Rajiv Talreja is the Founder of Asia’s Largest MSME Business Coaching Company- Quantum Leap Learning Solutions Pvt Ltd, Author of the Bestseller book – Lead or Bleed, Investor, TedX Speaker and Founder of DreamCraft Events and Entertainment Pvt Ltd, and DreamCatcher Investments Pvt Ltd. )

 If you are not managing your business, then you are definitely damaging your business!

As a business coach, I have worked with 1000s of entrepreneurs, helping them create systems for managing their businesses.

In my experience of over 15 years in this industry, I have come across entrepreneurs who think that being involved in the marketing, sales, operations and accounts of their businesses means they are managing their business.

This is an inaccurate mindset.

If business owners are involved in the day to day workings of the above departments, it means they are doing ‘crisis management’. This means, they only manage when there is an urgency. They are involved in daily firefighting which they consider managing a business.

Management is a totally different science from crisis management. When you manage your business in the right way, you make sure that your business is growing and scaling.

Your role in your business is to think on a macro level. You are the creator and the manager. You need to play that role instead of being stuck in daily firefighting.

How to manage your business in the right way?

Here are 5 steps to follow:

1. Aspiration Creation: Without a clear aspiration, there is no clear endpoint. Without a clear endpoint, there is no point in starting a journey. So, as a business owner, break down your business goals, your team members’ personal goals as well as your own personal goals and define the aspirations for your business, your teams and for yourself.
2. Analyse the challenges: Once the aspirations are created, next identify the obstacles. List down all the challenges that you and your team think can come in the way of your aspirations. Involve your team when you do this exercise to identify “what can stop us from achieving our aspirations”?
3. Awareness Creation: You need to facilitate exercises around designing roles for every team member in your business. Design strategies for every department of your business and create systems to make sure you conquer the challenges that you listed down.
4. Design an Action Plan: This is the 4th step. You need to design a plan of action with specific timelines and milestones to implement the systems and strategies you created along with your team.
5. Accelerate for Achievement: In this level, you need to have a clear review system at a departmental level for every single department in your business and you also need to create a feedback system on an individual level with your team. Your team needs regular mentoring sessions and your departments need a clear review system to make sure your business is accelerating towards achieving the aspiration goals you created.

When you implement this 5-step process in your business, you create a Management system for your business. This is how you as a business owner, successfully and effectively manage your business.