How to Manage your Business

Tips for business development in Modern world which is essential for successful operation and maintenance. How to Manage your Business, read and learn it.

In the modern business world no body is 100% correct in his way,hence he should take all possible help for overall development of his business. The micro specialized personnel can know his own subject more deeply as they are always updated them self to become more efficient.All the fields in competitive business world has created as much as require for their achievement during normal process of operation.

Basically as a common businessmen one should maintain the below mentioned object:

One should determine the profitability of the business at present situation by the help of Auditors or cost expert regarding:

Actual cost of the job or product or services you providing at now by taking in to accounts all the elements even your support cost also and determine the service selling price at least a margin of 15 to 25%. This will help you about your security of capital Investment in the business.

Next you survey the market through any professional or through your selling and marketing personnel that what is the present trends of demand of your goods and if there is any scope of further amendment of your product according to present situation.

Under the above head you also search for any additional alternative or supplementary product that can be produced along with the present business for future security of demand.

Under the above head you should also search for availability of alternative raw materials with proper quality and prices to see if there is any possibility for reduction in cost structure.

In case of shortage of fund you can take loan or O/D or by increasing Cash credit limit but in every situation you must sure that cost of loan/debt is much below than your net return from business, otherwise this should not be taken.

Supervise your business with friendly relation with your staff workers as well as with your customers creditors.

Keep closed eye with the debtors turnover/stock/inventory turn over as it will greatly affect on your fund position.There should not be blockage of fund to the debtors.

Lastly always maintain proper records and all statutory formalities in due time and honestly and also keep close eye on the policy of the govt.The changing world can not take you with them if you are not updated with them.

Article by Dhruba
Simplicity is the keynotes of originality. Regards Dhruba

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