Be A Better Manager

by admin on July 7, 2010

You want to stay on top of things in your business during good times and bad times. You might pick a specific time each week and see how you’re doing compared to your marketing plan and goals.

Running a business often leaves very little time to keep track of how the business is doing and look at trends in the local, national, and regional economies to see what type of business decisions you need to make.

Here are some recommendations for business owners and managers:

Watch your inventory.
Don’t hold it so tight that you lose sales, but monitor it.

Monitor your cash flow.
You want to look at the trends and forecast it. Stay in line with your budget.

Make “To Do” lists.
Separate them into things that might need to be done and things that definitely need to be done. Focus on things that will help build your business.

Many people pay their bills the minute they get them when they don’t necessarily need to because the invoicing company gives you 30, 45, 60 days to pay it. Use a tickler file and put those invoices in the proper files for 5 to 10 days before they’re due and spread out your debt.

Get  aggressive with collections.
Use the collection agency model “You owe us some money. Perhaps our notices crossed with your check in the mail. If so, ignore this.” If they haven’t paid you in 15 days, send them a second notice, maybe in yellow, with the first one attached. Send them a third notice, in red, maybe 15 days later.

Do not skimp on service and quality by being understaffed.
This will help you also provide timely and the best service you can.

Do not  skimp on marketing.
This is a #1 focus. Remember, you’re a marketing company. You’re not a company that sells a product – you’re a company that markets those products and services.

When you compare your goals, if you did better than you projected, just keep on doing what you’re doing. It’s important to keep track of how you’re doing against your marketing plan. Once you know your numbers, you will know where to improve, what’s working, and things that you should do more of.

If you continue to do these things, you will be a better manager.

Be Consistent

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