Operational Capital

4 Crucial Tips for Successful Business Management

In this day and age so many people are starting businesses, but not many people are truly understanding what it means to successfully manage and operate a business.

If this is you, don’t get down on yourself because Luxury Capital is here with some quick tips on successfully managing a business and all that it encompasses.

1.) Communication:

emailWhether you are texting, calling, emailing, or on webcam, the channel of communication does not matter. What does matter is how effectively you communicate your ideas and messages. This means from the foundation of communication to using the correct vocabulary and properly articulating your words, all the way to making sure that you are getting your ideas across in the most clear and concise ways. Another important aspect of effectively communicating is being aware of your body language. Often times our body language and facial expressions say things without us having to even speak. If you have a very animated face, this is definitely something you should always be aware of when having face-to-face or webcam communication. It would suck to say something, without even saying anything, and not having known that you even said it.

2.) Customer Service:

manager.jpegPiggybacking on the topic of communication, comes the actual act of putting your great communication skills to use which is customer service. Whether you are a business which deals with customers buying consumer goods, or you are a consultant or major corporation that deals more with client management, your tone of voice and ability to effectively communicate will truly be tested when dealing with your clients and customers.

3.) Relationship/Team Building-

team

You cannot be a manager if you do not have a team of people to manage. One of the most important aspects of important team building is relationship/team building. When we refer to your team we are referring to your managers as well as your front-line employees. If you nurture employee growth by staying in touch with their short and long term career goals they will feel more appreciated and like you and your operation are in tune with them and where their path of progression within the company. The worst thing is to have a team that doesn’t know where there job is taking them because they will feel as though there isn’t anything with a purpose keeping them from quitting. The first step to avoiding this is by nurturing their growth through cross ¬†training initiatives and building them up as a team, but also individually as motivated employees. Another way of advocating proper team building is by laying the foundation of a company culture. Company culture is often over looked by many companies, but is so crucial to making employees feel empowered and show up ready to work on the days when they are not feeling it too much.

6.) Financial Management

money

Last but definitely not least, the financial management side of things. You cannot be a manager if you do not have a team to manage, but you also cannot be a manager if you do not have any money to manage or use to fund your operation either. Financial management can often include P&L statements, capital budgets, marketing and labor budgets, or other types of more formal financial management if you are in the advising and wealth management sector. Being better at financial management typically gets easier for most people over time with a few years of experience and can be a smoother skill to learn if you have taken formal forms of education and classes to really tap into those skills.

Although there are several other important aspects to important financial management, without these 4 there is not operation, and without an operation there will not be anything left to manage. Putting forth effort to become an expert, a MASTER at these 4 things will definitely put you on the right track to effectively and efficiently being a business manager.

 

 

 

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