Oct 18

Basic Business Management Skills That Managers Need to Have (2)

basic business management skill

Business Management Skill

Directed Thinking
Simply put, it refers to thinking towards a specific goal. The ability of directed thinking is crucial to develop a business idea as it involves logical, purposeful thinking to reach a particular goal. It is an important part of problem solving, and can fall under both, conceptual and diagnostic business management skills.

Effectiveness
One more quality that a skilled manager should possess, is the willingness to work effectively towards the achievement of his business goal. Management guru Peter Drucker made a distinction between ‘efficient’ and ‘effective’. According to him, performing an activity swiftly and economically refers to being efficient, while doing the right thing at the right time, with efficiency, refers to effectiveness. Good business management skills lead you to the right goals. On the other hand, doing the wrong things or doing things in the wrong direction is a waste of time and resources. In other words, it’s the exercise of efficiency to no avail. A leader should know how to prioritize business activities. He should be able to understand what’s important for the business and differentiate it from what is urgent. It is important for effective business management.

Knowledge of Strengths and Opportunities
Effective business management asks for a complete knowledge of the strengths and growth opportunities a business has. Knowing the strengths requires an  understanding of the availability and potential of the business resources. A complete understanding of the business and competition can help a manager understand the prospects of his business.

Knowledge of Weaknesses and Threats
As a leader, one should be able to understand the weaknesses of his organization and try to improve on

Oct 16

Basic Business Management Skills That Managers Need to Have (1)

basic business management

Business Management

The verb “manage” came from the Italian “maneggiare” which means handling (referred to a horse, at that time), derived from the Latin “manus” meaning hand. In the 17th and 18th centuries, meaning of the English “management” evolved from the Old French “mesnage”.

“Management is the art of getting things done through people”, says management consultant Mary Parker Follett. People are perhaps the most valuable resource of a business. But there are others, like financial resources, infrastructural resources, inventory, and technology, whose optimum use is essential for effective business management. According to Peter Drucker, “Managers give direction to their organizations, provide leadership, and decide how to use organizational resources to accomplish goals”.

Management skills are classified as political (used in building power and business networking), conceptual (used in analysis of situations), diagnostic (used in taking an action in response to a situation), technical (domain knowledge), and interpersonal (people skills).

Frenchman Henri Fayol describes management as a composition of five functions, namely planning, organizing, commanding, coordination, and control. Modern texts have reduced them to four, which include, planning, organizing, leading, and  controlling.

Planning
Planning involves identification of your business goal and finding the way to reach it. It involves the estimation of various costs that will be incurred and evaluation of the time required to attain the business goal. A business plan has to be documented and reviewed on a regular basis. A plan is worth it if the attainment of the business goal is feasible with the allocated resources.

Organizing
It involves the assignment of tasks and allocation of resources throughout the business organization. It includes determining the primary goals of the business and strategies to reach them. It includes

Nov 29

Facility Management Program As a Practice Integration of an Business

It has come to be an integral perform of superior administration. Hence, formulating and employing a relevant facility management BSC is a task that enterprises can not find the money for to neglect if they want their staff doing at peak stages.

Gross sales, marketing and advertising, and creation are what managers simply call profit centers of any enterprise business. The balanced scorecards of these areas will offer largely with formulating plans, tactics, acceptable allocation of resources, and creating accountabilities for the desired outputs. Balanced scorecards of facility management corporations or departments observe virtually the exact pattern, except that it is extra centered on making an setting where staff perform without having pointless distractions and can give their most effective. This overall target gives the framework for the creation of an productive BSC of a facility management process.

A facility manager of a business in whatsoever company the organization is engaged in will be anticipated to possess a wide range of skills, as the package of support solutions is extensive ranging. The supervisor will need to know adequate of just about almost everything   making engineering and construction, IT and security systems, maintenance, men and women management, preparation, and a whole lot of other folks. This suggests that the first issue a enterprise must contemplate is to create a scorecard for persons who are certified for the position. Only immediately after this requirement has been duly achieved can an effective balanced scorecard for facility management be formulated.

