Detailed guidance is necessary for potential personnel to develop well.
Potential personnel only become talents when they are well-guided and paired properly. CEOs of companies with less than 50 employees should directly train them instead of being lazy.
Assignments must always have KPIs and deadlines, and bosses must always have solutions ready.
Everything assigned must come with a deadline, and adding KPIs is even better. CEOs should practice assigning tasks in this way and teach their personnel to develop the same habit.
Bosses must have solutions ready before assigning tasks so that they can provide guidance when needed. Don't blame your employees for being incompetent if you haven't given them guidance.
Take a lot of time to note down all schedules, assignments, and remind personnel if they're overdue.
Mr. ABC said that he takes detailed notes of everything and spends a lot of time organizing his schedule.
You can use software like Google Calendar, Google Keep, or work management software like WinWork.
Finish a task.
This means finding a comprehensive solution to a problem. For example, there are many costs incurred in each store, and it takes a lot of time to track and approve these expenses. The solution is to allocate a fixed monthly budget for miscellaneous expenses. If a store spends more, they must bear the cost, and if they spend less, they can enjoy the surplus. This is a comprehensive solution to the problem.
CEOs must find ways to finish all problems, or else they will be too busy solving unexpected problems.
Only spend optimal time on your team and not worry about competitors.
Looking at your competitors and worrying about them all day won't accomplish anything.
You can observe your competitors to learn from their strengths and find new ways to improve, but don't try to imitate them if you don't have superior resources.
The most important thing is to optimize your team. There are still many things to do to surpass yesterday's self.
Business must be pragmatic. If you don't care about profit, you're not doing business.
When there is no profit, all high ideals such as contributing to society, corporate culture, etc., are meaningless.
Business must be practical and cost-effective.
Your money is yours, and you must save it. Don't waste your money on unnecessary expenses.
Startups tend to open larger and more beautiful branches. In reality, bigger and more beautiful isn't always necessary.
Always maintain control of the situation
It's better to have a small company that can control everything than a large one that loses control.
Don't solve a problem by creating more problems
When there is a problem that needs to be solved, we often solve it by creating another problem. Any solution proposed must be carefully considered to ensure that it does not cause other problems.
A CEO must be demanding
If the CEO is demanding and focused on everything, then the staff will be demanding and precise. Only with precise staff can a company deliver quality products and services to customers.
If the CEO is too lenient, then the staff will become careless, and the company will become chaotic.
If a business is losing money and there is no opportunity to change the situation, then it is necessary to cut losses decisively and not regret it.
After a hot heart, there must be a cool head. If you can't do better, then stop as soon as possible to minimize losses.
Hierarchical management
One person should only manage a maximum of five people. If there are too many people, divide them into smaller groups. In short, don't manage more than five people.
When promoting staff, only assign tasks that are no more than 30% more difficult than their previous tasks. Don't assign tasks that are too difficult.
The concept of Balance - cash flow control
Balance is the total assets of the company.
The Balance report must be done daily. Balance = revenue - expenses. This means that every day you can see exactly how much the company's total assets have gone up or down.
Compare all income and expenditure items. If they match, then it's okay.
=> If it seems difficult, apply enterprise management systems such as Odoo, Zoho,...
Cost accounting
Reduce nameless expenses and losses by grouping expenses into 3-5 categories. Monitor each month to see if there are any unusual changes in each expense category, and accurately determine how much each expense category should be.
All expenses that need to be purchased should be explained in detail, including how long the previous asset has been used and where the remaining portion is. This helps staff be conscious when requesting miscellaneous expenses.
Training
The best person should train new staff.
Face to face: direct training.
Sales motivation program
Create many systems and programs to motivate sellers.
The CCO must always be the most aggressive seller.
Balance between Brand and Trade
A startup should focus on selling first, then gradually balance with branding.
The brand is most clearly expressed in reality: how employees behave, whether the store is clean or dirty, how content is communicated, etc. All of these are the company's brand, not just shouting out what we do.
The CEO must know advertising
Advertising is the fastest way for a company to burn money, with hundreds of millions per month. Therefore, the CEO must understand and be proficient in it. If any boss is not familiar with it, they should schedule to learn advertising from ATP Academy.
Conditional stocks
Mr. ABC shares the company with all investors and employees, rather than keeping the company as his own, which is why the company has developed as it is today.
If you want employees to participate as shareholders to share the results and have a stronger bond with the company, issue conditional stocks. These stocks may include terms such as working at the company, giving the company the right of first refusal if selling shares, and so on.
The above points are not in a specific order and may not cover all the shared knowledge from previous experienced individuals that I have learned. I only wrote down the things that resonated with me. The more experiences you gain, the deeper your understanding of each issue will be. I hope this note is useful for those who are in business.