Hendrick Kganyago 5 keys to good business management
Hendrick Kganyago Maintain realistic planning Planning is setting the course, and although there are reasons to believe that the business will be successful, prudence is the rule to follow.
Setting unrealistic goals can lead to poor decisions: such as a large advance inventory purchase and a sales forecast not materializing; the immediate effect is an imbalance in the flow of money, putting the payment of employees and suppliers at risk.
2. Hendrick Kganyago Manage the budget
The budget is a tool used to plan, coordinate and control the income and expenses of a business. Its management implies monitoring its execution over time and informing for decision-making.
The person in charge of business management must evaluate the causes of budgetary deviations; they generally refer to delays in the execution of activities and insufficient forecasts.
3. Do not neglect the Market and sales
Marketing is an activity that must be permanent. Those responsible for business management, usually in good times, concentrate all their efforts on production; the problem appears when the economy goes bad, if the marketing work has not been done, the market may be lost.
4. Hendrick Kganyago Understand finances
One of the goals of any business is to grow. But to make new investments, buying inventory buying equipment requires money. In general, you must go to financing; But if those responsible for business management do not have knowledge about financial indicators, how can they make the best decision?
Good business management requires knowing the financial tools to optimize the use of money.
5. Learn to delegate
Knowing how to optimize time is key to business management. When subordinates are not trusted, the immediate consequence is work overload; the manager will not spend enough time on the other strategic areas or future planning.
Hendrick Kganyago When you know how to delegate, you benefit the employee and the business; the head of business management can produce more and with better quality.
