1. Plan Everything
Plan your business every step of the way. Set goals, analyze your business situation and make sure you write a business plan. Planning is an excellent business management skill that you need to develop so that you stay on top of business.
2. Manage Your Money
No business can run without cashflow (money) so you need to be money wise. Running a business means you have to constantly balance two things:
#1. Income: The money customers pay you for your products or for your services
#2. Expenses: The money you spend to make your product or deliver your service
The profit for your business is the money you get paid minus the money you spend.
3. Be Organised
To get (and stay) organised you need to create a system to manage your business. Everything must have a place and be put back in its place, filed and sorted. An effective routine will ensure that you stay on top of paperwork, admin and remember your appointments.
4. Design your workspace for success
Carefully plan and design your office workspace to ensure you create a space in which you feel comfortable and able to work. A functional workspace will also help you to stay organised. Remember to always keep your workspace neat and respectable for visiting clients.
5. Build a Business Team
As an entrepreneur you have to take a hands-on approach to build your own business. But there comes a time where you can’t do everything yourself. Know your strengths and weaknesses and learn to delegate tasks. Surround yourself with capable co-workers who are as committed to making your business a success as you are.Your business team may include friends, family members, employees, suppliers buyers, associations and the community.