EFFECTIVE MANAGEMENT OF AN ONLINE BUSINESS
by Gary E. Layton
This is a subject dear to my heart and should be to all those who are or wish to operate an online business.
You don't have to be a managerial genius to be successful. What you must do is pay attention to some very basic rules. These rules apply to all businesses, online or offline.
First of all is budgeting. Your business budget is your plan on how you will manage your money to run the business. You must determine what the necessary costs will be, when they will occur, where the money will come from to pay the costs, and when you may expect to be in profit and able to offset your costs with those profits. You cannot do this without a budget. It does not have to be a complex plan nor in great detail, but you must have a budget and follow it. All business related costs must be included.
It is a good idea to include a projection of costs, over time, in your budget, then a projected schedule of income and a planned break-even point. Watching business performance against your budget plan will give you a good feeling for where you are going and what changes may be necessary. It also may have a major impact on your promotional and advertising plans and the techniques and methods you may employ.
Next to a budget the most important tool you may have in running your business are the records you keep. These records cover many areas of interest and should all be designed to keep you informed of status across everything concerning your business. Now these records need not be elaborate or even formal but they must be kept and looked at frequently.
Samples of such records would be: Product Sales Records and Receipts; Tax Information; Telephone Numbers, Addresses and Email Addresses of Customers, Suppliers, Affiliates, List of Prospects, URLs of Important Web Sites useful to you for future reference, A Calendar of Events, Requirements, Appointments and necessary actions to be taken in support of your business.
There are dozens of systems available to help you do all this. You do not have to invent anything; it's all out there now. Some of the stuff is free and available for a FREE download to your computer. Go ahead and surf the net and look at some of the management tools available for little or no cost. If you
are a free spirit invent your own system. If you are part of an online business downline, ask your sponsor and upline for help and advice in this area. But,
whatever your situation find or develop your management tools.
It will not harm you to learn a little about the art and science of management. When you learn the basic principles of management it is much easier to understand management requirements and helps point the direction in which you should go.
Basically the principles you must be concerned with involve the managerial functions of Planning, Organizing, Staffing, Leading and Directing, and Control. There are many good books and pamphlets available at the local public library to help you learn these basic functions. All are necessary to the successful operation of any business in any environment. Take the time to read a little and surprise yourself with how much better you do when you learn and practice the basics of managing.
In later articles we will explore some of these functions of a manager and how they apply directly to running your online business. Managing is fun if done correctly, not only that but it is essential to your online success. Learn to be a good manager and you will succeed online. Trust to luck and join the
losers club. You know, those people who just cannot seem to make it regardless of whom they are or what they try to do. Good luck is manufactured through planning and effort. So go to it.
Take me to the Next Article
© 2000 Gary E. Layton
Gary Layton
is associated with the Double Eagle Business Center (DEBC).
We provide a number of services intended to aid folks in the
development of their home-based Internet business. One such
service is really inexpensive website hosting.
Discover the Benefits of the Double
Eagle Business Center (DEBC)
