When searching for the word “management”, most search sites will bring me to a webpage that directly or indirectly refer “management” as operations, a course, a book or a training program on business.
Everything we do involves management, not only in our professional, but also in our personal lives. The decisions we made in our personal lives affect our professional, and vice versa.
Since our arrival into this world, our parents would probably have charted a road map for us to survive in this world. Along the way, the road map will change as we put our own marks to suit the development in our lives and to achieve our ambitions.
Similarly, a mom-and-pop small business needs to have a good management system in place since its inception. Along the way, the system would be modified and upgraded as the business grows into an established corporation.
One does not look at the growing bank balance to determine the well-being of one’s business; as someone once said, “who needs a proper system when my money in the bank keeps growing!”. During good times, the business owner may think it does not matter. But during bad times, he/she wants to be able to feel the pulse and the health of the business, and come up with a strategy and solution to ride through the storm.
The capability to keep track of your business operations, however, is not the only factor which will lead to the success of your business. Product and service quality are equally important factors.
Nothing beats a satisfied customer in expanding your business. Good product and excellent service or after-sales service will make your customers keep coming back, and customers’ word-of-mouth advertising is powerful and very effective.
Another important factor is keeping abreast of the market conditions and competition in the field of your business. A winning business formula might not last forever, because by staying at the same spot means you are falling behind.
Your competitors would improve their similar business models by adapting to the changing needs and tastes of the customers, with the aim to topple your leading position.
Others would simply replicate your business model and undercut your price.
With proper management tools and the right human resources in place, maintaining the quality standard of your products and services, and continuously rejuvenating your business model in keeping pace with the market needs, you are one step ahead of your competitor.