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Business Management Basics: Seven Factors for Success

Business Management Basics: Seven Factors for Success

LaShon Anthony

Online:
- Pay Per Click (PPC) ads, such as Google AdWords
- E-mail marketing
- Blogging
- Videos
- Widgets
- RSS feeds
- Affiliate programs
- Social media networking

5. Research & Development – Innovation, reinvention, and responding to the competition.
This process can consist of several steps before the prototype is finished, beginning with developing ideas. Next, you’ll have to work through the product’s design, engineering, market research & analysis, and price. Not all of the steps are always necessary. Also keep in mind if the item is very technical, development research can be very expensive. One way to spread this cost is through business partnerships. IBM used this strategy in 2001 (not the first company or instance) and they’re still collaborating today.

6. Government Regulations – Complying with all federal, state, and city laws.
Every state has rules regarding the issuance of a business license. Check the website of the Department of Revenue in your area. For a quick search, check Business Licenses and Permits. The restrictions, approval process, and fees will differ from state to state. The procedure could include some or all of the following:
a. Legalizing the structure of the business
b. Registering the business name with the Secretary of State
c. Registering for a Federal Employer Identification Number (EIN)
d. Registering with the Dept. of Revenue for a Business Tax Number
e. Initial consultation with a city representative
 f. Completion of an application
g. Review of the physical location, if any, by a Zoning representative for a permit(s)
h. Review by an inspector, if necessary
 i. Issuance of a certificate

7. Labor – Finding the people you need and training & developing your staff.
Personnel are extremely important. It’s the highest expense of any company when you consider recruiting, payroll, insurance, and retirement costs. The collective ideas of staff can propel businesses into the billions. Uncontrolled behaviors and poor management can propel companies into failure. (Look at the Bernie Madoff fiasco). Office policies are crucial to every business. A non-hostile, supportive workplace environment ensures optimal employee performance. Other factors are important, such as mentoring and continuing education on office technology, safety, and diversity.

Control these issues and enjoy the results of planning your destiny!