Easy Business Administration Tips for You

Management is defined as the skill of coordinating all the organizational resources, be it human, financial or material, in order to achieve organizational goals. A degree in business administration equips a person to perform this management function in the best possible way. So, for all those who are contemplating a career in business management and administration, given below are some useful tips, with regards to management education, as well as the job profile that you can expect in future.

Tips on Management Education

To make a career in this field, you will need a Master of Business Administration (MBA) degree from a recognized college or university. The degree provides education in all the major business administration and management fields. Here’s a list of subjects that you will study in a business school:
Marketing
Financial Management
Accounting
Human Resources Management
Statistics
Economics
You will learn about basic theories and principles of management as well. If you get into a good business school, there will be guest lectures by some high-profile professionals from the corporate world, which in itself is a great learning experience.

Solving case studies, giving presentations, participating in group assignments, working part-time in a company and doing internships, are some other things you can look forward to doing at a business school. Once you pass out of the school, you will have a complete knowledge of management process in business administration. A management school will also equip you in all the required management skills, the list of which is given below:

  • Planning
  • Organizing
  • Decision Making
  • Problem Solving
  • Communication
  • Hiring
  • Controlling
  • Customer Relationship Management Skills
  • Leadership
  • Team Building
  • Negotiation Skills

Tips on a Manager’s Job Profile

The role of a manager in business administration, depends on the kind of organization he is in. Initially, his job may be limited to his chosen field of specialization, i.e. he might be a manager in the marketing department or in the finance department. However, as he moves from junior management to mid-career level, he will be heading one of the departments in a company and performing functions of planning, organizing, staffing, directing and controlling, in his department.

Planning
Planning involves setting both short-term as well as long-term goals and arranging them in a logical sequence as to which one needs to be achieved first and so on. A manager needs to plan for what to do, how to do, when to do and by whom it should be done.

Organizing
This function mainly involves setting up a structure in the department or the organization. Setting responsibilities for each and every person or department, how they will correspond and work together, who will supervise whom, all fall under this management function.

Staffing
A manager needs to hire right people for any given job. So, he invites applications, interviews people and then hires them to work in the organization.

Directing
A manager motivates and leads his team so that they give their best to meet the organizational goals. A manager has to find the right balance between being sensitive to his staff needs, as well as getting the job done in time

Controlling
The manager assesses and keeps a check on the performance of his employees, so that the desired results can be achieved. There is a set “rewards and punishments” formula in every organization, which a manager follows to ensure maximum work output from his employees.

To perform the above functions, a manager needs to be creative, fair, sensitive to the needs of others, a good leader, motivator, problem-solver and a sound decision maker. When he reaches senior management, he will be required to overlook all the departments in the company. A person with a degree in business management and the required managerial skills, can become the CEO of a company.

An MBA degree will open a host of career opportunities for you in the corporate world. So, without waiting any further, start career planning today!

Small Business Marketing Tips for You

If you just take a look around, you’ll see a ton of small business marketing tips you can use. However, the most important for small business owners will be advice on how to make the most out of a limited budget. Small business owners know that they can’t market and run their business the same way a medium or big sized business can. So here are some tips that you can take to the bank.

1. Focus on building relationships through as many mediums as possible. Send out email newsletters, interact with your prospects and customers in your blog, have a presence on social media sites, and even use postcard marketing. People are doing business they feel they can relate to and if feel they received some kind of value of from you, they’ll likely make the investment.

2. Build referral systems to help leverage your existing prospects and customers. There are many ways to bring in more people to your business through referrals. There are affiliate marketing programs online, customer rewards, contests, and more. The best part of running referral systems is that they are very inexpensive and there are many ways to entice people to send you more customers.

3. Invest in Internet marketing if you haven’t already. The Internet can be one of the most cost effective ways to market your business. Rather than trying to do everything on the Internet, focus on one or two ways to market online and try to get the most out of that strategy. The big mistake many businesses make is trying to do everything online.

4. Joint ventures work well if you have some leverage and don’t have a lot of money to work with. Try finding businesses that are related to yours but not in direct competition. You can do simple things such as referring your businesses to each other’s customer list. You can also cross promote products and services. There are many ways you can work with other businesses. It’s all about being creative here and figuring out how to make it worthwhile for both parties.

5. Advertise small then grow from that. Don’t try to invest a huge sum of money on an advertising or marketing campaign. Test out your campaigns smalls and see if it works out. If it does, you can start scaling up from the results. If not, you can figure out what’s wrong and if it’s worth spending more money. Too many businesses spend a big budget from the get go rather than testing.

6. Set up follow up systems and follow up marketing strategies. They say that most people purchase after 7 contacts but most businesses give up by the third or even after the first. You want to keep following up in as many ways as possible and through multiple mediums. That will increase your ROI for whatever campaign you are running.

So those are some of the best small business marketing tips you can use to maximize your dollar. On a small budget, the small actions make the big difference. There are many ways that small businesses can work around their weaknesses. All it takes is to be as creative as possible and look at things from multiple angles.

 

Ways to Write a Business Report

Business information report helps make the reader understand the business plan, business growth strategies and the goal of business. Business report writing for an audience can be internal, that is within the organization as well as external, that is, clients or banks. These audiences are either from technical background or non-technical background. It can be a tedious task for those who find it extremely difficult to organize and write a detailed report.

