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5 Reasons Why Business Management Is An Essential Skill

Whilst the words organised, checklist-ticker and highly practical are not the obvious adjectives for entrepreneurs, they can be acquired and below are some of the reasons why they should be.

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Managing a business is hard work. Whether you’re a one-person band or well on the way to your first empire, the ability to put consistent and expansive effort into building and managing your business is critical.

Here are 5 good reasons why you may want to consider developing your business management skills:

1Following your business plan

A business plan is literally your roadmap. Once you’ve defined what you want to achieve, the business plan maps out how you intend to get there. Business management skills allow you to make decisions based on your destination as well as your route.

If you’re starting out with no experience, take a course such as Down To Business: Business Management From the First Step from Udemy, available via Careers24.

Related: Business Plan Examples To Get You Going

2Increasing profits

Whilst we are not all financial giants, in order to run a business effectively, the maximisation of profit is essential. Good business management focuses on keeping overheads low and increasing profit margins through effective process and skill management, without a negative impact on the quality of your product or service.

A good summary course to assist you in getting your head around increasing your profits is: 10 Most Efficient Strategies to Grow Your Business & Profits

3Leadership

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Leadership without management can lead to high staff turnover, customer dissatisfaction and over-or-under delivery.

Leadership should map out the route to your end goal whilst management should provide the vehicle that you all travel in. Preferably with seatbelts and a functioning fuel gauge.

A course like Leadership, management & entrepreneurship in the 21 Century will help you find leadership direction as an entrepreneur.

Related: 25 Leadership Lessons From Millionaire Business Owners

4Survival and growth in a competitive environment

Multi-tasking is the key. Many entrepreneurs land up working in the business instead of on the business. It’s absolutely essential that the business owner is able to see the bigger picture and to motivate the people accompanying them to achieve shared goals.

The effective management of your company, brand and people are a powerful first step towards standing out.

5Functional systems

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This applies to all organisations. Even if there are four people in the company, it’s important that each person has roles, responsibilities and a process or protocol of how business is done.

Related: 3 Ways To Avoid Catastrophic Failure By Streamlining Day-to-Day Processes

Understanding the importance of the often tedious task of designing and implementing systems adds not only to the bottom line but also to staff retention.

If you view your business as an investor would, then you will be able to see the importance of setting up a management infrastructure that solidly supports sustainable growth.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

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Enhance Your Entrepreneurial Flair With An Online Postgraduate Diploma From The University Of Pretoria

The Department of Business Management at the University of Pretoria, a leader in business management education, will be offering an Online Postgraduate Diploma in Entrepreneurship for the 2018 academic year with some seminars to enrich your action learning experience.

Dr Alex Antonites

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The Department of Business Management at the University of Pretoria, a leader in business management education, will be offering an Online Postgraduate Diploma in Entrepreneurship for the 2018 academic year with some seminars to enrich your action learning experience.

The programme content focuses on the start-up processes, creativity and opportunity recognition, business planning and marketing as well as financial management. Furthermore, the programme emphasises entrepreneurial growth and small business policy development with relevance to the enabling environment.

Who should enrol?

The programme is designed for pre-, nascent and start-up entrepreneurs who want to attain an advanced degree in entrepreneurship. It is also intended for individuals who work in an entrepreneurial environment and are involved with small business policy development. Although many students in the programme have academic credentials in entrepreneurship or business management, the programme is also appropriate if your education and/or experience may be in other disciplines (e.g. engineering or medicine).

Admission requirements

A relevant bachelor’s degree.

Related: This Enterprises UP Expert Explains Why Start-Ups Really Fail

Additional programme information

The duration of the course is one year. The language of tuition is English and the course will be presented in two blocks by means of the blended learning method (70% online and 30% contact sessions). Students need continuous access to the internet to complete the course.

Course Contents

Overview of modules for Block A

  • Ideation-to-market: Starting up
  • International Business Venturing
  • Venturing Strategy Building (Part 1)

Overview of modules for Block B

  • Entrepreneurial Marketing
  • Entrepreneurial Supply Chain Management
  • Entrepreneurial Finance
  • Venturing Strategy Building (Part 2)

Click here for more information.

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How English Language Skills Play An Essential Role In Building Trust With Your Customers

The English language is the global language of business, politics, international relations and entertainment for a number of countries worldwide.

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The English language is the global language of business, politics, international relations and entertainment for a number of countries worldwide.  While English is not an official language in many of these countries, it is the language most often taught as a foreign or second language, which means that it is spoken by over two billion people.  It therefore breaks down barriers, drives global collaboration and thinking and opens doors to a multitude of opportunities around the world.

However, in spite of this leading role of English in the globalised world, management often considers language skills a ‘soft’ issue and does not recognise that  immediate or concerted efforts for change are required; or more specifically, that individuals need to be fluent in English in order to be competitive in an international business market. As  Jeff Standridge, Vice President of Global Workforce Management at Acxiom Corporation states, “We have to be able to work seamlessly across the enterprise. That requires us to overcome any language barriers that exist. Without the ability to communicate clearly, concisely and effectively, significant risks begin to enter the equation, including lower quality and lost productivity. By addressing these needs early on companies can see a significant financial impact with global initiatives”.

Companies face challenges in educating clients about services and specifics of a product when they lack English language skills. Misunderstandings or mistakes in conveying that type of information cost time, relationships and money.

Related: Effective Communication Means Business Success

The potential loss of trust and commensurate loss of business as a result of misunderstandings through language underscores the importance of a full knowledge of the language for external communications, marketing and branding as well as for handling government and media relations. Ultimately, developing trust with local and global clients and overseas partners requires highly developed English language skills. This sentiment is echoed by Herman Uscategui, Director of Global Strategic Initiatives and International Business Development, Starbucks Coffee Company:

“Advanced language skills provide the foundation to trusted relationships with customers, communities and partners”.

There are many companies and individual professionals who fail in their quest for business or professional success. This failure can primarily be attributed to one of the most basic foundations of forming business relations – the language spoken. Undoubtedly, the English language is the global language for business and having a good command of English will definitely give one who is eyeing globally competitive business or career a clear edge.  Any communication problem, whether personal or business, translates to losses, zero result in negotiations, incompetence for global business or will just simply leave you ill-equipped to carry out business.

In an increasingly aggressive and competitive environment where people work an extraordinary amount of hours and have a number of objectives to reach,  language vendors need to ensure that individuals are capable of learning successfully at their job. The best results occur when instruction is customised to employees’ roles. Subsequently, they will be able to listen to and communicate effectively with diverse people, using appropriate verbal and nonverbal behaviour, language and strategies thereby bridging geographic and linguistic barriers.

The Wits Language School English Communication for Professional Development programme customises English language solutions for public and private organisations that enable organisations and individuals to reach their language goals and to maintain their competitive edge in local and global business.

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10 Books Tim Ferriss Thinks Every Entrepreneur Should Read

Check out these titles curated by the productivity expert and podcast host.

Emily Conklin

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Tim Ferriss, the productivity expert, author and inspirational speaker, is an avid reader, and has highlighted many books on his show and through his blog, seeking to share some of the same wisdom that inspires him.

From self-help to science fiction, there is something for everyone, and these 10 tomes have been selected from the many that make up Ferriss’s library. See what he recommends and why, and get ready to spend your Sunday mornings curled up with one – or several – of these books.

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