How To Manage Your Business in Nigeria

Have you ever thought of starting your own business? Or you have an existing business but how to manage it to achieve success is an issue to you. In every business you establish am very sure that word Success is your aim, for you to be successful in managing your business you must be a good manager, all this can be achieved if only you know the meanings  of business and management.

Business is an organisation or an  enterprising entity which is involved in commercial activities, and the business is usually for a profit motive. Management is the process of reaching organisational goals by working with and  through  people and other organisational resources.

There are four basic functions in management you need to know and they are planning, organizing, coordinating, controlling.

Planning

Good management process needs to be concerned with defining goals, fore seeing the company's future direction and also determine the missions and resources to achieve the objectives of the organization.

Organizing:

 Organizing in management is the process of  identifying, grouping the work to be done, defining and  delegating responsibility and establishing relationships for the purpose of enabling staffs to work unanimously  to accomplish the company's goals and objectives.

Co-ordinating

This is the ability of the management to orderly arrange  worker's effort  to ensure unity in order to achieve one common goal.

Controlling

Controlling in management is very important, it helps to check errors in order to make the corrective measures so that the management's goals and objectives can be achieved successfully.

There are key skills to achieving success in managing your business and those skills include:

 Information and communication technology skill

This very essential in managing your business effectively, you need to be computer literate and this simply means you have to be knowledgeable about the use of computers and other related technology efficiently and also to be comfortable with using computer programs and all the applications and  devices related with computers.

 Develop your business plan:

Know what it will cost you to run your business , this plan will help you get your business to where it is supposed to be, also, it is  a guide for your business that describes the goals and objectives of your business and what the business entails in general, also it entails how you intend to achieve these goals  and objectives.

Financial Skill

This is an essential aspect in managing your business, this skill will  assist in budgeting your financial allocation and how you allocate your income on expenses, in every business, there must be savings and sometimes debt repayment this skill will perfectly handle this. It will also help you in making  adequate financial decision and your proper investment financial plan.

Accounting Skills

This skill simply means being responsible for the organisation's fund (money) how it is been spent, when and where it goes and how it is  been effectively recorded. To have a good skill in accounting, you must be very good with figures specifically be good in calculations. The money you handle in your business on daily basis can be very high figure and so might want to be tempted  to mismanage the funds, remember this can out rightly ruin your business.

Marketing Strategy

You have a business and certainly you want your product to reach its final users, marketing your product is the best way to achieve this, and so, this makes you need a good and solid marketing strategy which entails achieving a diligent market analysis. The importance of this is to help the organisation become  familiar with different  market there by locating your target market and be positioned in there  in order to distribute your product effectively in your target market.

Human Resource Personnel Skill

It is obvious you can't work alone if you aspire to run a big business,  this skill will make up the work force of your business, it also designs the performance and services of  your employees. It is usually also concerned with how people are managed within the organization.

Negotiation and Delegation Skills 

This is  vital in achieving success in your business because it protects your profitability measure, it also smooth relationships between you, your staff and of course your customers. To be a good negotiator, you must be flexible, creative, be a good planner and must a good communicator. While delegation skill simply means to be able to delegate or assign duties to the qualified person in your organization.

Time Management Skill

This skill is as important as other skills above, it is essential that you manage your time in your business. Time we know  is money and it  waits for no man, "The bad news is time flies, the good news is you are the pilot".
It is the process where by you plan and exercise reactive control on the volume of time you spend in achieving effectiveness, efficiency and productivity in your business. "Time is one one of our most precious resources that we can never get back, so manage it wisely".

Expansion

Expanding your business should also be an aspect to consider, you could expand your business globally, and also through the internet.

Decision and Problem solving skill

You will always encounter problems in any business  and being able to solve it should  always  be paramount to you. Some of your staff can come to report other colleagues and you must be able to settle dispute  peacefully amongst your staff , learn not to listen to hypocrisy discussion from your staff.

  Organizational Skills

It will help you keep the affairs of your organization straight. This skill manages your  work schedule and makes filing of documents easy. Proper organization will definitely reduce the workload on your table.

Following this skills will help you manage your business to success. All you need do is to practically follow the skills above and you can also involve the help of a business expert. Wish you all the best on your way to success.

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