17 March 2020
Tools to use for small business management
Managing a business is never an easy or simple task. Therefore, the manager must be intelligent and practical: he must combine all possible tools in order to study his own business and analyze the involvement and adherence. Therefore, we will present some tools to help you manage a business.
Benchmarking
We must have this concept well established. Benchmarking is linked to the study and analysis of the competition, in order to understand the strategies to be applied and the new trends in our sector. Hence it is necessary to know the environment (know the competition). This "continuous and systematic" process serves to improve business efficiency by taking another business as a "reference point". This tool should not be based on copying the other, but to serve as an inspiration for one's own innovation and to make new decisions.
Stakeholders
Through the decisions taken and also due to the adoption of the previous strategy, we must be ambitious in wanting to achieve success with the target audience to which we are directed. It is necessary to create value for the various types of possible stakeholders. To do so, we must identify these consumers (investors, customers, community) and combine their interest and knowledge to contribute to business growth. This method is important because we take the opportunity to manage the business based on the opinion and needs of those closest to us.
Business model
Lack of planning is a lethal enemy for managers. We must develop and validate our business model as quickly as possible. This tool describes the process of creating, delivering and presenting value to an organization. We also understand what we will produce, how we will produce it, who we will address (target market), sources of revenue and possible future partnerships.
Swot analysis
This strategy is one more tool that allows us to evaluate our business combining it with the external environment, exploring negative and positive points of our business, as well as opportunities and threats within our sector of activity. This method serves mainly to correct internal errors while adapting them to new market trends in order to innovate in comparison with other competitors.
Benchmarking
We must have this concept well established. Benchmarking is linked to the study and analysis of the competition, in order to understand the strategies to be applied and the new trends in our sector. Hence it is necessary to know the environment (know the competition). This "continuous and systematic" process serves to improve business efficiency by taking another business as a "reference point". This tool should not be based on copying the other, but to serve as an inspiration for one's own innovation and to make new decisions.
Stakeholders
Through the decisions taken and also due to the adoption of the previous strategy, we must be ambitious in wanting to achieve success with the target audience to which we are directed. It is necessary to create value for the various types of possible stakeholders. To do so, we must identify these consumers (investors, customers, community) and combine their interest and knowledge to contribute to business growth. This method is important because we take the opportunity to manage the business based on the opinion and needs of those closest to us.
Business model
Lack of planning is a lethal enemy for managers. We must develop and validate our business model as quickly as possible. This tool describes the process of creating, delivering and presenting value to an organization. We also understand what we will produce, how we will produce it, who we will address (target market), sources of revenue and possible future partnerships.
Swot analysis
This strategy is one more tool that allows us to evaluate our business combining it with the external environment, exploring negative and positive points of our business, as well as opportunities and threats within our sector of activity. This method serves mainly to correct internal errors while adapting them to new market trends in order to innovate in comparison with other competitors.
