 5 tips for business owners

5 Tips to be on top of your business game

FIVE MOST IMPORTANT BUSINESS MANAGEMENT TIPS

Five Point Theory to be on top of your profession. These are the 5 tips and tricks that you can follow to manage your enterprise effectively. These 5 tips of trades will not help you stay focused on your business but if followed properly they can help you to be the number 1 in your business. Below are 5 points and later in the post we will discuss each of them in detail.

  • Tip No. 1 for businessman – Time Management
  • Tip No. 2 for firm owners – Employee Management
  • Tip No. 3 for owners – Competitor Management
  • Tip No. 4 for bosses – Product / Service Management
  • Tip No. 5 for CEO / MD / Top leaders – Policy Management

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Number 1 Tip for Business Owners – “TIME MANAGEMENT”

time management
Time Management is the number 1 tip for bosses and top management

Some wise person has told “Time is Money” and for business owners this quote is probably the most important advice to follow. Manage your timing properly and more than half of your business queries are solved. The owner or senior personnel should be the first person to arrive at the place of biz / office / factory. If you cannot be the first, you certainly should not be the last.

If you are not reaching your workplace on time you are doing a great loss to your business yourself. Set your alarm time early in the morning, do some exercise, have your breakfast, get the dose of news relax and reach the office right at the time and see the difference. If you are always late you loose respect from your associates and even employees and conversely if you are Mr. / Ms. Right Time you get the respect automatically.

It is not just important to be on time at your business venue but other aspect of business time management is also to present full day at the office right till the closing hours. You should be available to staff and management for important discussions and help them take small and big decisions. There are some steps which employees can not take on themselves and they are dependent of the main person or boss. If you are not available at such times your business working gets slow.

Number 2 Tip for Business Owners – “EMPLOYEE MANAGEMENT”

employee management
Next Important tip is Employee Management

Another wise person told, “If you take care of your employees they will take care of your customers and your company will take care of itself”. Taking care of employees just does not mean providing them with the best of working environment. Proper employee management means knowing the strengths of your staff and allotting them work in which they have expertise.

Someone might be the best at negotiating a deal while other may have an eye for detailing. A good CEO or boss must have the knowledge of basic strengths and weaknesses of all his staff. Spend some time of the day interacting with the staff to gauge their strong points.

If a boss regularly interacts with the staff in private and group, he / she can get a proper idea of what is going good or bad in the company. Even a junior level employee may have some awesome idea for the improvement of company you can know it only if you talk to them regularly or they can easily reach to you without any fear.

Number 3 Tip for Businessman / Bosses – “COMPETITOR MANAGEMENT”

competitor management
Third Important Tip is Competitor Management

“Anytime you find someone more successful than you, especially when you are in the same business, you know they are doing something that you aren’t.”, are the words of wisdom from other wise guy. You do not have to spend all your time in competition analysis but at-least you should follow the leaders in your domain. In this way, you can know what important decision they are taking or why are their products and services preferred by people instead of others. Is your competition offering a superior product, they are selling similar products at lower rates?

Apart from keeping an eye on business leaders, you should also analyze the reasons why a business that was on top some time ago is not even considered a completion now. What are the points that led to their downfall? Try to implement the good things of your competition and save yourself from committing the mistakes done by them.

Number 4 Tip for Business Owners – “PRODUCT / SERVICE MANAGEMENT”

product management
How you manage / Upgrade your service or product comes fourth

“Always give your consumers / buyers more than what they expect to get” is another mantra that you should follow to keep your company / firm one-step ahead of the completion. Try to upgrade your service. Always think of what you can do to outdo yourself in terms of service. Can you provide the same service in lower price? Is it possible to add some awesome module to existing service?  Always concentrate on what you can do from your side that can positively surprise you clients / buyers.

Try to introduce new products and services and take the advantage of first mover.

Number 5 Tip for Business Owners – “POLICY MANAGEMENT”

business policy management
What principles guide you? Is the fifth most aspect of your business

A very important saying for business owners is “You can have all right strategy in the world, if you don’t have the right culture you are dead”. No business can survive long term if it does not have right set of policies and strategies. What are the principles that guide your business?

Carve out basic rules and policies and let them be the driving force for your brand. You cannot be in the game if you do not have business ethics and principles.

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