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What are the things that you must know in order for you to properly manage and get your business organized? Even though there are a lot of things to learn about business and entrepreneurship, you only need to know these 5 main areas. This will enable you to manage your company properly and professionally, there are management, marketing, finance, human resource, and operations.
First, let’s talk about management. Here you need to know about the 4 major functions of a manager which is also known as the POLC framework. It refers to planning, organizing, leading, and controlling. This framework will enable you to effectively play your roles as a manager in running your day to day business operations. You plan your goals and your daily routines. Then you need to organize your resources effectively. They refer to human, social and financial resources. Then you need to lead and motivate your team continuously, and finally, you need to control your resources and make sure that everybody is on the right track throughout your journey to achieve your goals.
The second important business area is marketing, and there are only four important things that you must know which is also knows as the 4P’s of marketing. They are products and services that you offer to your customers, the right price that you set for your products and service, the place, which refers to how do you plan to distribute your products or services, online or offline or both and the final P, refers to promotion, how do you plan to get your brand, products, and services out there.
The third area is finance, make sure you at least know about how to develop a snapshot of your business cash-flow, more specifically the forecasted and actual cash-flow table. This cash flow table can help you to monitor your business financial health and it can help you to make a plan of actions in the following months to come so that you can always have a positive cashflow in running your day to day business operations.
The fourth business area is human resource. You must know how to choose the best people to work for you. I talked about how to choose the right people to create your winning team in my previous video. Click here to watch that video.
Finally, number five leadership, which focuses on yourself as the leader of your organization, the traits that you must have in order to get your business to achieve its vision and mission.
Actually there’s one more area. Before I tell you what it is, make sure you subscribe to my youtube channel here, turn that notification bell and hit that like button, to help me to produce more content like this in the future. I really appreciate it.
Even though the things that I have discussed just now are the most important areas of a business, there is another area that you must know as well, especially if you have a big business operation. If you are one-person operations you do not need to focus too much on this area, because it deals with how to convert raw materials and labor into goods and services as efficiently as possible, in order words, you need to know about how to produce the most high-quality products and services with minimum costs and producing maximum profit for your organization.
If you would like to learn more about the first 5 areas that I discussed in this article, click here.