- Hello, in this video I'm gonna share with you
the basics of business management.
Hey, I'm James Sinclair, I'm a U.K. business owner.
We employ hundreds of people, and we turn
millions in pounds in sales every single year.
In fact, over the course of our career,
we've employed thousands of people,
and they've needed managing.
In this video, I'm gonna share with you my top tips.
If you like this sort of stuff,
you love entrepreneurship, management,
and growing your business, make sure you hit subscribe
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Let's go through now the basics of business management
because if an entrepreneur's failing,
it's the leadership's failing, if they're not
focusing on the management of an organization.
So many organization are talking about,
we need leadership, we need leadership.
Well no, you actually need great management
to go in partnership with that leadership.
And to me, leadership is the entrepreneurship role.
We want the entrepreneur focusing on
innovation, marketing, and culture.
But what should the management do?
Well, it comes down to a great partnership,
and this is the thing that I strongly believe in.
It's called E plus M equals S.
There's entrepreneurship plus management equals success.
So we're really gonna focus now not on the entrepreneurship,
but the management of a business.
But the entrepreneur needs to understand
what great quality management is,
and that's what we're gonna delve into right now.
When you're managing a business,
don't put 98 KPI rules that no one can remember.
What you want is simple rules
because simple rules can be remembered.
Here's what I do in my business,
just three simple KPIs, this is what I want to know.
I want to know my average customer value,
and I want what we're spending on labor,
as a percentage compared to a turnover,
and I want to know a monthly profit and loss,
so that's our profit and our loss every single month.
They're the three simple rules that I pedal on
to all of my senior management team,
that's all I want to know.
And that's so much better than
having these 98 different KPIs.
Why do people put in loads of rules?
Because one little crook has let you down.
Here's a little story that I remember when I was at school.
We all use to have yo-yos, these really cool little yo-yos.
Then one day, someone stole a yo-yo.
Now, no one at school was allowed to have a yo-yo anymore,
and they ruined everyone's fun.
There's a little analogy there for business.
Just because one person breaks the rules,
don't put in another rule because it disenfranchises
the team just 'cause of that one crook.
The smart thing to do is get rid of that
toxic employee that's breaking you down.
Simple rules are the best way to manage a business.
Not too many, just the right ones
that are gonna grow your business.
Here's the next thing.
Vision, mission, and culture.
This is what the leadership needs to
discuss with the management team.
A vision, an end in mind.
What does the business look like when it's finished,
what does a best version of the business look like?
And everyone needs to understand this
because then the management can get behind that.
Next thing is your mission.
How are we gonna get there to really try and
work out how we're gonna get to our vision.
So you know, this is, this is the destination,
and this is the journey.
And the management have got to come up with
how we're gonna get to that destination,
what's the journey that we're gonna take to do it?
And then lastly, we want to make sure that
everyone has a real good clear understanding
of our culture or our values,
'cause there is always a culture,
and there is always a set of values in the business.
It's just whether it's the ones that you want.
So what you've got to do is create and put that down,
commit it to paper, and for the owner of the business
and the manager of the business,
make sure these values and culture stay on point.
The next one is a calm man is a wise man.
Or a calm woman is a wise woman.
And this is really important for management.
If you've got some airy, nasty,
dictatorship type management, then you're just gonna
disenfranchise the people that work for you.
You ought to stay calm in stressful situations
because if you stay calm, people stay calm.
If you get irate, people get irate.
You see, mood hoovers make people moody,
and you could be a happy manager,
and your team can be disenfranchised,
but one person with a right positive mindset
can get everyone else on that positive mindset.
It's a really important part of managing people.
Make sure you stay calm in stressful situations,
and make sure you accept that as the positive culture
that absolutely must happen.
In all the businesses that we've run,
and we've run quite a few,
I've realize that gossip happens.
Human beings love to gossip.
But when you come in to management of a business,
you need to make sure you're not
getting involved in that gossip.
And how do you remove that gossip from happening?
You make sure that it's just understood
that it's absolutely not accepted.
Some people just attract gossip.
See, people have come work for me
you know, in a senior position,
and they start gossiping with the staff,
and I clearly state, I mean quite rudely in fact,
that that just isn't acceptable.
If you want to get on and do that sort of stuff,
then you're not moving up our organization,
'cause we ain't gonna accept it.
Because that's not what senior management do.
If you find people gossiping in your organization,
and there will be people gossiping in your organization,
be wary of promoting them above,
because they will just create more of a gossip culture.
To wrap it all up and bring it to a beautiful conclusion,
understand this:
when you're in management, make sure you're in command,
and take charge, because this is really important.
People need to know the decisions that are being made.
When it really comes down to great management,
this is execution of idea, making sure stuff happens,
and making sure accountability happens.
You want to make sure that people take ownership
over their decisions, they're accountable,
and believe in the company's vision, mission, and culture.
Make sure you take command of that.
Be assertive, and be in charge,
and then great management stuff will happen.
If you've loved this video, and you want to learn more,
why don't you come to one of my
free business growth seminars.
They're live, it's me in person,
delivering some great content at one of my businesses.
Now in the video description, I put a link
on how you can book onto that,
I'd love to see you there to help grow your business.
If you loved this video, make sure you hit subscribe
and that notification bell so you know when we're
bringing out great new content to help grow your business.
Put some comments below, do you disagree, do you agree?
I'd love to know, and I'll get on the comments myself.