Management is the core ability to focus on in any business. Businesses have several matters to manage, from housekeeping to strategy management. There are so many things to understand, decide, and implement in order to run a business successfully. The entrepreneurs must be capable of managing all these things in order to be a successful entrepreneur. If some entrepreneur is not able to manage himself, then how can he manage his business? The skill of self-management of an entrepreneur is the very first and most important ingredient for the success of his business. The startups must be warned and alerted against this very severe danger. If someone cannot manage himself or herself very well, then he/she must forget about managing a business. This is not the case of just startups; even billionaires efficiently manage themselves to produce more and save time. There are some happenings in any business which generates out of poor self-management of the entrepreneur and hence gives a clear idea of the vital role of self-management in the management of a business.
What another big curse for any business than the procrastination of its owner! Discipline is the first ingredient of any success. And procrastination is just opposite of discipline. Slip of time is a slip of business; a slip of time is wastage of resources, a slip of time is a slip off everything when it comes to business. What will happen if the business owner is getting late often? Everything will slow down and more importantly, this will draw out the energy of the workers. What comes next… is the failure.
Missing Given Tasks
One of the extremely bad consequences of poor self-management is missing out with the given tasks. Forgetting things such as meetings, conference with clients, calling someone important, drafting plans and what not. And every task is very important when the doer is the most responsible person. Any business, big or small, just cannot afford such delays and lingering of crucial tasks just because the owner is not able to manage himself well.
Disordered Looks And A Miss-Match With The Position
It is always necessary that a person who poorly manages himself/herself wear casual looks. But it is necessary that a person who doesn’t manage himself/herself well will look nervous, in the lack of confidence, and an expression of hiding from others. And this very disordered looks will surely not match with the position of the owner, the CEO, the most responsible person, and hence everything will become disordered. Employees will take the owner lightly and will not perform well.
Effect On The Relationship With The Clients And Vendors
The most important person in any business is the client. And it will not take a long time to say good-bye to a new client if he/she is not satisfied. And in a business where there are a lot of mismanagement born from mismanagement of the owner, every single client will not be completely satisfied. And finding new client will be a big deal in such a company. Pending reports, pending work, missing/delaying of conferences will surely take the clients away. And when a company cannot satisfy a client then how come its vendors will be happy. Delay in their payments, fewer orders, miss communications will surely put a business in down position of vendor’s client list. And hence, it will affect quality and dissatisfaction among employees and what not. Results?? Very severe.
The Problem In Catch Up With Growing Technology In The Industry Changes
Change is nature’s first law. Management studies say that… “It is not the strongest of the species that survives or the most intelligent that survives. It is the one that is most adaptable to change.” The one who is poorly managed by self cannot find time for extra things (to know what new is happening and how to adapt to it) when he is heavily occupied by already a big list of pending tasks. Hence, the future of such business is just one thing… failure.
The Problem In Problem Analysis And Solution Finding
Finding problems, rectifying them, and using them for own advantage are the things of those who are free from any pending work, decision to take, and everything is in order. And such situation can only be achieved when everything is well managed. Unfortunately, poor self-management of entrepreneur makes such good situation miles away. And hence, nothing new in business, followed by making business obsolete.
Weak Planning & Implementation
Planning is not something which can be done in a closed cabin with just guesses. It requires facts which have to be gathered after hard work of research, surveys, analysis and observations. And somehow a plan, probably a weak plan, is made then what about implementation which has several stages, report back, further analysis, amendments and repeat? A business is all about very hard work all the time and a poorly mismanaged person just cannot do that required hard work.
Finance management is one of the most important things to manage very well in order to keep things running well. And the very first mismanagement comes in is finance when the owner is doing a poor self-management. With time, clients get unsatisfied, financial pendency gets increased, finance management gets very vulnerable and hence a total mess will follow. Poor finance management has become a top reason for the failure of several big businesses even when other things were well managed. And the fact is that some fintech are disrupting the financial planning. Hence, a close control over finance and changes utmost important.
It is utmost important for any business owner to prove himself/herself as a strong leader. It is a great proverb…”An army of sheep lead by a lion is far better than an army of lions led by a sheep”. If leadership is a failure, then everything is a failure.
Failure to Establish Right Policies, Culture, and Ethics
A business runs on autopilot to some extent on the basis of right policies, culture, and ethics. When these valuable things are absent in the owner then it is almost impossible to him to implement them in his/her business. And if somehow these things are implemented then it is damn sure that they will soon become just a piece of paper as the owner himself will break those policies, culture as well as ethics due to self-mismanagement. I wonder if there is any hope of such business.
In conclusion, business management is not for those who don’t know self-management. Self-management is the first thing one has to learn and become an expert in it before he/she starts thinking about business management.