How to Manage a Company

culled from:wikihow.com

Managing a company requires knowledge, dedication, organizational skills and ingenuity. To effectively manage a company, get informed about hiring and managing employees, budgeting, marketing, and tax and employment laws. Here are a few strategies for the successful management of a company.

Steps

1

Outline your vision for the company. Think about the ultimate goal of your product or service. The overall vision for the company may be to address a need, provide a service or create something new. Generating revenue is a given goal for companies, so the vision statement should be broader than a statement about profits.

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   Analyze the company budget. Assess your financial status. The development of new products and services requires staff and resources. Determine how much money you can devote to these expenses. Factor in overhead costs for rent, utilities, marketing and other business-related expenses. Create a contingency fund to set aside in the event of emergency needs. Hire a finance person, if necessary, to handle these tasks.
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   Make decisions about marketing efforts. Marketing activities in larger companies are generally handled by a department or a team of people. In a small business, you may be responsible for overseeing marketing efforts. Determine how you will market your products or services. Delegate marketing tasks to employees and monitor their progress.
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   Hire and manage employees.
   • Advertise for qualified workers. Choose from a variety of methods for hiring new employees, such as posting Internet ads, hiring a recruitment firm, placing an ad in the newspaper or spreading the word in niche-specific networks. To attract qualified candidates, be specific about your hiring needs and requirements.
   • Interview prospective employees. Put applicants at ease by being personable and communicative. Project a professional image during the interview by being attentive and dressed in business attire. Limit the conversation primarily to business-related matters.
   • Familiarize yourself with employment laws. Study the requirements in your jurisdiction and industry for laws related to employee hours, breaks, tax requirements and benefits.
   • Decide on your management style. Empower employees by explaining tasks and allowing them to manage their duties, checking in with you for clarification as needed. Alternatively, schedule regular check-in sessions with employees to evaluate progress on specific projects or tasks.
   • Address employee needs and conflicts. Create an environment of open communication for employees to approach you regarding professional conflicts. Address conflicts by listening, asking questions, showing objectivity and taking a solution-oriented approach to resolving problems.
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   Assess company progress. Decide on a regular time frame for evaluating your company's progress towards its goals. You might engage in this assessment on a weekly, monthly or quarterly basis. Take this time to evaluate your marketing efforts, product sales, financial health, employee issues and all other business-related matters.
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   Take courses in business management. In the process of managing a company, you may recognize skill areas in need of strengthening. Conflict resolution, marketing knowledge, technical skills and employee management are a few of the areas that may need further development. Contact colleges, universities or business institutes for course offerings. Being mentored by experienced business leaders is also an option.