Master three essential business disciplines
by Juan Fret on 12/5/2015
During my 15 years of volunteer experience with SCORE (the volunteer arm of the Small Business Administration) I have counseled hundreds of entrepreneurs. The ones that have successfully started and have grown their small business were the ones that were able to master three essential business disciplines.
Money is needed to start and grow any business. The concept of Money includes cash as well as access to credit. It also includes effective use of forecasts of our expected revenues and expenses. Business owners need to master concepts such as working capital, creation of lines of credit to cope with seasonal volume fluctuations as well as growth related expenses that precede growth in future revenues.
Management – includes the establishment of methods and procedures for all small business processes. How shall we manage our daily operations to insure product/service availability and quality, excellent customer service, adherence to all legal aspects of our business, and the uninterrupted, efficient operation of our business?
Marketing – includes everything from the initial business idea to the delivery of our product/service to our customers. Marketing includes the 4ps of Product, Price, Promotion and Place. Some say that marketing is everything you do to get the customer to your door and that sales is what you do to present your product/service in order to obtain the order and close the deal.
Filed Under:
Tagged With: