To the blog for small and medium sized business (SME) owners.

Friday, April 18, 2008

7 Characteristics of a Well Managed Business

What are the characteristics found in well run businesses?

Some key ones are:

1. Management of the business cash flow is priority
2. The business goals are set
3. An up to date business plan that meets the goals is used to measure actual business performance against
4. The business is controlled
5. Actions to correct/re-align actual performance back to the plan are recognised
6. Actions are TAKEN to correct unfavorable situations
7. Never afraid to ask for outside professional help when necessary

Unfortunately many business fail at step 1 in managing the cashflow and business life quickly moves from crisis to crisis.

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