It is estimated that half of all businesses will fail within the first 5 years after commencement. The factors that are responsible for this rate of failure include poor money management, failure to track performance, and uncertainty about the future. Sound business administration can help mitigate the issues and help small businesses perform.
What makes a good business administrator:
Relevant Education
It is often assumed that businesses need one type of administrator. However, it is important to recognize that businesses of different types will have varying demands in terms of administration. The executive personnel needed to run a store will have different requirements from an executive running a financial institution.
Relevant education also means having multidimensional skills that can help the organization advance. This includes people skills, tech skills, and conceptual skills. Conceptual skills help the business owner see how different parts of the organization work together to make the whole.
Good Organization
If you’ve taken up the job of a business administrator, one of the most important aspects of your job is prioritizing tasks. The poor organization often leads to inefficiencies and unexpected errors. You need to have clarity on what tasks need to be handled first.
There are several things you can do to stay organized. Ms. Julia DePinto-Perez is the Vice President of Business and Finance Pillar College New Jersey. She says starting off her day by writing all her tasks keeps her focused throughout the day.
Ms. Julia DePinto-Perez also advises entrepreneurs to make the habit of checking their plans from time to time. “Keep reviewing your business and business plan. Stay fluid and relevant.” She opines.
Technology Know How
Technology is taking over every aspect of our day to day life. Not only is social media taking over our social and business life, but new technologies like Artificial Intelligence are set to change the way we do business. Entrepreneurs should make a point of staying up to date with the changes in technology. This will help them generate new ideas and stay competitive in the modern market place.
Effective Communication
As an administrator, you will need excellent communications skills to be effective. You will be required to lease with certain departments such as finance and project management. According to VP business and finance Pillar College, Julia DePinto Perez, entrepreneurs also need to stay in touch with suppliers and distributors. Good communication enhances customer service and boosts the bottom-line of your business.
