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Business management 101

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Business Management 101



Business-minded people are constantly looking for more ways to improve the way they
do business and the different skills they need to have to be the best bosses.

But if this is your first time to be someone’s boss (finally, you are your own boss!), you
really do have a lot to learn. The good news is, in this day and age, you can get a lot of
information online. There are tons of free business management resources that can
help you in your journey to a more fulfilling lifestyle.

Now, it is impossible to really get into all the different aspects of business management
so here are just a few of the many things you need to do or know about running your
own business.

First of all, you should have a full understanding of what you are getting into. You need
to be aware that businesses fail- that’s the ugly truth! Businesses do close down and
businessmen do go bankrupt. There is a chance that you will not get your return on
investment or that you will not get the ROI that you are hoping for.

Knowing these facts would be very beneficial when it comes to your strategies in
running your business. Read and analyse what techniques would work and what won’t-
learn from other people’s mistakes.

What you can do is to gather your own set of do’s and don’ts and create your own
business plan out of it.

Another tip is to stick with the tried and tested techniques in marketing and business
management. Although you still have to recognize the fact that you need to keep up
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with technology, you don’t have to fully turn your back on the traditional way of
business.

In fact, there are still some people or stores that use very old strategies or tools in their
own stores. Some Chinese stores still uses an abacus and the abacus math method!
And some other stores do not even have a computer. It’s really all about sticking with
what’s best for you and your business- you don’t have to join all the bandwagons and
trends.

Another skill that you need to develop in your business is to learn how to organize files
effectively. Setting a business involves a lot of forms, papers and documents- each one
as important as the other. Have an efficient filing strategy, whether it’s digitally or in
the traditional way.

Lastly, you need to create an effective and market-appropriate marketing plan. Your
business will be no good if you have no customers. Do a market research first so you
could understand how your target audience thinks and react to products or services of
your kind. Understand what makes them buy and what makes them turn away.

				
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