Friday, August 22, 2014

For a Successful Business Entity

Many people might not agree to all my points. The ideologies of different experts vary according to the market they are at, and the culture they are working with.
What I believe is that it is important to learn from the historical management practices and what is going on at present. None of the management practices are perfect and fit perfectly in every organization because their beliefs, market and organization culture vary, some might vary little and some drastically.

Following points are the keys:

·         Personal Relation and Market Branding.
o   PR is what helps you sustain and market branding or identifying yourself as a brand. It means creating yourself as the synonym of your business practices. If you achieve it, you win.

·         Create your very own Market.
o   Never try and copy. Be the original self. Create your own market and lead. Tempt others to be like you. Do not try to be like others, because, they are already there. Why does the market need you then? Do not just do something better, but do something new.

·         Always have a right person at the right place.
o   This is one of the most important points. Don’t try to do everything by yourself. Use the ones who have specialized at various fields. If you have the right person at the right job, the person will be able to achieve that not even a group of wrong people might be able to. Always remember, it is not math so two wrongs don’t make it right.

·         Aim compounded growth, not just growth.
o   Everyone aims for growth. It is not just growth that we are to target but is the compounded growth that we have to look for. It is because your constant growth might just be a result of change in variance in the economic factors of the market.

·         Have a clever financial planning and aim for a budget surplus.
o   It is all about cost reduction because there is always a scope for it; it is about finding the right area.

·         Long Term Vision and Goal with Flexibility.
o   Your organization’s Vision and Goal should be long term and flexible and always aim for it. By flexible, it means, flexible enough to adapt to the technological and managerial changes. If you plan to change the vision time and again, the adaptation might cause the organization to lose track. If you prefer not to lose time, make sure you have a long term vision and goal then strive for it.

·         Diversify your business practices.
o   Diversify your business practices because nothing lasts forever. There might be a sudden change in the market environment, be it consumer behavior, legal changes or disaster. Always have some secondary market open for you where you can shift to at difficult times. You can find many examples of companies which started out with a certain product and are now into a different market segment. Always have an option open, you might need it. If you do not need it, it is still fine for you will have a better chance of growth and also multiple income sources.

·         Have Passion on what you do and always believe in your organization.
o   Passion is very important because if you are not passionate about what you do, it is useless to even go ahead with it. Passion creates motivation and motivation creates a step to perfection. Along with passion, you should also have faith in your organization. Yes, the initial phase might not be promising at all times but if you really believe in the organization and are passionate enough to get it well on track, where there is a will- there is always a way out.

·         Employees are your biggest critics, LISTEN TO THEM
o   Employees are not just someone on your payroll, but are also your well-wishers. They know if the organization grows, they will get a chance to grow with it. Look back at Point #3, Right Person at the Right Place. They know what is going on at their field of work. They are the right people to advise you, may be better people than the ones at your advisory board.

·         Be strict, BUT liberal.
o   In an organization, you cannot afford to let processes go out of hand. At times for quality purposes, to get work done on time and in order to stay on track (to reach set goals) one is to show the firmness. Liberal kind of management is very important for motivation but always remember that the fear could be used as a driving force. Too much of strictness or too laissez-faire is not healthy for the organization. Both should go hand in hand.

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