Do you wish to improve your business management abilities – these tips are here to help you do so – take a look.
Know-How is not enough
One thing you should always know is just because you are an expert in a given area, it does not mean you are cut out to be a business owner. When you put up the sign showing that you are open on the first day, there is a good chance that customers will not be flocking right away just because you know what you are doing. You will need to have marketing and administration in place in order to make the company function smoothly.
How many chefs or foodies who you have known and they decided it was best to open a restaurant because they are good with cooking and food, but had to close down after a couple of months because they were not getting enough people to come to their restaurant? Having good food will not be enough; people have to know about it before they can experience it. Financially, you will need to run a tight ship and you will need the help of tax and financial experts, and an experienced manager at the top.
Hiring the right people
If you are an expert in your field but you are not experienced in the marketing part, then you will have to hire experts who will fill the blanks. This will help in getting people inside, and your next play is getting them to come back or refer their friends and family.
Not hiring friends
This can seem like an obvious thing, but there are many people who keep making this mistake. Doing this can cause a good friendship to be destroyed, and can also do the same for the business.
This can work in some instances. You need to employ caution when it comes to hiring, and also a lot of communication (both with the business and friendship). You will need to learn how to wear different hats when at work and outside work. Here are some other smart tips from Barclay Simpson on management.
Planning strategy is everything, you should never make snap decisions
There is a person who I know who recently stepped in as part-owner of a restaurant. The location of the restaurant is great and ultimately successful, but the slow-down in the businesses in the area has forced them to put a lot more effort to keep the customers coming to the restaurant and keeping them happy.
There was one night when everybody in town decided it was time to go out and eat in the restaurant, but the wait staff there was not enough, with the patio being drowned out with rain, one of the head chefs decided to walk out, and the owners decided to make a snap decision as a result of this. One thing they decided was to double the wait staff on shift at any time. From the way I see it, they did not completely see the ramifications of this decision before implementing it. Now they have a lot of wait staff than needed. This has resulted in the increase of hourly wages being paid (with some of it being unnecessary). The tips the servers are getting has dwindled, and there are some who end up getting cut before the night is over. This can cause the restaurant to lose some of their best servers.
You might be thinking to yourself “what is the big deal, just hire more servers”, but what you don’t realize that the servers serve as the front line of the restaurant; making it very important to retain the good ones. This was a snap decision made, but it could have a lot of problem for the restaurant.
Promoting or hiring from within is not always a good idea
Promotions in the workplace can help encourage your staff to work hard because they have something to work for, but is not always a good idea to hire from within. There are times when the skills sets cannot be found within the current employee base.