Business Sphere

First of Two Parts

I have been asked by my two readers, who are entrepreneurs, about the “best practices” in managing their business to make it successful.

image from www.businesssuccessunlimited.com

There are no “best practices” really because management is situational, depending on the type of business, the competence of the manager, the market, products or services, the competition, as well as the environment that the firm is situated.

However, since the principles of management is applicable everywhere and in any situation, I have distilled seven business management lessons that I have learned along the way in my career as management advisor of business.

These seven lessons that will help make your business—whether online or offline–a success are:

Lesson No. 1: Choose A Business You Love

Going into a business takes take time, energy and effort to ensure it a success. It is important that you choose something that will excite you because you will be putting a lot of time the rest of your life, business being a full time job.

So make sure you choose a kind of business that you are passionate or have passion for action, one that you enjoy doing.  The great philosopher Confucius once said: “Choose a job you love and you will never have to work a day in your life.”

Lesson No. 2: Make A Strategic Plan

This is an important lesson that you must learn to attract success to your business. Know that “If you don’t know what you want to achieve in your business or in life, you will never be able to get there.”

As such, you must be clear in your mind what you want for your business. Write a plan or objectives and use it as a guide in your day-to-day operations in relation to your profit objective, pricing, promotion, and target customers. As in any human endeavor, one cannot handle a business unless you know what it is for.

Lesson No. 3: Make Your Business A Full-time Job 24/7

If you want to make your business successful, you must take it as a full-time job and work long hours managing it, 24 hours a day, seven days a week, figuratively speaking. Success in business does not happen overnight, in the same manner that profit does not come instantly.

Success, like profit, is an output, a reward, for managing a business well, taking into consideration the quality products and services that you are selling as it answers the needs and wants of the customers, the competition, your marketing and promotion.

To be continued in my next post