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Administrative Techniques

Every small business has to apply administrative methods. A small business does have different needs to that of a larger concern and in this article we will be discussing some vital administrative techniques.

Cash flow

One of the most important factors of small business management is “cash flow”, although small business management encompasses many different and varied aspects. Without cash flow you can do very little. So a firm grasp on this concept is vital. “Cash flow” is the amount of money that is available to keep the small business operating. Remember to overestimate on operating expenses and underestimate income. Keep extra cash flow for unexpected expenses and work from a regularly revised budget.

Cash flow is and has always been a big issue for small business managers. Factoring is a way in which small business management can take advantage of improved cash flow to improve the chance of growth.

Keep Inventory Moving

It might be tempting to stock up on too much inventory in order to be prepared. This is not necessarily true and can be wasted money. Inventory should not go beyond a quarter of what is required in order to keep it moving. Calculating inventory is based on realistic values according to sales.

Marketing

Small business management has got to include marketing. Marketing should never stop as it is the only way that customers will be aware of the business. If marketing stops, the business will stop. Funds should be set aside in the monthly budget for marketing purposes. Marketing may be conducted through use of the internet, flyers and newspapers relatively inexpensively and has to be an ongoing process.

The internet is a powerful marketing tool that is becoming the center of the world of trade. If your small business is aimed at an international market then it is vital to take advantage of this powerful marketing tool.

Target the Marketing

Targeted marketing is essential. If the small business is marketing and not receiving a response, then it is advertising in the wrong market. Get to know who your potential customers are and target business marketing to them. In this way it will be noticed and will not be a waste of money.

Books and Finances

All books must be kept up to date, this is the only way to keep you finger on the pulse of the finances in the business and is integral to small business management. You must make it clear to customers that products and services have to be paid for in good time. Keep all invoicing, tax and purchase receipts at hand in an orderly fashion. Learn to use and read profits and loss statements.

Presentation

If the business is situated in premises, part of small business management means that the premises have to be kept in a clean and presentable way. In particular the area in which customers come. This leaves a good impression on the customer; it is true that “cleanliness is next to Godliness”. A dirty shop front will not attract old customers back nor encourage new customers to enter.

By: Brian M Layne

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Principles of management remain the same for any business entity. As you decide to open your fashion outfit or expand your business it is essential for you to gather your management instincts.

Primarily Finance is the main criterion. Understand the inflow and outflow of funds. Bifurcate cash and check transactions. Arrive at your liquidity ratio. Keep a provision for ad-hoc business surprises. Be sure about loans and EMI. Use tax benefits. Work to lessen overheads.

Manpower management is the toughest scene. Recruit talent and not people, do not undermine but encourage, leave room for lacunas, recognize and then reward. Redressal of grievances is essential. Be a people’s person.

Organize your work. Be it delegation, authority or empowerment. Keep your accounts balanced and healthy. Maintain deadlines. Invest in research activities. Know your competitor well.

Presentation skills are necessary. This is an ongoing process and better not delegated. Client study and spending powers need to determine. Other fashion trends and companies to be located. A complete survey and detailing is essential.

Pricing is the business motive. Work on your demands and supply. Check out per cost of an outfit. Keep overheads low. Work out intangible employee benefits.

Decision making is required each day at different structures. Decide your workshop area and service outlet. Decide on the estate, include your financial adviser and banks. Look before you leap to fashion gimmicks and ever changing designs.

Diversify your current business. Get on to a new client sector. Explore kid apparel industry.

Export your collections. Check avenues for fashion shows. Find a retailer abroad. Reap tax benefits on exports.

Invent new styles. Explore and hone new talents. Pay well to retain talented employees. Learn a new skill yourself.

Motivate your staff. Don’t believe in gradation. Respect all and be a good leader. Make interesting reward programs. Recognize support groups and leave room for ad-hoc manpower contingencies. Be sensitive.

By: Jennie Amit Gandhi

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In a fast paced corporate world it is important that a manager or executive is organised. An organised executive is far more effective than one who is disorganised. When you organise your business life you become more efficient with your job and you acquire the positive reputation of a person who is proactive and gets things done.

An important business management skill is effective decision making. This is the ability to make quality decisions and make them fast. In order to make decisions requires the analysis of information. This information needs to be sourced, analysed before a well thought out decision can be made. Therefore, it is important to have systems in place to organise this information efficiently.

Effective managers have the ability to store and organise their data and information so that they can access it quickly. They have a process in place that ensures they deal with masses of information coming to them only once. When they receive new information it is dealt with immediately. If the information is relevant and useful it is filed and recorded appropriately.

When it comes to filing information effective managers structure their filing system by grouping and storing information in relevant categories and sub categories. The filing system should have a logical hierarchy that makes sense as this will increase efficiency. Effective managers take their time in organising their filing system as they understand it is time well invested. A well structured filing system saves valuable time.