It is very important to follow a proper format when writing business reports. There are standard business report writing formats that can be easily understood by anyone reading it. These sample business report formats also help reduce your time of preparing one as it helps you become more organized. These sample business report formats are developed by professionals over the years. These well-written business writings also do not waste the time of the reader and do not allow them to skip the information that they should be reading.

Preparing Business Reports

It involves use of logical steps that explains the information and data regarding the business related issues.

Title Page
The title page includes the name of report, the author’s name and date. You can also write the reason of report on the title page to inform the reader about the problems or solutions offered.

Letter of Transmittal
This is used to announce the release of the business report and give the reader its necessary background.

Content Page
This page includes the table of contents of the major titles or heading mentioned in the report. You should include the letter or memo of transmittal in the table of contents. If there are sub headings in the report, try to include them too. You should mention the page number on which the main heading and sub heading lies. The page numbers should be written an inch from the bottom of the page.

List of Illustrations
This page is used to mention the illustrations included in your business report. When it includes only figures, title the page “List of Figures” or if it includes only tables then mention, “List of Tables”.

Executive Summary
The executive summary is used to summarize the background of the report in one page for managers who do not have time to read your business report. The executive summary should include purpose and scope of the report and the major conclusions and recommendations suggested. Mention only the information that is worth writing in the executive summary.

Methodology
Explain the methods followed in your research to come to a valid conclusion. You need to mention if you did a group survey or searched for information through the internet or library or involved an outside agency to carry out the research for you.

Report Body
This is the major chuck of business information report when writing business information. The headings and page numbers should match according to the table of contents. The report body should contain:

  • Introduction: The introduction will explain your audience why they are given this report to read and what is covered in the main body.
  • Main Body: The heart of your report lies within the main body. All your important data and information that needs to be mentioned while writing a report need to be covered in the main body. You need to put forth your best writing skills when writing a report.
  • Conclusion: The conclusion will analyze your result and bring your business report together. Keep the conclusion short and to the point.

Recommendation
This will provide your reader the possible suggestions that will help address the issues mentioned in the business report. You should mention the recommendations using bullets and numbered points. You should be thoroughly sure about the recommendations made as they may be followed by the reader.

Appendix
You need to mention all the sources of research in detail. These details will prove helpful in supporting your recommendations.

This guideline will help in writing report that is concise and easy to digest. You should include all the relevant and important data in the start of the paragraph as people don’t have time to read the entire page and hunt for information. Always keep a back-up of the data and research material as you may need it support your findings.

You should make two copies of your report. Proofread the first copy and make appropriate changes and submit the second corrected copy of your report. It can help make an impression on your audiences, thus, be professional and precise when writing one.

Online Business Ideas for You

The past decade has seen a widespread use of Internet across the globe. It has fast emerged as a means of communication, entertainment, and business. Increasing number of people ditch the conventional means of business and opt for more convenient and simpler means of e-commerce. Obviously, Internet has also presented a plethora of opportunities for budding entrepreneurs who wish to make quick bucks. If you are also on a look out for similar opportunities on the internet, then the following ideas should help you.

Online Business Ideas

For Women

Many housewives and stay-at-home moms are seeking newer ways of making money online. The biggest advantage of the internet business is that it allows you to work from home without any time constraints. Besides, the initial investment is also not substantial. Hence, this is a great business medium for women entrepreneurs.

Selling Things Online

Many homemakers are skilled at certain arts, such as painting, making artifacts, costume designing, etc. The internet offers you a golden opportunity to sell your talent online. You can easily showcase your work online and gather rave reviews from people all over the world. The web allows you to exhibit your talent at a fraction of cost. It becomes very easy to sell such products online than investing in a brick and mortar edifice for business. Besides, you can also sell used stuff, such as bags, shoes, jewelry, clothing, etc., on shopping websites such as eBay. These websites are a platform for selling an array of things, including junk. Thus, you can make decent money selling things online, simply by discarding your old items.

Taking Your Existing Business Online

If you are into a business, you will realize that the internet opens a door to exciting opportunities for your existing business. Suppose, you are into a flower vending business, then your clientèle will include mostly people from your locality. However, when you take this business online, you can take orders from almost any corner of the world. However, then you will have to develop a strong backup infrastructure for taking orders and shipping your products.

For College Students

Starting Your Own Website

Many young college students are already into this website making business. By starting your own website, you can create a steady cash flow just by working for a couple of hours a day. This business is ideal for college students, as they can simultaneously manage their academics as well as business. Creating a website is no more a big deal, as you can get website templates for as little as USD 5 on websites, which exclusively deal in website templates. Besides, you can also download a free HTML editor to create your very own website. You can adopt various internet marketing techniques to promote your product and generate traffic on your website. Internet briefcase is a business package that includes all the support required for starting an Internet business, right from website creation to making audio-visual advertisements for your product.

Online Network Marketing

There are several reputed brands, which promote their products through online network marketing. They even provide training and support for people who enroll for their program. This business offers lucrative returns, however, there is an amount of risk involved. Besides, you ought to have impeccable network marketing skills to make the whole thing work for you. Also, the incidences of internet scams are on an all time high. Hence, conduct a thorough research before you enroll for any such program.

Thus, you can effectively utilize the tremendous potential of the internet for making money online. Hope the ideas given in this article were resourceful. There is really no dearth of internet business ideas; in fact you can yourself come up with many innovative ideas to make money online.