The Importance Of Time Management In Business Management

Time is an essential part of business management. It is one of the most important resources for you and the people within your team or organization. Together, time management can help propel an organization to success while providing business management a tool to also improve in this essential skill to have.

For most people time management is as great as having an alarm clock to get up. Zig Ziglar says that it should be called an opportunity clock, as it gives us an opportunity to get up! An alarm clock is as far as time management goes for most people, even in business management.

With 24 hours in a day, we have a large amount of time and it is easy to look at that and not see the essentials for managing time. You see even with an hour gone by, so much more could have been accomplished.

While waiting the whole week to complete so a project could be completed, correct time skills could have helped complete the project in the day or even the hour! And how is that for business management!

Time management is a vital skill for both business management to run the organization and for themselves personally as knowing effective skills in time management enables you to become a very valuable person.

Bill Gates has as much time as you have, so there is so much more that can be done. Though not many people strive to reach such a lofty place or goal, in business management, time is a resource that is essential for any kind of success.

We have skills in management, and more we add to those skills, the more effective we become and so do the results we produce.

Is it feasible to say that your range of skills, enhanced, can enable you to be twice as effective, five times as effective or even 10 times as effective? You bet you, and this is the benefits of learning good time management strategies and skills.

To learn time skills, there are books, training programs, seminars and DVD’s as well as other training material options that can enable you to increase your time skills. If you are in business management and studied business, you likely did not learn these skills and the learning is something that has to be done by you.

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Why Experienced Global Business Management Consultants Are a Business’s Key Asset

Companies should look for a consulting firm that is capable of supporting them through all the activities that are required to support strategic change. Short of that, companies are faced with the undesirable task of finding additional consulting resources that are a fit with their culture and their needs.

Below are some benefits that a well-rounded and experienced business management consultant brings to a business.

Enables a business to expand its reach

The implementation of lean organization structures has reduced the number of people in a company who are capable of supporting complex one of projects. A seasoned and full service consulting partner provides the bench strength needed to properly plan and implement these projects. Some examples include:

Analyzing the best supply chain footprint for your company

In the past three decades, US-based companies outsourced work to Asian regions because these countries provided a cost differential of more than 80 percent when compared to the costs in the US.

Understanding how this affects your company provides a strategic advantage in the marketplace.

Management consultants who specialize in near shoring will study a business (its total cost of ownership) and will assist its stakeholders in preparing and implementing supply chain strategies that maximize profitability, responsiveness and minimize working capital requirements.

Planning US-based businesses

Despite having one-third of the total world GDP, the US attracts only a small percentage of foreign businesses who are interested in expanding their served markets. Most foreign businesses look for distributors, manufacturer’s representatives, etc to hawk their products. That is chiefly because many business owners are unaware of the trade policies, culture and buying behaviors of the markets in the US.

Nevertheless, these businesses should take up the assistance of a global management consulting firm to develop effective strategies for serving American markets.

Improving operations

Businesses are constantly dealing with competitive headwinds and that is especially true for foreign-own businesses. Often they don’t understand how to boost efficiency, increase market share and optimize their product portfolios. Consulting firms who understand local markets can be their in-country partner to stream line operations, grow sales and increase profitability.

Assist in manufacturing, sourcing and distribution

Consulting firms who specialize in manufacturing have a primary aim of making a client’s manufacturing, sourcing and distribution cost-effective, sustainable, profitable and scalable.

They can help companies achieve double-digit improvements in key business metrics and reduce operational costs. A manufacturing, sourcing and distribution consultant stream lines a business’s supply chain to ensure speed to market and optimized human and financial capital by assessing:

Product management
Business optimization
Organizational design and development
Vendor management
Process redesign
Value stream mapping
Continuous improvement
Logistics and distribution
Supply chain effectiveness

Many management consulting firms are not capable of providing this level of support throughout an entire project so it is important to choose a consulting firm who can, otherwise there is a loss of planning and implementation continuity.

