Manage like an entrepreneur

19. Delegate tasks effectively

As the owner, it is not necessary for you to do everything. You can delegate difficult tasks

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(ex. Managerial tasks) to other people. This will allow you to do more things (ex. Focus on planning for your business’ growth). But delegation is a two-edged sword. If done correctly, it can do your business good. If done wrongly, it can be the downfall of your business. Make sure that you delegate tasks to the right people. Also, make sure that tasks are properly sorted among your employees. Make sure everyone knows their boundaries. This will avoid confusion as well.

20. Learn how to micro-manage your team

Although you are delegating tasks, your input is still necessary. Do not let your managers and your employees do all the work. Your presence is still important. You have to supervise them every now then. This way, you will always know what is going on in your business. You will be able to see when a problem or a potential problem presents itself. And although you do not want to doubt your employees, micro-management will prevent the possibility of human error, dishonesty, and internal fraud.

21. Motivate your team to perform

You employees are humans too. They are not perfect. Even the best people will feel de-motivated at some point. This is especially true with repetitive work. To keep your employees working at their best, it is important that you add some motivation. There are many ways to do this. One popular method is the awarding of incentives to performers. Also, providing your employees with the best tools and equipment to work with will help them do a better job (ex. Better computers, clean office, complete supply, etc.). Think of ways on how to motivate your team.

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22. Keep records

What are the things that you need to keep a record of? As a basic requirement, all businesses should furnish financial statements. You should also keep a record of your supplies, merchandise, assets, purchase activities, and sales activities. You should also record the hours worked (if applicable) of your employees. These data will be useful to you when making an analysis.

23. Analyze reports/data regularly

Reports include financial statements, inventory counts, employee performance, customer feedback, and such. Basically, it involves any data or report that has to do with your business. Read through these reports and analyze them. Use these data as reference for your decision-making. When ordering your next batch of merchandise for example, you can refer to your sales data to see which items to order less and which items to order more. These reports exist for a reason. Use them.

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24. Establish a thorough auditing routine

This is especially important if you are dealing with a lot of merchandise. However auditing is basic to all businesses. Auditing includes cross checking receipts with sales records, conducting inventory counts, doing quality check (equipment and operation), and such. You need to do quality check regularly to see if anything replacement or maintenance. And you need to do internal audits to detect errors and prevent internal fraud.