Entrepreneurship Requires Managerial Discipline
It is necessary to instill a disciplining program in your small business in order to move forward. Efficiency is tied to a disciplined organization. As a small business owner you must strive to cultivate a workplace in which standards are set and everyone (even if you are the only person working there) is called to meet. Discipline requires concentration, time management, and orderliness.
The best time to start thinking about “managerial discipline” is today. there are three core functions in each business and all three have to be managed.
The three core functions are:
1. Sales and Marketing
2. Operations
3. Financial and Administrative
There has to be a balance between these three core functions and the necessary time has to be given to each. I look at these core functions as being a three legged stool. If one does not exist, the other two can’t hold the stool (business) up.
Let’s take a quick look at each of these core functions and what responsibility they carry:
- Sales & Marketing: for many small business owners this is the area that receives the majority of time and cash expenditure. Unfortunately there is seldom a plan for this core function. A few of the responsibilities in this area include:
- Website Maintenance, Online Marketing, Advertising, Public Relations, Data Base Management, and Account Management.
- Operations include: Customer Service, product Development and the delivery of the promise.
- Financial and Administrative include: Accounting/bookkeeping, office management, internal operating systems, Financing, and IT.
While I only cover the surface in each core function, my purpose is to alert you to the need to have all three core functions in sync with each other and all working towards the company Vision. Yes, you may be the only person in your firm but each area has to be given the necessary attention and effort to keep the business in balance.
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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
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