Your business can be very successful, bringing you good profit. But poor management possesses the magic capabilities of ruining all you have created. This is not plain words, and you can check by hiring a narrow-minded supervisor, or by paying no attention to how your company is managed. The results will very soon astonish you. But we advise you not to check yourself and read instead through the below recommendations summed up by a business genius who founded Walmart, the biggest international retail network, - Sam Walton. Those recommendations have been learnt by him from his practical experience of managing a highly profitable business employing today over 2.2 million people in 11.000 stores in 27 countries.
10 Actions to Manage Well[/b]
· Be loyal. Your business needs your loyalty first, and then the one of others. Believe in your business more than others. Don’t hear those telling you the idea will not work out - just plug your ears. People will always talk - so is the human nature.
· Share. You get your profit. Though, it is not only your merit, but the one you owe your staff. So, don't forget about your employees: share your profit with them, and be generous. Treat your staff as your partners, i.e. people equal to you, not vassal.
· Encourage. Incentives are an incredibly smart management tool. Encourage your employees, and it's not only about money: involve them actively in the company's life, show them your loyalty, listen to them and satisfy their needs. Your incentive award scheme should be close to immaculate.
· Inform. Sharing all information with your staff is very important. The more your people know, the better they understand the business from the inside.
· Appreciate. Notice and award everything your employees do for your business. Nothing will replace a couple of praise words said in due time. Also, take a habit of praising your employees in public - most people like such open signs of attention.
· Remark. Tell about yourself and your success or failures. Be ready and able to laugh at your own errors. Don`t make yourself the reputation of a too serious boss - people won`t be open with you, which may hide real exposures to your business. Be always enthusiastic, and your people will follow you.
· Feed back. Listen to everyone working at your company, from the least to the biggest. Always respond to any appeal. Invent the methods to stimulate your people talk. Create a clockwork-like feedback mechanism.
· Anticipate. Be ahead of your customers' needs. Don't save on your customers. If you even don't believe in this scheme, just try - and you will see your customers come back to you.
· Spare. Your competitors definitely require being tracked. But what is most important
· Deviate.[/b] Swim against the stream, paddle your own canoe. Find your own way and follow it. Even if your future competitors copy your business idea, don`t worry once successful - you were the first anyway.is to watch your expenditure. Opt for the latter.
About the author[/i]: Sam Warrings, an independent Business Administration & Management expert, researching the effective business management tools and incentive mechanisms integrated within the companies all over the world. Has paragliding as a hobby. Married, has 2 children.