Focus on Developing a Business; Part-1. Review on Small Business Financial Mngt

Business development enunciates a person’s overall skills to the core. To develop a business, one has to blend technical, tactical, managerial and communication skills in a right proportion.

Developing a business requires infrastructure, capital, basic amenities, technology and personnel. Internally, business coordination is achieved by synchronizing between various departments of the business like production, finance, management, quality, administration and human resources.

A business, which is still in formative stages, needs to focus on strategic goals to develop along with a lot of improvisation in carrying out daily activities of the business. During the process, each and every step taken at every level matters a lot. Hence, before a step is taken, all the departments of the business must reach a consensus.

A business, being uniquely represented by various departments, reflects their collective performance both during success and failure. In case of failures, the management must act both, strategically(by taking steps not to let repeat the same mistake) and operationally(by taking steps on how to resolve the immediate crisis).

Meetings at all levels of staff of the business must be regularized. It’s vital for a developing business to seek feedback on areas of improvement. Every meeting should be properly organized and for any business must be a platform to know the current status of its performance. All issues at all levels of the business must be addressed such as organizational, financial, administrative and personal.