In order to manage your small business, you just need to learn the skills of business, and there are fewer than you might think that are critical to the success of your business.
There are only 5 core elements of business that are common to all businesses and yet those 5 are absolutely critical to your success not only in the short term, but more importantly for the long term prosperity of your business venture.
If doesn’t matter what kind of business it is, from retail to wholesale to manufacturing to a service business to a restaurant to selling on the internet or any other kinds of business you are in, the 5 critical elements of business are required for all different types of businesses to succeed.
How Do I Manage A Business?
At a fundamental level, all businesses have a set of commonalities at their core:
- Discovery & Creation – Figuring out what your prospective customers want or need and then either finding that thing of value or creating it for them.
- Marketing – Educating and Informing your prospective customers that the solution to their problem exists, and that you can provide them with that solution as well as creating a demand for your particular solution.
- Sales – Turning prospective customers into paying customers by completing the transaction.
- Deliver Value – Provide something of Value to the customer, the solution to their issue or fulfillment of a desire, and then ensuring that they are satisfied with their purchase.
- Money – Being paid for the Value you are providing as well as managing all the financial aspects of your business.
For more details on the 5 Critical Elements Of Every Business, you can download my eBook to the right.
In order to successful manage your small business, you must first master the critical business skills of a successful business owner, which consist of those 5 critical elements, and there are basically 3 ways to do that.
You could always try and learn it all on your own via a combination of education and trial and error until you gained enough experience yourself in order to learn how to manage a business. That is by far the most difficult and time consuming route, and the one that is also the most prone to failure.
The second way is to look for other successful businesses in your field and study them. See what it is that they are doing that is causing their success.
There are going to be some huge companies that fit the bill, and you can model some of what they are doing, but the size differential makes it difficult for you to model. It’s best if you can find a company that is a little bit larger and growing.
If you aren’t a direct competitor, say you are in a different geographic area, you may get the help you need.
That way you will be able to implement the activities that they are doing well.
And by far the easiest and quickest way is the third choice, which is to fast-track gaining some of that experience by utilizing a coach or mentor that already has the experience and can lend you their experience and then allow you to take some short cuts in your own learning.
You can use their experience as a surrogate for having to gain that experience yourself from scratch and reinventing the wheel.
Which of those 3 ways are you going to use to answer your question how do I manage a business?
Are you going to take the slow and painful route by trying and do it all by yourself? Or are you going to move quicker and eliminate some of the heart ache by taking the shortcut of getting a coach to help you over the hurdles?
If there is something further you’d like to know, I’d love to answer your questions, so please post them in the comments below or apply for a free consultation where you and I will work together specifically on your small business.
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Have a Prosperous Day!