Connect with us

Ongoing Learning

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.

Entrepreneur

Published

on

business-management-system-and-processes

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

business-leadership-techniques

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

business-systems-and-processses

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.

Company Posts

“Free” Online Courses Versus Interactive Classroom Courses

Online learning should be considered a supplement and extension, rather than a replacement, to traditional classroom learning.

Wits Language School

Published

on

wits-language-school

The Internet is currently abuzz with advertisements for “free” online language courses and online education. While developments in technology have undoubtedly created opportunities for more people to access education, the question still remains as to whether it is actually possible to learn a language solely with the use of an online platform. Whilst there are numerous advantages to using online platforms, there are equally as many disadvantages.

Online platforms are limited in their capacity to support group discussions, as well as the engagement with language facilitators and tutors. Many platforms are also unable to cope with the thousands of students that try to join online discussions. Language learners benefit greatly from human interaction within a classroom. Mark Edmundson (2012), an English professor at the University of Virginia, argued that online education creates a “monologue and not a real dialogue” in the learning environment.

Classroom environments allow learners to express their opinions, participate in debates, and engage in face-to-face interaction with classmates and their instructor.

Related: “Free” Online Courses Versus Interactive Classroom Courses

Language facilitators are responsible for explaining material, answering questions and guiding learning based on students’ needs and language levels in real time. From an online perspective, this resource becomes diluted, as often there exists back and forth communication between the student and the facilitator over an extended period of time. Within a classroom environment, learners are immersed in the language and encouraged to speak. Learning takes place in a pro-active way with a balance of learner-facilitator interaction and group work. Language learners receive undivided attention from the facilitator, and the pace and content of the tuition is thus tailored to the learner accordingly.

Two of the benefits of online courses are that they offer flexibility and convenient accessibility; however, they also require a greater amount of self-discipline, reading and time-management skills. Online courses tend to make it easier to procrastinate and they create a sense of isolation. These elements are not conducive to successful language learning. Motivation levels are likely to decrease when using online platforms, as learners have no real external influences to help keep them motivated and inspired.

The quality and accreditation of online language courses is also a concern to most learners, as many online courses lack valid accreditation and certification. It is crucial to enrol in a course that provides legitimate information and that is accredited with a relevant board or organisation. A course that does not provide valid accreditation will serve no purpose or advantage to the learner.

Wits Language School was established in 1997 and forms part of the Faculty of Humanities at the University of the Witwatersrand in Johannesburg, South Africa. Over the last 19 years, the school has built a reputation for providing high-quality language services and short learning programmes in a dynamic and international learning environment. Wits Language School endorses interactive teaching styles, uses up-to-date teaching methods, and employs experienced and highly qualified teachers who are mother-tongue speakers to assist all participants in their quest to learn a second language.

Online learning should be considered a supplement and extension, rather than a replacement, to traditional classroom learning.

Continue Reading

Company Posts

Rethinking Learning In The 21st Century

The changing world of work has disrupted the three elements of the traditional ‘career’: Expertise, duration, and rewards.

Wits Plus

Published

on

rethinking-learning

Vital Stats

Traditionally the concept of a ‘career’ was considered to include three elements:

  1. A career represented our expertise, our profession, and ultimately our identity.
  2. A career was something that built over time and endured. It gave us the opportunity to progress and advance.
  3. A career gave us financial and psychological rewards. It made life meaningful and paid us enough to live well.

The changing world of work has disrupted all three elements: Expertise, duration, and rewards.

A career can now be as long as 60 years; at the same time, due to rapid advancements in technology and the changes that bring about in the workplace, skill sets can become obsolete in as little as five years.

Increasingly, companies need to rethink the way in which careers are managed and learning opportunities are delivered, and many have already begun to overhaul their career models and L&D (Learning and Development) infrastructure in line with the digital age.

Related: Your Investment In Knowledge

Employees’ learning behaviour is also changing. In the past, employees were able to obtain the skills required for their career early on and as a once-off; now, the career itself is a journey of learning, up-skilling, re-skilling and continuous reinvention to remain relevant and to thrive in the changing world of work.

Older employees who studied at a time where most of one’s learning occurred prior to entering the workplace, find themselves working alongside millennials who place greater value on learning and progression rather than on earning potential as a first priority.

Eighty-three percent of the respondents surveyed in Deloitte’s 2017 Global Human Capital Trends survey say their organisations are shifting to flexible, open career models that offer enriching assignments, projects, and experiences rather than a static career progression.

However, in today’s fast-paced business world, even if companies are restructuring L&D delivery, no one is going to make you engage in a strategy that is essential to your future success – continuous learning. You will have to take the initiative yourself.

Noted self-help expert W. Clement Stone, in his many writings on this topic, recommended that one spends anywhere from a half-hour to two hours a day in study and thinking time. This tireless dedication, combined with an insatiable curiosity, will equip you to excel in the future world of work. What’s more, learning new skills and knowledge can be fun!

The good news for both companies and for employees is that an explosion of high-quality content and digital delivery models offers employees ready access to continuous learning. The Wits DigitalCampus offers a range of accredited and fully online short courses to support your continuous learning.

Continue Reading

Company Posts

Your Investment In Knowledge

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

Wits Plus

Published

on

further-studying

Vital Stats

Most people spend their lives collecting, spending, and worrying about money — so much so, in fact, that they say they “don’t have time” to learn something new.

However, some of smartest and busiest people in the world — Barack Obama, Warren Buffet and Bill Gates — all spend at least one hour a day on deliberate learning. They see what others don’t: That learning is the single best investment of our time that we can make. As Benjamin Franklin said long ago, “An investment in knowledge pays the best interest.”

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

One of the very benefits of ongoing technological advances is that it empowers an accelerated and personalised learning experience that puts the learner in the driver’s seat. Modern learning harnesses the speed, power and ubiquity of digital capability. Online platforms, software and mobile devices means that the traditional hurdles to learning — such as income, status and location — have just about disappeared. Knowledge can now be gained by anyone with the passion to pursue it and the commitment to stick with it.

Related: Building Customer Relationships

We are only at the tipping point of what future learning technology can deliver. Artificial intelligence (AI) will transform all aspects of human capital management, including learning. Technology-enabled learning will be immediate and directly relevant to the task, for example:

  • personally tailored learning content and experiences delivered to you as and when you want or need them
  • chatbots and virtual assistants can source and categorise the information that you need for optimal decision-making
  • augmented and virtual reality simulations can provide a multi-sensory experience to speed up and embed learning.

Additionally, social connectivity already enables user-generated content to outpace and outstrip what traditional education and learning institutions can deliver.

Knowledge may be the new money but, unlike money, you don’t lose it when you use knowledge or give it away. Transferring knowledge anywhere in the world is free and instant. It’s fun to acquire and it makes your brain work better. It helps you think bigger and beyond your circumstances. It puts your life in perspective by essentially helping you live many lives in one life through other people’s experiences and wisdom.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending