All small businesses want to one day be great, but you need to be aware that growing up in the business world is a process that takes time. It is necessary that small businesses adopt techniques appropriate to their size, so that they can grow in a sustainable way. In today’s article, we present the best management techniques for small businesses!
SWOT analysis is imperative for small businesses. This analysis allows us to know our strengths, weaknesses, opportunities and threats, giving us a better knowledge of the market in which we operate and the competitors we are going to have to face. This analysis should be updated every six months, so that managers are always aware of market developments.
This technique measures the performance of the company, identifying the current position with the strategic objectives previously defined. Its application can be made from the definition of indicators, which analyze the results from 4 factors: team evolution, improvement of internal processes, customer satisfaction index and current financial situation. The manager should compare the actions with the results obtained, identifying potential deviations and designing a strategy to improve the results if necessary.
Use a real-time management system
It is important that you know the state of your business at all times, from the beginning of the creation of your company, because only in this way you will be able to evolve at a sustainable pace. Business monitoring software such as Multipeers can also be applied to small businesses, because the information generated is always vast and, in this way, the manager will gain important management habits for when the company is bigger. Analyzing the business in real time and monitoring the evolution of indicators is an essential step for the growth of a business.
PDCA is initials to plan, do, check and act. It is a management technique linked to the improvement of a company’s processes. Its purpose is to solve problems, pointing out the causes for potential deviations and productive failures. This process makes the organization of the company more efficient in the long run and it is essential that it be applied from the moment of creation of a business, so that the improvement can be continuous.
This management technique is used to evaluate risks, costs and benefits of a project from a certain number of probabilities. To start the decision tree process, you need to go by putting the decisions that need to be made in the short term, the risks involved, what the cost associated with decision making is and what benefit you can get from it. The goal is to put all possibilities and evaluate which decision is most beneficial to the company!