Management

A good business management strategy is vital for every new business to operate smoothly and efficiently. Managing a business is one of the most difficult things an entrepreneur can do – in fact, one of the most important things anyone can do. Not all entrepreneurs necessarily have a natural talent and have to put in a lot of work to get it right.

Prioritising

The key to successful business management is prioritising. Many entrepreneurs forget about the im- portance of prioritising and time management, and it’s their downfall.

Essentially, prioritising and effective time management is critical to successful business management. Accord- ing to a study by Basex Research, interruptions cost the United States economy $588 billion a year.

When you clearly understand what short-term and long-term goals should be achieved and in what order, it becomes easier for you to evaluate the benefits versus risks of your ideas and to prepare accordingly.

Set Specific Goals

With all of the success you want your business to see, you need to be sure that you are heading in the right direction. To properly determine the correct path for your business, you must consider where it will end up.

Many things can lead a business in the wrong direction. Setting goals for your business is significant. It delivers a vibrant path to follow and the inspiration to reach a predetermined destination. Without goals, your business is just functioning instead of achieving.

Goals give employees a purpose, motivation and a reason to work hard because they know they are working toward something which is going to grow.

According to the Academy of Organisational Culture, Communications and Conflict, setting goals can help employees feel a greater connection to their organisation. Not only does this contribute to increased optimism in the office but it also encourages better employee performance.

The best way to stay focused on your long-term objec- tives is to set specific goals and to monitor your progress so that you can see whether or not you’re moving in the right direction. Therefore, your goals should be not only specific but also measurable.

* This tip was compiled by Zeynep Ilgaz, a general partner at Gross Ocean Venture capital