MANAGING YOUR BUSINESS
SUCCESSFULLY
COMMON PITFALLS TO AVOID
Clarion Hotel, IFSC
Monday 10th May 2010
Janice Fleming, AITI
OVERVIEW
Introduction
 Part 1




Classic management failures
Tips for successful business management
Part 2

Procedures employed by businesses that are
successful
INTRODUCTION
CLASSIC MANAGEMENT FAILURES

Indecision

Procrastination

Re-inventing the wheel

Resistance to change

Poor / no planning
CLASSIC MANAGEMENT FAILURES
CONTD.

Reluctance to delegate

Inability to recognise weaknesses

Poor communication skills

Poor time management

Poor interpersonal skills
So you could end up like this?...
TIPS FOR SUCCESSFUL BUSINESS
MANAGEMENT

Be decisive

Don’t put things off

Accept tried and trusted procedures

Be open to change

Plan, plan, plan
TIPS FOR SUCCESSFUL BUSINESS
MANAGEMENT CONTD.

Delegate

Honest appraisal of strengths and
weaknesses

Improve communication skills

Time management

Interpersonal skills
Or this!
PROCEDURES EMPLOYED BY
SUCCESSFUL BUSINESSES

Financial / business planning



Preparing budgets
Reassess regularly
Systems & procedures





Clear pricing policy
Costs controls
Cash collection
Staff training & development
Accounting records
PROCEDURES EMPLOYED BY
SUCCESSFUL BUSINESSES CONTD.

Financial reporting



Management accounts
Performance measurement / KPI’s
Marketing strategy


Know your market
Effective marketing for your business sector
PROCEDURES EMPLOYED BY
SUCCESSFUL BUSINESSES CONTD.

Managing Cash Flow



Cash flow forecasts
Control personal spending
Review tax situation
RESULT
THANK YOU