Learning how to run a business is a journey that can take time. We talk about aligning and coordinating all aspects of a company, managing employees, suppliers, finances, sales, and meeting tax obligations.
That is a lot, do you agree? To learn how to run a business, you need to understand that there are some unique challenges. After all, especially for micro and small businesses, it is necessary to consider organizational knowledge, financial management, human resources management, and the laws and regulations related to your enterprise.
In addition, it is necessary to pay attention to the constants linked to the administration of a company, especially marketing tactics, the expectations of a new generation of employees and, of course, the new management tools that appear in the market. How do you balance all this while still focusing on your customer’s problems and improving your results in pursuit of growth? This answer could be a winning lottery ticket, do you agree?
How To Run A Business: Know Where To Start
After all, do you know how to run a business? This is a complex process, which begins at the stage of opening your business and choosing a tax regime. In addition, there is the whole matter of market research to understand what your strengths and threats are. You also need to know the talent marketing in your region (or, if it’s an online business, the talent in your network). Anyway… We don’t even need to continue. There are a multitude of factors to consider. To learn how to run a business, you must first understand that your primary role is to coordinate all aspects of your business. Harmony between processes and harmony between sectors — even if we’re talking about just one person behind everything — is essential to ensure a continuous, profitable and scalable operation.
Be Prepared For Different Scenarios
The market is highly volatile, mainly due to our country’s political and economic instability. Therefore, success is also a reflection of its ability to adapt to any scenario.
- And if tomorrow the dollar drops in price, will your company be on the way to making a profit or not?
- And if your leading supplier fails with your order, will you be able to get around that hurdle and keep producing?
- And if a third of your customers default from one month to the next, will you be able to save your operation up to date?
Of course, many of these situations involve you having cash to handle your business liabilities. However, we also say that it is necessary to have a “shell” to know how to negotiate and find strategic, less costly solutions that do not harm your business.
Make A Strategic Plan
As we mentioned earlier, there is no way to run a business without good strategic planning. But after all, do you know how to create one or what makes up such a plan? It is about documenting your business, your products or services, and a definition of your goals and objectives.
Of course, the more complete, the better. Therefore, we recommend that you add information about the market and your forecasts when entering it. What is your starting budget? What are your sales projections? How long do you need for the business to start showing returns? It’s resolutions like these that you can include in your strategic planning. It is worth mentioning that planning is not a “dogma” — an absolute truth. Think of it more as a business guideline, which you can go back, revise, and reformulate as needed.
Build A Good Team
If you want your business to thrive, it’s important to hire trained and motivated people looking to succeed. Especially in the case of micro and small businesses, it is necessary to invest the money from hiring with complete certainty of return. Therefore, conduct thorough interviews and deeply analyze the profile of candidates. And of course, once you hire an employee, understand all the rights to which he is entitled, the taxes you must pay and other extras. Also, take the time to think about employee qualification and retention strategies.
How To Run A Business In Practice
To learn how to run a business, you need to understand several business-related topics that you must master. Among the manager’s functions — which are many — it is necessary to ensure that the business is on the right track to achieve its goals. But after all, what does a business manager do? We summarize below:
- Project the company’s budget;
- Recruits hire and trains new employees;
- Manages inventory and makes purchasing decisions;
- Supervises the daily activities of employees;
- Ensures that business goals are achieved;
- Handles production, marketing and administrative functions ;
- Make sure day-to-day operations are running;
- It sets sales targets and ensures the team is on track to achieve them.
Do you know what this all means? We explain: understand how to manage a company in practice.
Also Read: How To Execute A Small Business Marketing Strategy
