Tips on applying business management in small businesses

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Tips on applying business management in small businesses

Tips on applying business management in small businesses

It is not easy to manage a business. As a businessman, you must be able to make sure that your business can run well and be able to achieve the target that has been made. Therefore, the thing that you must do as an entrepreneur is implementing business management.

Business management is one of the many useful activities to regulate all things in running a business, so that all business goals that were previously expected to be achieved in a directional. All business lines can basically and have to implement business management, both large-scale businesses and small-scale businesses.

In various large companies, ordinary business management is carried out by professionals who have previously been experienced in their fields. So, what about small business forms? The following are some tips that you can do to apply small business management to be able to develop into big and successful.

Tips for Implementing Business Management

1. Specify a marketing strategy

Some of the things below should you note carefully in implementing business management for small businesses, especially in terms of marketing strategies:

  • Determine the market using STP

Generally, the most frequently carried out errors by prospective entrepreneurs or prospective business people are “idealism above consumer”. That is, entrepreneurs focus more on the benefits of their products regardless of their customers.

For this reason, use the STP strategy, or segmentation, target, and product position. This method is done by finding out who is the consumer segment in your business, then determine consumers. After that, position or adjust your product with consumer needs and desires. This strategy is very effective in building products in order to enter existing markets or you create your own.

  • Don’t Forget Mixing Mix Aspects: 7p

Another thing that is often forgotten by entrepreneurs is not or lack of attention to the aspect of marketing mix or which is often abbreviated as 7P, namely Place, Product, Promotion, People, Physical Product, and Process. The aspect of Marketing Mix is ​​very useful for planning marketing and management strategies in your company.

  • Determine the Marketing Tools to be used

Marketing Tools are very useful as a monitoring tool, promotion, and evaluation in developing business that you have pioneered. You can customize tools based on your budget and business needs. However, using these tools must be done appropriately, because of hasty and origin of use will only harm your company. For example, if you sell online that focuses on Instagram, then you don’t have to use advertising from offline.

2. Looking for investors for funding

The next point you must pay attention to is in terms of funding. Avoid investing personal money in the business you want to open. Try to look for partners or investors who are able to fund your business. The right partner will be an ally and be able to work together well.

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If at any time there is a problem, your partner will be ready to help you anytime. In addition, it creates a team in doing business so that all work can be done perfectly and can share the burden.

3. Work hard and discipline

You must have a hard worker attitude and discipline against time. If you don’t want to work hard, work overtime, not disciplined, and other good attitudes, it is recommended that you not become a businessman.

In managing and managing a business, one of the abilities you must have is the ability to organize, including organizing yourself by being able to carry out such a good attitude. Try to work more efficiently and more effectively.

4. It’s excess and quality

If you are new to a business, then the problem you will experience in general is a problem that is closely related to merceting or marketing. Therefore, try to sell the advantages and quality of your products or services. In addition, the ability to conduct good communication will also increase your added value to explain the product that will be marketed.

Later, your sales will increase by itself along with the advantages and qualities that you provide to consumers.

5. Recruit good and quality employees

Over time, your business will certainly get bigger. Therefore, you need to recruit new employees to help you. In the process of recruiting employees, it is recommended to do it carefully. Look for employees who are able to be kind and also quality to be able to work together and so that the company’s business goals can be reached smoothly.

In addition, you will also be easier to give direction to employees who have a good attitude. Don’t forget to assume your employees as a company asset, not as energy.

6. Treat the vendor well

Vendors or often called suppliers are one of the important things you have to keep in your business chain. Therefore, treat them as well as possible. Vendors are one of the determinants of sales in your business, if they are late for shipping the goods, then the loss will be responsible.

In addition, by maintaining good relations with vendors, chances are you can get special treatment, such as discounts, free shipping or other profits.

7. Willing to work harder

Entrepreneurial world is a world that sacrifices temporary pleasure and is willing to work hard, and even must be overtime. In the initial stage run it, chances are you will not be able to pay employees, even if you can, surely you can only pay cheap. For that, be an employee for your own company.

8. Appreciate Time

Give the value of money at the time you spend, like IDR 50 thousand per hour.

This will help you when you have to make a decision, like if the vendor imposes a fee of $ 20 thousand for each delivery each week, and if you take yourself free, but it takes 2 hours to go to the location of the vendor, it will be better if you use the cost of costs Send from vendors only, because it is certainly cheaper.

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Decide to work efficiently, because in many certain cases, the time you have will be more valuable than the price pays people to do a lot of work that takes a lot of time.

9. Know the Basics (Calculate HPP carefully)

You must know exactly how much money is actually needed to build and undergo a business. Like renting stores, electricity, employee insurance, paper, tax, ink prices, etc. So, you have to divide everything with how many days you open your business.

Then, you will get the basic number in which there is information about the minimum amount of income you will need in a day. So, think about this basic number in your business.

10. Take advantage of technology

Technology is a tool that is able to help many human life, including in the business world. In addition to being able to simplify and accelerate human work, technology can also be used as one function of control management or controlling, this technology is able to help you in controlling the company’s operations.

Conclusion

Business management is something very much needed in a company. By knowing the various important components in it, it is not impossible for you to get success and be able to develop a bigger business.

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