6 tips for good business management

Any size company can take advantage of good business practices. Here are 6 tips in relation to business management that will strengthen your business and help it evolve. We spoke to Ted Dhanik, who is an entrepreneur and CEO of Engage:BDR, a digital marketing company specializing in display and video advertising. He provided us some good advice below.

“Know-how is not enough – It is not enough to just be an expert in your field. This will not guarantee you sales or customers. Instead, it is important to include marketing and administration skills into the mix. Make sure your customers know what your business can offer them. Apart from this, to run an efficient business that makes profits, you will need financial experts to understand the financial aspects of your business.

Hire the right people – It is important to hire the right people that match your industry and what you want to offer. Include good recruiting practices into the mix and you will be sure that your hires will be coming back and referring many others.

Don’t hire your friends – Hiring friends can compromise and destroy a friendship and cause problems for your business. If you must hire a friend, ensure that you have clearly communicated what is expected of them and what you can offer in return.

Don’t make snap decisions. – Sometimes small businesses will face hang-ups, but know that this is a rare occurrence. Instead of making snap decisions, think about the implications your decision will bring on your staff and business.

Hiring/promoting from within isn’t always good.- Hiring from within is a good policy but it should be limited to staff that has the personality and the skill set necessary for the role.”

For more info about Ted Dhanik, visit his Facebook page.