Managing Your Business Successfully: Common Pitfalls to Avoid

MANAGING YOUR BUSINESS SUCCESSFULLYCOMMON PITFALLS TO AVOID Clarion Hotel, IFSC Monday 10th May 2010 Janice Fleming, AITI

OVERVIEW • Introduction • Part 1 • Classic management failures • Tips for successful business management • Part 2 • Procedures employed by businesses that are successful

INTRODUCTION

CLASSIC MANAGEMENT FAILURES • Indecision • Procrastination • Re-inventing the wheel • Resistance to change • Poor / no planning

CLASSIC MANAGEMENT FAILURESCONTD. • Reluctance to delegate • Inability to recognise weaknesses • Poor communication skills • Poor time management • Poor interpersonal skills

So you could end up like this?...

TIPS FOR SUCCESSFUL BUSINESS MANAGEMENT • Be decisive • Don’t put things off • Accept tried and trusted procedures • Be open to change • Plan, plan, plan

TIPS FOR SUCCESSFUL BUSINESS MANAGEMENT CONTD. • Delegate • Honest appraisal of strengths and weaknesses • Improve communication skills • Time management • Interpersonal skills

Or this!

PROCEDURES EMPLOYED BY SUCCESSFUL BUSINESSES • Financial / business planning • Preparing budgets • Reassess regularly • Systems & procedures • Clear pricing policy • Costs controls • Cash collection • Staff training & development • Accounting records

PROCEDURES EMPLOYED BY SUCCESSFUL BUSINESSES CONTD. • Financial reporting • Management accounts • Performance measurement / KPI’s • Marketing strategy • Know your market • Effective marketing for your business sector

PROCEDURES EMPLOYED BY SUCCESSFUL BUSINESSES CONTD. • Managing Cash Flow • Cash flow forecasts • Control personal spending • Review tax situation

RESULT

THANK YOU

Managing Your Business Successfully: Common Pitfalls to Avoid

Managing Your Business Successfully: Common Pitfalls to Avoid

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