Behind every success story in the business world lie endless hours of hard work. And yet, despite putting in all these efforts, many businesses struggle to meet their obligations at the end of the month.
We’ve summed up some guidelines that will take you from survival mode to healthy growth.
1. Know Your Numbers
Many managers rely on employees to deal with the numbers but are unaware of what goes on in reality. You must do your homework and watch your income and outflows every single month. Monitor your credit level and note on which dates and from what sources it must be repaid.
Methodic Cash Flow Planning is key for a manager or entrepreneur to run their business properly.
2. Hire People with a Vision
Make sure your employees (at least those in important positions if it is a large organization) have a vision, wish to forge ahead, and are devoted to developing and growing the business. Don’t be afraid to hire people who strive for success only because they ask for higher pay and at some point may want to leave to advance their careers. They are worth it because their contribution to your business will be tremendous.
3. Make Sure You Have Your Other Half
A strategic person in the company, your right hand whom you trust blindly, must be someone who completes you. They have to challenge you with opinions and perceptions that are different from yours, and bring to the surface issues that may not have been taken into account. If the head is highly entrepreneurial and optimistic, their deputy should be more realistic and grounded.
4. Invest in Professionalism and Expertise
It is important to employ quality professionals, offer them lectures and workshops or courses for development in their field of work and thus broaden the scope of functions they can serve in.
5. Stay Up to Speed with Technological Advances
Check from time to time whether there is any software or technology that can improve your workflow, streamline your processes, and maximize your resources with minimal investment.
6. Do Not Underestimate Minor Expenses
It is exactly in these small amounts, if we scrutinize them carefully, where we may find ways to save. Often organizations forget to review items such as telecommunications, insurance, business travel, etc. and as a result, they spend thousands of shekels that could have been saved every month.
7. Examine Whether Processes Can Be Streamlined
You can identify opportunities for improving efficiency by empowering lower ranking employees, while at the same time reducing decision-making time.
8. Revisit Agreements
Conduct periodic reviews of your agreements with suppliers and service providers as part of a strategy of comparing payments and return on expenses vs. other alternatives in the market.
9. Keep Abreast of What the Competition Is Doing
From time to time, see what your competitors are bringing to the market, both in terms of similar products and technological developments that could potentially affect your market sector, so that you can adapt to changes quickly and survive in a cutthroat world.
10. Love Your Business –
If you are not enjoying what you do and are not feeling the thrill of the experience, you’d better change your course.
