Basic Business Principles

Good Morning,

Today I would like to discuss basic business principles and their importance to your business.

For over 25 years I have been involved in Management and Governance and have learned much from listening to gurus, reading relevant literature and practicing what I learned.

Management and Governance is about controlling events. Mismanagement is allowing events to control you.  And everything is an event.

So it is essential to identify clearly what it is you wish to achieve then put a well thought out Plan in place. The Plan should be reviewed regularly and you should react to that review.

Too often do we set off on a pathway without really knowing where we are going   — this is one of the most common causes of failure.

Another is to fail to identify “ your product or service” and the market segment that will be prepared to purchase that product or service.

Basic Business Principles – Minimum Requirements:

Whether you are starting a new business or looking to enhance and grow the existing one the basic principles are the same  –

  • Identify what you wish to achieve
  • Write a Plan that will enable you to achieve it
  • Identify the resources required
  • Implement the Plan.
  • Review progress on a regular basis.-And react to that review.

The principles of Management are generic and are transportable from business to business or from organisation to organisation.

To finish today let me share this with you –

Do not lower your expectations to meet your performance, raise your level of performance to meet your expectations.

Expect the best of yourself and then do what is necessary to make it a reality.

Till next time.

Malcolm Farry
Farry Riddell Consultancy