– Laying the Foundation for Success

To successfully run a company, it is important to have a solid knowledge of business management. Many entrepreneurs, however, do not have this foundation because they did not study business. A degree in business management is not necessary to become successful, but education and training in this area is important.

As a business owner, you need to be in control of your company at all times. To ensure that your company stays in business, it is necessary to always have an overview of your finances and be able to recognize and understand economic systems. Areas of the most importance are taxes, the financial system, inflation, and the price development of raw materials and goods. What happens within these sectors has an impact on the price of your product/service, the costs of purchasing, and the purchasing behavior of your customers. It is crucial to know about changes early on and to be able to recognize economic trends and patterns. With this knowledge, you will be able to appropriately guide your company. This may result in having to make adjustments to calculations or change the way your company operates.

You can acquire the skills you need to make your company ready for the future by:

• Reading books on business management basics
• Taking courses on relevant topics, ex. at the IHK
• Working with external consultants

Do you need support in any of these areas of business? I am here to help! Get in touch at julia@buhmann.consulting and we’ll explore this together.