MANAGING YOUR BUSINESS SUCCESSFULLY COMMON PITFALLS TO AVOID Clarion Hotel, IFSC Monday 10 th May 2010 Janice Fleming, AITI

OVERVIEW  Introduction  Part 1  Classic management failures  Tips for successful business management  Part 2  Procedures employed by businesses that are successful

INTRODUCTION

CLASSIC MANAGEMENT FAILURES  Indecision  Procrastination  Re-inventing the wheel  Resistance to change  Poor / no planning

CLASSIC MANAGEMENT FAILURES CONTD.  Reluctance to delegate  Inability to recognise weaknesses  Poor communication skills  Poor time management  Poor interpersonal skills

So you could end up like this?...

TIPS FOR SUCCESSFUL BUSINESS MANAGEMENT  Be decisive  Don’t put things off  Accept tried and trusted procedures  Be open to change  Plan, plan, plan

TIPS FOR SUCCESSFUL BUSINESS MANAGEMENT CONTD.  Delegate  Honest appraisal of strengths and weaknesses  Improve communication skills  Time management  Interpersonal skills

Or this!

PROCEDURES EMPLOYED BY SUCCESSFUL BUSINESSES  Financial / business planning  Preparing budgets  Reassess regularly  Systems & procedures  Clear pricing policy  Costs controls  Cash collection  Staff training & development  Accounting records

PROCEDURES EMPLOYED BY SUCCESSFUL BUSINESSES CONTD.  Financial reporting  Management accounts  Performance measurement / KPI’s  Marketing strategy  Know your market  Effective marketing for your business sector

PROCEDURES EMPLOYED BY SUCCESSFUL BUSINESSES CONTD.  Managing Cash Flow  Cash flow forecasts  Control personal spending  Review tax situation

RESULT

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