The recipe for success in any economy is basic business fundamentals:
- Strategize: decide what’s important
- Plan: set goals
- Organize: build a system
- Execute: follow the plan
- Evaluate: step back and observe
Good management is always at the heart of these fundamentals, and if management has a weakness in any of these steps the business will suffer. During a tough economic period, this suffering will be compounded.
The point that you need to remember is that a small change in the right area can have a large, positive impact on your company.
As a manager, you can’t be expected to know everything necessary to run a business on a daily basis – that’s why there are experts. Independent experts can view your issues with an impartial eye and spot the major problems that you are too close to see. The value that you can receive from these experts is substantial and can potentially save your business or move you from marginal successful to highly successful.
A major study undertaken in North America states that 90% of all business failures are the results of management mistakes. Your competition may not be your biggest problem after all – you may be your biggest problem.
So when you’re making decisions, remember that small changes can have big effects. So small positive changes can have a big positive effect, but also vice versa.