There are many ways to financial independence. You may maximize your savings, have insurance or the fastest way, invest in business. Choosing the latter to financial independence is the fastest way however, investing in business also has the biggest risk especially if you never really had a background of study about business management.
Although I believe that there’s a sales person in everyone, as we all buy and sell every day in different forms and degrees, I don’t underestimate the value of having a formal study of business management. In fact, I believe that learning the basics in business is important in polishing our business’ skills. Below is a diagram of business management that I created to help you in your own business management journey. I call this PIC MAP (Production, Inventory, Cash flow, Man Power, Approach and Promotion), a simple, easy to understand diagram in business management functions for your efficient and competitive performance in the world of business.
1. Production. It’s the same as business operation or manufacturing. Business production can be so broad because it is basically the life of the business. The maximum sale of a business depends on the efficiency of business production or business operation.
2. Inventory. It is the same as accounting. A good inventory keeps the business organized. Inventory is not as simple as tracking and keeping records of sale. A good inventory management is a practice of discipline every business owner should acquire which I will be discussing in a separate article.
3. Cash Flow. It is the same as finance. This is the business’ power. A good control of this power can help you grow your business and keep your business running for a long time.
4. Man power. It is the same as human resources management. The art of managing your workers lies on your good leadership skills. Maximizing your workers’ performance is also one way to ensure the success of the business.
5. Approach. It is the same as strategy or the business’ unique style to be competitive. It is a concrete, organized and efficient plan to achieve the business’ ultimate goal.
6. Promotion. Business’ promotion is the same as marketing. It is the business’ fuel to move forward and grow. Aside from advertising, researching, and promoting, business’ marketing is so broad and mastering the art of adapting and keeping up with the changes play a big role in business’ marketing success. – M.D.
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