Aid in capturing market share gains

For many businesses, especially middle market companies, it is hard to keep tabs on everything ranging from product management to customer feedback to optimizing a supply chain. It is a lot of work. The lean nature of today’s business organizations are often overwhelmed with managing day to-day activities so planning for the future and implementing those plans is often given a lower priority.

Many companies choose to engage an expert strategist/consultant to help them plan for the future. For improving its’ market effectiveness, a business should hire a management consultant to create and implement strategies for:

Product/service roadmaps
Portfolio management
Product/service marketing and sales techniques
Product revenue life cycle
Sales effectiveness

Focusing on organizational design and development

Every business is focused on exceptional performance and to set new benchmarks of excellence. In order to do that, organizations need to have the requisite knowledge of leading and managing employees, vendors and other stakeholders.

Businesses that have built a sizeable workforce and an extensive network of vendors requires organizational development consultants to help create organization strategies to manage organizational complexity.

Unlike a project that is focused on fixing a specific issue, organizational development requires a more holistic approach. Successful organizational development consultants deploy assessment programs and undertake a series of continuous improvement workshops to help companies understand their strategic and operating gaps and to develop the appropriate skill sets inside the organization. By doing so, they can improve the performance of a business’s workforce and ensure sustainability.

In general, an organizational development consultancy will work with a client to create programs that are focused on:

Strengthening a business’s cultural environment
Ensure compliance
Revamping staffing, hiring and recruitment processes
Analyzing change readiness in a workforce
Improve organizational design

Consulting companies are bench strength for a company when they have a need to quickly and effectively implement change. A full service consulting firm is capable of helping a company understand its’ strategic and operating gaps and work with the leadership team to design and implement programs to deal with them.

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Small Business Management – 2 Tips for Effectively Leading Employees

In today’s Lean Start Up culture of small business, the major thought among many owners and operators is the need to output products and services at an optimal quality and high level of productivity that satisfies market demand. Naturally, the adherence to these principles increases the probability of the business to experience robust revenue and profit growth in addition to increasing market share. For the most part, these outcomes are desired highly by small business owners, but they also pose a considerable business risk in the form of employee mismanagement.

The labor component of any business easily can account for at least 30% of the total cost structure depending on the business model utilized (i.e. manufacturing, retail, service). Thus, management prioritizes its monitoring and oversight of this cost component to ensure proper balance and alignment with production output and ultimately market demand. In doing this, though, employees are often treated as components of a business’s production cycle instead of human beings. The tendency of management to treat and manage employees as objects rather than people can have a negative impact on the business both in the short and long-term.

Owners of small businesses can and should learn to “lead” and not manage their employees. Webster’s Dictionary Online defines management as “the act or process of deciding how to use something”. Since most small businesses consist of no more than 5 employees including the owner, there’s a close camaraderie among employees and owners that helps in making the production process more flexible and agile in regards to changes in market demand. The downside to this strength is that management fails to learn how to lead their staff. As a result, employees are not empowered to think in creative ways to enhance the business’s competitive advantage for the long-term. Instead, they are relegated to menial and automated tasks similar to a machine. We are not discounting or understating the value of an employee that performs menial and automated tasks, but it’s management’s responsibility to ensure that each and every employee’s ability is maximized for the business’s success.

Two key small business management tips for “leading” employees are:

Tip One: Reward and Recognize Employees Early and Often
The implementation of this first tip is easy and straightforward. The power of getting results with this tip is from a commitment to consistency. Small business owners should set up a personnel reward and recognition system that incentives their staff for taking calculated risk within their scope of work to think creatively in enhancing the long-term competitive advantage of the business. Examples include gift cards, certificates, novelty items, etc. The goal here is to reinforce behavior that adds value to the business and these come from leading them to think creatively of ways to do their jobs better and more efficiently.

Tip Two: Delegate Effectively
This second tip focuses on empowering your employees rather than micro managing them. Effective managers know that the line between empowerment and micro managing is slim, but with experience and foresight, managers can implement this tip with ease as well. Empowering employees is all about clearly communicating expectations and vesting authority in them to accomplish the desired goal. Delegating effectively holds amazing value for owners of small businesses because it’s a way for them to replicate themselves exponentially.