The best facility management apply will naturally middle on how the development of the developing and its accompanying interior layout and facilities can contribute to the creation of a workplace surroundings that is inductive of efficient worker efficiency. No one would like to operate in spot where by it

Nov 22

Typical Services Offered In A Virtual Office

One of the emerging concepts when it comes to having an office today is the virtual office. Basically, a virtual office is a very practical way to reduce costs. Instead of operating an “actual” office complete with all the tangible facilities and maintenance, a virtual office offers the same convenience as an actual office but at a lesser cost.

Virtual offices are very much like operating a physical office when it comes to the services made available to support you and your business. All these are made possible thanks to modern technology. Even from a distance, an office can perform all of the necessary functions at a much lower price.

Here are some of the common services offered by this type of office.

Receptionist
Receptionists are important in an office. They are the first ones to assist the guests as they first make contact and start communicating with the office. They are provided with the general information which will allow them to guide the guests in what they want to know. In a virtual office, there are remote receptionists. What makes this set up possible is using a software system which connects the receptionist to other people in order to provide assistance.

Call centers
The function of call centers is almost similar to that of a receptionist. They receive calls coming from clients. However, call centers are trained to handle a large volume of calls and to answer specific questions which are more technical or focused than those handled by the receptionist. There are also call centers which do telemarketing. This means they make outbound calls to reach out for possible clients and then spark their interest about the products or services you are selling.

Voicemail
Some virtual offices offer low cost options

Nov 15

Using Employee Engagement Surveys to Boost Customer Satisfaction and Loyalty

If you need to increase your company’s competitiveness and profit, where should you start? Should you focus on your employees first, or should you start by focusing on your customers first? In reality, you need to do both.

It is almost always best to start by focusing on your employees first. Highly satisfied and engaged employees are essential for achieving high levels of customer satisfaction, retention and long term loyalty. Start by listening to your employees and taking action based on their ongoing feedback.

Conduct an employee survey / employee engagement survey to gather information, suggestions and insight from your employees. Ask them about what it is like to work for your company and what can be done to help them do their jobs more effectively and to do a better job of taking care of customers. Include questions about the effectiveness of internal communications, business processes, teamwork and how employees feel about your company’s direction.

Make sure your employee surveys / employee engagement surveys also include questions about effectiveness of supervisors and managers, empowerment, ability of employees to make suggestions, effectiveness of rewards and recognition, fairness of compensation, adequacy of employee benefits, treatment of diverse groups and fear in the workplace. Include questions about quality, customer service and ways to increase productivity. Ask questions about anything that may be positively or negatively impacting employees’ and customers.

Don’t be surprised if you end up identifying a very large number of challenges and opportunities. If challenges and problems exist, you need to know about them, prioritize them and take action. There is no single silver bullet. Identifying and addressing the top three problems is not enough, especially when there are many more problems that are impacting your employees and customers.

It is important to

Nov 08

Choosing A Recruitment Agency For Overseas Staff

In recent times, the concept of recruiting overseas staff has gained momentum. Many businesses have joined the bandwagon in their attempt to meet the unprecedented and increasing skills shortage. To keep afloat and to stay ahead of competitors, it is important that you recruit skilled staff to deliver what the business stands for. Recruiting overseas staff is a boon for many small and medium sized businesses to meet this challenge. International recruits may possess the skills and attitudes that will prove beneficial to you and your business.

It is a known fact that to have a migrant worker is a financial decision. It is less desirable to have this worked out wrongly. You need them as an asset to your business rather than a liability. A wrong choice will result in lost visa space on which you spent your time, money and effort. Hence, it is required that these international recruitment agencies are more diligent in choosing the right candidate.

The exercise to bring in overseas staff will be rewarding if you are able to choose an appropriate overseas staff recruitment agency. There are numerous businesses claiming to be the best in the industry. How would you differentiate the good from the bad? This write up is essentially to give an insight to the key aspects, which you need to be aware of when engaging a recruitment agency for overseas staff.

