Business Management

PRESENTATION

The appearance of a business is important in terms of projecting a professional image. The business premise must be clean, displays tidy and high traffic flow areas used effectively. Pricing of items must be clear and competitive.

SECURITY

Fraud and theft are a common occurrence in business today and regular stock-taking is therefore an effective method of controlling this problem. Without this control measure the net profit of the business may be adversely affected, resulting, possibly in business failure.

MARKET TRENDS AND OPPOSITION ACTIVITY

It is vitally important for a business to move with the times in order to capture its potential market share. Being pro-active in this regard will enhance business, whereas neglect in this regard could result in the loss of turnover and, ultimately, failure.

It is also important to remain aware of your opposition’s activities to counter various products, promotions, and the like.

MERCHANDISING

If the stock and sales are monitored correctly, slow moving products may be discontinued, and fast moving products promoted simultaneously, in order to prevent loss of profit by the good sellers replacing the slow sellers, thus increasing turnover.

PURCHASING

In order to survive in a very competitive market, one needs to shop around for the best prices in order to retain profit margins or even enhance them.

PROMOTING

The promotion of new lines, products and even old stock, carried out in conjunction with suppliers is a vital part of any business. If possible, take new products on consignment so that they may be returned if they do not sell.

SELLING ON CREDIT

Avoid buying for cash and selling to clients on credit. The opposite, however, is obviously greatly beneficial, to the entrepreneur. Attempt to obtain your goods over 90 days and sell for cash.

CREDIT CONTROL

Strict credit control measures must be implemented to ensure that outstanding debt is paid timeously.

CUSTOMER SATISFACTION

All these controls may be of no use if the customer leaves your place of business dissatisfied. It is extremely important to meet customer needs. Be friendly and polite and ensure that your customers return regularly.

Remember that without customers you have no business.