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Business Manager – Vital Cog in Business Enterprises

A Business Manager is a professional who is entrusted with the job of managing a business firm or a corporate enterprise or a private enterprise on behalf of a company or individual with the outcome of earning profits and revenues. There are several areas where a Business Manager can use his or her knowledge and expertise to serve – accounting, auditing, budgeting and taxes, data processing and analysis, finance, HR and personnel, marketing and public relations, operations analysis, purchasing and so on. Besides there are also specific technical areas in which a Business Manager can have specialized knowledge and skills like computer programming, e-commerce, law, science etc.

Even small businesses or home businesses sometimes typically have Managers doing multiple roles that focus on the company’s marketability and reach. In such a scenario, the Business Manager shares much of the owner’s duties and responsibilities in running the business successfully and in some cases, earning a share of the profits.

There is no doubt that the role of a Manager is very essential and crucial to a business. As we have seen in the modern era, even artists and private individuals like musicians, dancers, painters, writers, sportspersons etc. have Managers who manager their business affairs, professional commitments and financial matters. Hence, the role of a Manager cannot be taken lightly. In the context of a governmental agency or a military agency, the position of Business Manager would be equivalent to that of an Executive Officer or a Chief of Staff.

Functions or Role

Overseeing the operations in small, large or private enterprises involves many specific functions. Generally, the duties of a Business Manager extend to:

• Developing and implementing budgets
• Fixing business goals and targets
• Hiring, training and evaluating employees
• Supervising and overseeing duties of support staff
• Handling payments and contracts
• Managing business commitments, travel schedules etc.

Qualifications

Most Managers require a basic qualification of a bachelor’s degree in Business Management which has many in-built modules in tandem with the duties listed above. They also need to have excellent communication skills, great inter-personal relations, be adept in promotional and marketing abilities and have contacts with media agencies and networks. In many businesses, salespersons who have worked through the company for many years handling several responsibilities are promoted to Managers levels and entrusted with greater responsibility.

Public profile

In a private enterprise such as a Manager handling the portfolio of an artist or sportsperson, the role of a Business Manager is very much in the public eye. Several past business managers have been caught in financial and personal scandals ranging from negligence of professional commitments to fraudulent practices in financial matters, illegal and unethical management of assets, swindling of revenues etc. which can be a serious setback to professional enterprise.

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Business Management Methods

Business Management vs. Leadership

Managing is not the same as leading. Leaders are more prone to create business models and grow businesses. A manager is more apt to oversee the created model and maintain the business’ growth. Effective management is key for maintaining future growth. Managers are the ones who keep the company running smoothly on a daily basis, as the leaders of the company are trying to take the business to a new level. Managers keep the company flowing to keep the cash flow, and in a lot of small business organizations, the leader and the manager are one in the same (autocratic). But as a business expands, in most cases, the leader must appoint a manager to keep all the other main important areas in compliance. It is the job of the leader to “lead” his manager and have an effective method in place for that manager to take and run with.

Business Management Methods

Each company possesses a certain type of style in regards to how they run their day to day operations. There are 5 well known business management methods. Today we will talk about the first of the 5 methods, Autocratic Management.

Autocratic Management

Of all the methods we will discuss, Autocratic Management is, by far, the most common methods for small businesses. With Autocratic Management, the business owner is not only the leader and the one that is responsible for the company, but also the President or CEO of the company; maintaining the role as manager. The business owner makes most, if not all, of the decisions and is ultimately the one driving and sustaining the business.

My Advice to Autocratic Managers: Autocratic business management should not be a long term type of method that you have in place. Autocratic methods can stunt growth if they stay in place too long. For increased growth, it’s key to find the best transitional type of management style that meets your businesses culture. But before transitioning to one of the methods we will be discussing in the weeks to come, make sure you have properly mastered Leadership Skills #4 & #5 (if you want to learn more about these leadership skills, visit my blog). Without the ability to duplicate yourself and delegate roles successfully, transitioning to a new type of business management method may lead your company towards failure.

Autocratic Business Management is only the first of 5 different business management methods we will be covering in the week to come.

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