Choosing a Recruitment Agency for Overseas Staff

Recruitment is a dynamic industry and it becomes overwhelming and confusing for prospective employers and candidates. In this maze, to choose the right recruitment agency for overseas staff becomes even more daunting. Some of the characteristics that you need to look out for when availing the service of a recruitment agency, especially for Overseas staff, is

Oct 31

Thinking of Use Renewable Energy for Your Business

All it takes is for cost of a barrel of oil to spike up, and once again everyone starts talking about renewable energy. Then just as fast as whatever it was that caused the price spike goes away, the conversation dies down. It really is all ridiculous too because the future is coming and it is renewable energy.

Now the fact is that the hardware for assembling your own renewable energy system became cost effective years ago and its growing even more as time moves on. That is that it the cost of putting together, say a solar system is about 30% less than the value of the power it produces over its service life.

The big problem though, is that while the power that comes off your power grid does cost more, it’s on an easy payment plan. You simply get your bill once a month, pay it, and that’s it. Simple and easy and this is what has so many people hooked. It’s just easier that way.

However, for you as a business person, there is the public relations aspect that you have to take into consideration. That is that it’s just good for business for you to be seen as a conservationist by your clients or customers and this trend in PR is only expected to grow.

By far the easiest type of system to set up is a photovoltaic solar system that uses solar panels. Now while they are quick to install and get online, they do none the less have a few shortcomings that you will have to contend with.

The first is that they only generate power in the daytime and electricity is expensive to store in batteries, but it can be done. The option that most

Oct 28

Safety Training – A Must for Every Industry

Safety Training Programs have now become the integral part of most of the industries. Almost in every type of industry or corporate office, one can see the posters which remind their employees about the safe work. Companies are using the bulletins boards outside their industries or mills which can depict the safe operation of the workplace. There are different parts of the effective and mandatory safety programs. Each company must have a supervisor who should make sure that all the employees of the company in the healthy state. This article explains some of the components which are essential for the safety training program.

Should have an organized plan in written form

All the companies should keep one thing in mind that time management is the biggest aspect for complete execution and implementation of any kind of plan. And it is impossible to implement a plan if all the things are not present in the written form. There are different safety plans which can be used as the initiative plan. Companies should make a choice of the plan according to their needs. Each and every description should be spelled out in the plan.

Warning Signs and the Posting Labels

If something hazardous is associated with the particular machine or a job, then it is always good to remind the employees and other workers with the help of signs, labels, posters and postings. Changing or rotating the posters and signs is always considered to be a good idea so that workers should always have a watch on these signs and labels.

Sessions for Onsite Team

A different kind of short and informal training should be given to the people who are spending most of their time outside the office. For example, in case of sales team, each and every member

Oct 25

Lead Generation – Getting Your Business To Grow

When your business depends upon getting new leads regularly, there are some options that are open to you which can help you to achieve it. In today’s technologically advanced climate, there are many businesses that tend to focus on electronic means of contacting potential customers, such as through social media or email marketing. Although these can be effective, you should never overlook the possibility of direct mail and using those lists in order to increase the success of your business substantially. Here are some of the benefits that will be seen when you use this type of marketing and mail your list physically instead of automatically.

Perhaps one of the most important things that need to be considered when choosing direct mail over email marketing is that the majority of people look at their mail that they get in their mailboxes every day. Of course, some people are going to toss some of the information without looking at it but a vast majority of those individuals are going to sort through it without delay. This gets your message in front of those individuals easily and, compared to email marketing, the response can be substantially higher.

Another benefit to using direct mail is that you can specifically target groups of people that have an interest in what you are offering. It is important for you to consider this, not only when using direct mail but when purchasing the list of individuals that you will be mailing. The more focused the list is, the more likely it is going to be that you are going to see results from that list.

Have you thought about the customization that is possible when mailing people instead of using electronic means of contacting them? When most people gather email lists,

Oct 24

How To Motivate Your Staff

As a business owner, you face the important challenge of getting the most from your employees. Perhaps you have a staff that already feels overworked and depressed. This can have significant consequences in regards to quality of service for your business. A loss in quality will eventually result in less revenue. This is something you need to prevent or that you have to fix if it already happened. But how do you motivate staff that feels depressed? How do you keep motivation high and the staff emphasized about their tasks?