When organising your files use color to separate different types of information. Make sure that each file is labelled clearly and correctly to make them easily recognisable. When using file folders such as hanging files in your desk use labels to identify the relevant contents contained within the file. Order the file labels alphabetically and place them so that you can see the labels clearly when you open the filing drawer. It is important that you review your filing system on a regular basis to ensure your make it up to date and relevant. Avoid the build up of paper by removing those documents that no longer serve a purpose.

By: Seamus Deere

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Business management, when will you ever listen? Your business management approach should be so different. I mean, really, they seem to already have their answer to any question or proposition you may present. This really is a reason nature gave us 2 ears and only one mouth: To Listen More. So, hey, boss man, just listen to us and we may be able to achieve for the company what you are responsible for. For starters, do we really need all of these people around here? Have you ever done any sort of time study on their jobs? I did one at a manufacturing plant the other day, and within 1 hour of measurements, saw we could eliminate 3 positions in the plant. This is a savings of $250,000 a year, all in just 1 hour. The employees would just be reassigned to where we are currently staffing persons. How simple was that? But when you take it to management, they want to schedule a meeting with the other managers to get everyone’s opinions. Opinions on what? We are talking about $250,000 a year. Maybe it is because it was not their idea.

How about delegating a few items? We really do not need all of the micromanaging. Just tell us what to do, and we will do it. Don’t worry about how we get from A to B, just as long as we get there on time. When you micro manage, it takes away from the many skills the people in the company have. You do not give them a chance to shine, to come up with something, or to just find a better way to build a mouse trap. This will free up so much more of your time to do more important things, like schedule the meeting for the staffing changes (sorry, could not resist). Delegating is a good thing.

Maybe we can actually ask the employees what they think. Ask them if they have any opinions or ideas on ways to better the work environment. They are the ones out there fighting the battles, so they are the experts on this. Yes, you will get the occasional ridiculous idea from the wise guy, but just ignore it. You will get many more positive responses than negative ones. And do not stop there, actually go out there and implement them. Put them in place, and watch the morale of the employees increase. If you do something for them, they will do something for you. Amazing how this actually works. But for it to work, you need to get out and meet the people, and let them know who you are. Getting employees involved gives them the sense of importance, and this weighs heavily with the work force.

So, if management would just listen a bit, they can actually make a huge impact with the employees of the company. And happy employees make an excellent and thriving company. So, maybe you can try a different business management approach.

By: Michael Baker

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Delegation is one of the most important skills to learn as a manager. However, not many managers are good at it. They tend to hold onto tasks that they should be delegating to free up their time to do more important activities. There are certain tasks that a manager should and should not delegate. Before delegating work the experience and expertise of the team members should be assessed to ensure they will be able to do the work.

In the beginning it is probably better to start delegating simpler tasks that will not cause a problem or financial restraint on the firm. In this way the team member will gain more experience and confidence as they are given tasks with higher responsibilities.

The following are tasks that can be delegated:

Work that involves a lot of data

Work that involves checking statistics, technical details and data can be very time consuming. This is also the type of work that is making the manager less productive. These types of work are perfect for delegating to your team. When you delegate always make it clear to your employees that they are responsible for completing the work. Make sure you are accessible to them if they have any questions are problems.

Research work

Certain research work that involves a lot of finding and collecting information can be time consuming work. Research work can involve looking at what your competition is up to or researching information through reports, journals etc. This type of work can be delegated to members of your team. This will provide you with more time to analyse the research information with fresh eyes.

Repeat jobs

There are always jobs that involve the same tasks and need to be done on a regular basis. These types of jobs can also be delegated to your team. These types of repeat jobs can involve writing up weekly progress reports, and monthly expenses etc. These sorts of jobs take up valuable time that you should be using to move the organisation forward.

By: James Mako

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Kansieo.com

Business owners and managers on their own will likely have considerable knowledge about different aspects of running a business. However, when you can put together a business management team for your company that consists of top members, you will have a better chance at success for your business. With a team of top members, you will also be able to better guide other teams within your business.

Managers will be able to more easily analyze their own potential and what they can offer the business team. An individual manager can work on evaluating themselves based on the performance of others and their own personal standards as well. They will also want to figure out what they will be able to offer the management team that others cannot. While evaluating themselves, managers will be able to enhance skills that will be valuable to the management team and to the business. They will also be able to pinpoint any skills that might be weak. Those members of the business team within your company will be able to lead other teams around your company as well. These managers can keep an eye on the performance of other teams and team members to ensure that the projects are being completed efficiently and properly. Any manager you choose to be a team leader should have impeccable leadership skills. Those who have the best leadership skills will be great for your business management team and any other team within your company. Managers with great leadership skills are able to keep other team members on task and can motivate them to do the job well.

Overall business management can be greatly improved by a great team. Once you have the right business management team in place, you will notice an improvement in overall business. Of course, it may take up to three months to see the full effect of your business management team, but it will be well worth the wait. Working on the business management of your company is very important and a great team can always make things easier.

By: Tony Jacowski

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