art of business management

The Art of Business Management


How to Manage Your Business Effectively

business managementRunning a business smoothly is all about avoiding as few problems as possible. This includes internal company problems as well as the external problems a business may have with clients or customers. Here are some tips on how to run a business smoothly.

1. Sell your business with a short explanation. You should write and memorize a brief sentence that plainly states what your business does for its clients. Be prepared to state this sentence when you meet other professionals at networking events and when you meet members of the community. This is how companies profit through word of mouth.

2. Avoid the urge to nickel and dime clients. If you incorporate the costs of phone calls and client paperwork into a formal agreement with the client you will likely have better luck retaining their business management.

3. Be up front with your customers and clients if you are giving them a discount. If you give them one they don’t realize they are getting you are wasting the opportunity to let them know you value their business. Telling them upfront that you are giving them a discount will likely make them want to work with you again as well as get them to recommend your services to people they know.

4. Realize a customer’s long term value. If you have a customer that is causing you problems but has always been a good customer in the past, give them something to compensate them for their patronage.

5. Diversify when it comes to your client base. The wider variety of clients you have the better your business will operate. If you become too dependent on a few select clients and you lose one of them or several of them your business will ultimately suffer.

In addition to following these pieces of advice you need to concentrate on setting goals for your business that you will be able to achieve. A business can’t move forward unless it consistently sets and achieves reasonable goals. The more your business grows the more involved and complex your goals should be, in order to help push your business.

Keep the lines of communication open with employees, clients and customers. Strong business management relationships are built when effective communication is used. Communication is the key to success for any business and the smoother your communications are the smoother your entire business will be run.


Author Miguel Adam