What does a great business manager do that an average business manager doesn’t? Motivate, motivate, motivate and I’m not talking about the occasional pep talk or a halftime speech. Great managers motivate their staff on an ongoing base to prevent having staff members slipping into that dark hole of fading motivation.

To motivate and to retain your employees, you must understand how they want to be rewarded. What makes the employee feel appreciated? Nearly employee has a preferred reward structure. This is usually a combination of compensation (money), work life balance (time off), and recognition (e.g. employee of the month). Compensation is not limited to pure cash (salary, bonus pay, etc.) but can also be in form of gift certificates or even movie tickets. Time off is not only the available vacation. Imagine walking up to an employee at lunch time and sending him home for the rest of the day just because. Or sponsor a night at a close by vacation resort. You get the idea. Recognition can include formal awards, public acknowledgments, and title changes. A title change should usually be accompanied by a salary increase though.

Different employees will value different combinations of motivation. Not everyone is alike, and the possible combination

Oct 23

What Level of Project Failure is Acceptable

Business project management software promises managers and executives sophisticated dashboard reporting that provides all the information they need to ensure work management success. However, I wonder if a high visibility view into project performance is enough.

Earlier this year, project management expert and author Harvey Levine was asked, “We have recently seen an up tick in Yellow and Red projects among our portfolios. This has raised an interesting question. ‘Is there any research that would tell us what the ideal mix of Red/Yellow/Green is on a portfolio?'”

Harvey’s response was what you would expect, and spot on. “In my view, there is no such thing as an ideal mix. It’s like asking, ‘what level of failure is ideal?’ Is there a standard for level of failure? This isn’t a QA application. We’re talking about project investments here. Failure of projects leads to failure of the enterprise. The ideal mix, if there was such a thing, is 100% green.”

Yellow or Red indicators that don’t initiate some kind of action just don’t make sense. When a stop light goes red, don’t you put on the brakes? Harvey offers three suggestions for working with a dashboard system:

1. Set meaningful thresholds for the yellow and red alarms

2. Establish standardized routines for reporting deficiencies and corrective action

3. Look at trends as well as current data

Define what the warning lights mean and create a structured and appropriate response. For example, a yellow indicator for an individual task might be a greater cause for alarm than the same indicator for an entire project. However, a Red indicator should elicit immediate corrective action regardless of whether it is associated with a task or a project.

The dashboard isn’t useful because of the visual

Oct 22

Three Habits of Effective Project Leadership and Six Keys to Successful Project Based Work

Three Habits of Effective Project Leadership

For any organization doing project based work, the need for leadership and collaboration is critical. Unfortunately, for many organizations, developing leadership is a challenge there are never enough leaders in an organization and getting people to collaborate is often a challenge.

Here are three leadership principles that can help you effectively manage project teams in today’s complicated business climate:

1. Lead Yourself First. My colleagues and I used to call this walking the talk. If you don’t practice what you preach, how can you lead others.

2. Encourage Ownership. The more people feel of sense of ownership, the more responsibility team members will feel for the outcome. Identifying what a positive or negative outcome means to the team will encourage a sense of ownership.

3. Follow Up. I don’t think it’s any secret, but leaders get the behaviors they reinforce.

It really doesn’t matter what type of project based work you do or your particular work management methodology, project managers who spend time learning and implementing leadership skills are more successful than those that don’t. As more and more organization turn to project and portfolio management best practices to make their organizations more efficient, the need for skilled project managers those who know how to lead people as well as manage process will continue to grow.

What are you doing to improve your leadership skills?

Six Keys to Successful Project Based Work

“Wax on, right hand. Wax off, left hand. Wax on, wax off. Breath in through nose, out the mouth. Wax on, wax off. Don’t forget to breathe, very important.”

In the 1984 movie The Karate Kid, Mr. Miagi, an apartment complex maintenance man, becomes an unlikely karate teacher for Daniel

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