How do you manage your project very efficiently? There are rules you must master to manage your business. To measure your project’s success and management, some steps are mentioned in this article:
1️⃣ Supervise yourself on your own project:
The owner of the facility must supervise the project on its own so that the project can have a competitive presence in the market and with competitors most of the large establishments were in their small beginning and as a result of their advanced management they were able to grow and succeed inside the market with the maximum possible operating efficiency and all the success stories that we hear and read were for honorable people On their own projects to start with.
2️⃣ Mix personal money with project revenues:
The owner of the small establishment must set a monthly salary for him included in the administrative expenses of the project and coexist in accordance with his financial income and not mix his personal expenses with the expenses and revenues of his project. This leads to a financial defect for the project, which results in a failure in the financial obligations of the suppliers, rents and operational work requirements, and this leads Gradually the project fails
3️⃣ All establishments of all shapes or sizes need an accounting and accounting system even if it is part-time
Because this accounting system will assist the project owner in obtaining the accounting information during the activity period of the establishment, the merchant cannot rely on his mind to retrieve and know all the operations he has performed. The main components of the accounting system are (documents, books, records, lists and reports). Documents are considered the starting point in The flow of information and clarification of data on the business operations of the facility, and from the documents, registration is in the books and records to prove all operations, and then the information is dumped into lists and reports dependent on the facility’s financial accounting system to show the net Business for facial certain period of daily, weekly, monthly or yearly and can excel and free system for some facilities enough
4️⃣ Maintaining quality whether it provides a service or product:
The intensity of competition for the commodity requires a lot of interest in the product or service provided, and one of the basic elements of marketing is that the provided product is of high quality that matches the requirements of the consumer in terms of shape, color, design, suitability and packaging and to earn consumer confidence and ensure continuity in the market, quality must be maintained Always think about continuous improvement, monitoring competitors, market developments, and innovation from the consumer’s need
5️⃣ Maintain a competitive price:
The price is the true value of the product, and through it the consumer assesses the amount of his needs and purchasing power, and therefore the product must have a competitive price that achieves a suitable profit margin. The pricing process must take place after studying the product cost, the level of demand, the consumer characteristics of the competition unit, and competitors ’study.
6️⃣ Continuous development of the project owner:
The business owner must take responsibility and face problems, persistence and perseverance, and work for long hours without complaining, and he must learn the skills of dealing with others and build good relations with competitors and suppliers as well as acquire administrative skills such as planning, organizing, driving and controlling work, which helps the employer greatly in managing his work and overcoming obstacles Facing him and having knowledge of all stages of the project.
7️⃣ Development and improvement of the workplace and the work environment:
The development and growth of the small project depends on the ability of its owner to choose the appropriate place for the project and determine the competitive position in the market and the distribution of goods and sales operations and the consumer and the market share in the sector and ease of access to the consumer and the number of workers and work to improve products or services in proportion to economic changes and conditions in terms of supply Demand, and benefit from the experiences of others – especially competitors – and perceive consumer needs and tastes, motivations for purchasing, and the rate at which the good is used
8️⃣ Attention to the team:
Among the most important elements of success, the presence of an unqualified or untrained worker reduces the quality of work and lack of attention to the situation and safety of workers in the facility leads to a decrease in motivation for them, and this negatively affects the satisfaction of customers and consumers and then in sales, so the business owner must pay attention to the situation of the workers with him By developing their capabilities, maintaining their safety, and building strong relationships with them, this helps to raise work efficiency, increase customer satisfaction, and then increase sales.
9️⃣ Establish good relationships with suppliers and distributors:
The relationship between the owner of the small project and the suppliers and distributors always has a personal nature. The stronger the relationship of the owner of the project with the suppliers, the more it helps him to obtain facilities from them. The more his relationship with distributors increases their loyalty to him and his products and to increase his sales.
1️⃣ 1️⃣ Doing an analysis of strengths, weaknesses and opportunities before the start of each fiscal year:
The owner of the small project is the first responsible for analyzing the strengths, weaknesses and opportunities of his establishment, and consulting offices (financial, administrative and marketing) can be used to ensure the success of his project through the annual evaluation of the safety of his project and must analyze the administrative, operational and marketing costs, financing costs, salaries, wages and the related depreciation account With machinery, buildings, furniture, insurance, maintenance costs, salary costs, licenses, fluctuations in sales volume, and estimating profits in terms of increase or decrease.
1️⃣1️⃣ Issue an estimated budget before the start of each fiscal year:
The project owner must approve an estimated budget that explains the costs of each activity that requires financial expenses for its implementation during the project’s fiscal year such as commercial procedures and expansion of the project and its development and must proceed in the implementation of all the activities approved to ensure the plan implementation of the project’s operational plan and the budget contains the financial and cash capabilities and balances of the project available during the new Year
1️⃣2️⃣ The company’s financial statements are issued at the end of each fiscal year:
The financial statements are considered the indicator by which we determine the results achieved by the project from profit or loss in a specific period