BUSINESS MANAGEMENT

BUSINESS MANAGEMENT.
Business and Management are the disciplines devoted to organizing, analyzing, and planning various types of business operations. And if that sounds really general, that’s just because these fields cover a lot of ground. These degree programs teach the fundamental skills that are required to efficiently run or manage a business. That’s why you’ll find Business and Management majors in every industry, in a variety of different types of jobs. So, whether you want to work for a large corporation, or in a mom-and-pop shop, you can be confident that a degree in Business and Management will teach you the skills and theory you need for a successful career. The possible job titles for Business and Management majors are practically unlimited. They range from financial managers, who use their mathematical skills to generate financial forecasts, to marketing managers, who draw upon their creativity to manage advertising and sales efforts.
Before venturing into a business some certain condition must be put into consideration by any individual. Examples are the “necessary keys to success in business, challenges in business which will be discussed in this theory and will teach you all you need to know about business management, below are some keys to manage and succeed in a business.

Four Necessary Condition to be considered before going into a business.
1. Location
Consider where you can open your business. You might be able to open your business within your own house if you plan on shipping your product or providing a traveling service. If you're looking for a storefront, remember to balance the appeal of the location with what rent you're able to afford. You can also think about material storage, any exceptionally large equipment and what might be convenient for taking deliveries or sending out shipments.
2. Market
Consider the broad market your business can serve. You can think about what geographic range you can cover and what kind of people might have the need that your business answers
3. Competitors
Research the businesses that produce similar products or services. You can learn what advertising works for them and what locations they serve. If they serve a similar demographic, you might consider locating further from them or targeting a different market. You can also join a local chamber of commerce or entrepreneurial group to meet others with projects like yours. Researching your competition can also bring partnership opportunities like a bundle promotion or a local street fair or festival.

keys to succeed in a business
1. Find your unique selling point
What makes your company remarkably different from all the others? What sets your offering apart? Finding your unique and special selling point is essential for making your business stand out and attracting customers. Once you know what actually makes you really special, make sure to market it heavily and emphasize it in all of your branding.





2. Your branding must be consistent and professional
Your branding is a crucial aspect of making your business stand out. It’s what customers see first and it’s how they’ll identify your company. Your branding must be professional and consistent across all platforms, from your website to your social media pages to your marketing materials.
3. Offer great customer service
One of the best ways and quickest avenues to make your business stand out is by offering great customer service. When customers have a positive and encouraging experience with your company, they’re more likely to recommend you to others and return in the future. Make sure you have well-trained staff who are able to provide excellent customer service and resolve any issues promptly.
Challenges As a business owner you should be expecting.
1. Inflation and Economic Downturn
The headlines are already filled with talk of skyrocketing inflation, and that trend will likely continue in 2023. Many economies will stagnate or shrink, and businesses need to prepare for that reality.

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, reported that the organization had downgraded its forecast for 2.9 percent global growth in 2023. The IMF cited rising risks of financial instability and recession.

Companies can face inflation by establishing end-to-end, actionable visibility of spending by business process, function, cost category, and business unit, as well as reducing spending.

2. Supply Chain Security
Supply chain security is another key issue. Challenges began with COVID-related backlogs and have been made worse by Russia's invasion of Ukraine and labor shortages due to the Great Resignation. This has made parts and products harder to obtain, as well as pushed prices up (e.g., energy, grains, computer chips, oil, and so on).
According to a report by Accenture, supply chain issues could result in a potential €920 billion cumulative loss to the gross domestic product (GDP) across the Eurozone by 2023.
Companies should resist the urge to over-order to compensate for backlogs, which could worsen the situation. Instead, focus on long-term recovery and restructure your needs to prevent similar shortages in the future

3. Increasing Customer Expectations
Customers are demanding more immersive customer experiences in the real world as well as in the meta-verse. Customers entering brick-and-mortar stores aren’t just looking to buy products — they want memorable in-store experiences. If your company has physical shops, consider adding more immersive experiences.
Online retailers should consider adding extended reality (XR) experiences like virtual dressing rooms that allow customers to “try on” clothing, accessories, and makeup without leaving their homes. No matter how you engage with consumers (online, offline, or a mix of both), ask yourself, “How can we add even more value for our customers by turning this interaction into an experience?”
Congratulation by reading this theory I believe you now have at least 75% knowledge on how to manage your business. Make you put into consideration the above key before starting up your business.

DAVID MENDOAS