Generally the Success and failure of huge as well as small businesses depends upon the three important factors such as desire, advertising scheme and the great idea. The solid fundamental organization principles along with these 3 items are very important to flourish a the management values of a successful business.
Every winning company such as small, medium and even large business, makes use of different set of running principles. The size of business organization determines the individual principles of the organization. Thus the small business usually has casual and an unwritten worker hiring guidelines. The medium sized business has legally approved, ample worker manual with worker hiring guidelines as separate segment. Then the Large worldwide business has entire section writing for the employee manuals in different languages with the employee hiring guidelines that are based on the legal and the social issues in every country.
Since majority of the people work in the small & medium sized businesses, there are specific principles to be followed for the guarantee success & profitability. Then good accounting subdivision with timely financial statements gives basis for all the management choices. Irrespective of the business size, each owner and executive should have a suitable data to verify the choices and the information. Each monetary statements used are the factual evidence of your big business history and by clearly knowing about the individual record, you don’t repeat the mistakes later.
How will you decide whether your current advertising campaign is successful? and how will you evaluate the financial consequences? Normally we have heard many stories about the marketing campaign, which brought lots of new consumers to the company but at last kills the entire company because the advertising cost will be larger than the profit margin on new sales. The business proprietor doesn’t need accounting degree but have to know about the monetary information review and the principles.
Have you noticed that majority of the flourishing business people have a routine schedule for their daily works? They conduct staff meetings at the same time, they want all the reports in a specific format, require all PC’s and the software to be same in office. Even they require some external telephone calls to get answered with a specific greeting.
Finally standardize & automate all the custom functions. Each and every company must use common sense management principal which leads to a fair, consistent and applicable employment program.