It sure does take a lot of courage to start your own business. But do you think Microsoft would be the world’s largest PC software company if Bill Gates just let his fears stop him from pursuing the business? Do you think we will have Facebook today without the guts of Mark Zuckerberg?
In life, we would be faced by various options and it is up to us to be able to acknowledge every opportunity and grab them. Once we step into the door of opportunity, more trials will come and all we’d need is to buckle up and face all challenges that may pass.
Nonetheless, as an entrepreneur, you can mitigate the consequences that challenges may bring to your business by keeping yourself knowledgeable and updated with all the essential information in running an enterprise.
Among the key points you have to take note in keeping your business are the 3 important M’s that generally comprise the assets of your business- manpower, machinery, and money. All of these M’s co-exist with each other and should be harmonized to maximize productivity.
Among the 3 M’s, this one is said to be the most difficult asset to manage – manpower. Unlike machinery and money which can be easily manipulated through extraneous planning, manpower is hard to control.
Most business establishments, big or small, often have house rules or regulations which govern and serve as a guide for employee’s tasks and responsibilities. Nevertheless, these regulations cannot immediately assure a business owner that the employees will follow them religiously because it might also need a little more reinforcement through hiring another person, who will also belong to your manpower, managers, and supervisors.
Another possible way to manage manpower is through a satisfactory and employee-friendly compensation packages and benefit programs. Compensation is a great motivation for manpower.
Any tool, equipment, or object you use in your business is included in the second essential asset in your business – machinery. Depending on the business you are pursuing, machinery may cost you a significant amount of money.
For this reason, you should be wise enough in selecting and purchasing every machine you will be using. It is even strongly recommended that you conduct a thorough research and canvassing first before deciding which equipment will be most effective and efficient, as well as the most cost-effective supplier to buy this machinery.
Also, you should take into account the possibility of contingencies like any malfunction of your machines and the adverse effects it may cause to your business. Hence, you should also have machines on standby to make sure that whatever problem with your equipment may occur, your business production and operations will not be hampered.
Without this third essential asset in a business, it will be crippled and everything will crumble down – money. Whatever type of business you are into, you will need a capital and have to raise profits to keep your business running in long term.
Various methods are available to successfully manage the finances in the business. But a vital method which would measure your business’ performance is through Accounting and Tax Services in Georgia. Without professional help from accountants like Jeffrey Fleurinor, CPA, maintaining a business would be nearly impossible.