Poor Management:
Many a report on business failures cites poor
management as the number one reason for failure.
New business owners frequently lack relevant
business and management expertise in areas such
as finance, purchasing, selling, production, and
hiring and managing employees. Unless they
recognize what they don't do well, and seek help,
business owners may soon face disaster. They
must also be educated and alert to fraud, and put
into place measures to avoid it.
Neglect of a business can also be its downfall.
Care must be taken to regularly study, organize,
plan and control all activities of its operations.
This includes the continuing study of market
research and customer data, an area which may
be more prone to disregard once a business has
been established.
A successful manager is also a good leader who
creates a work climate that encourages
productivity. He or she has a skill at hiring
competent people, training them and is able to
delegate. A good leader is also skilled at strategic
thinking, able to make a vision a reality, and able
to confront change, make transitions, and
envision new possibilities for the future.
SUCCESS BREAKFAST today with OIC
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