Business Management Tips to Help You Boost Profits in 2020

StrategyDriven Entrepreneurship Article |Business Management Tips|Business Management Tips to Help You Boost Profits in 2020Company profits are derived partly on hard work, and partly by the decisions made about the direction and focus of that hard work. This article focuses on the latter, inspecting how you, as a manager of a business, can make better decisions, and manage your resources more wisely, in order to improve growth, boost profits, and please shareholders. In the modern age of business, you need to be sharp to manage your business towards having a competitive edge.

Read on to learn how to sharpen the tools in your management kit in 2020 and beyond.

Think Staff

With so much chatter across the business world about digital technology and automation, it can be difficult to refocus back on staff – the people who get the job done for you and your company. All the most successful companies, you’ll have seen, are those that instill a smart, professional and motivated workplace culture – a code of ethics and responsibilities by which everyone abides.

As a manager, it’s your responsibility to see these values upheld, in order for productivity to be boosted, and workers maintaining loyalty to your project and your goals.

Software Steals

Nonetheless, there cannot be a business article in 2020 that does not mention the oncoming tide of technology that’ll make your business double-digit percentages more efficient in the 2020s. You only have to look to the technology news that’s published across the internet to read a host of fascinating stories about software and their use within companies large and small. Your responsibility as a manager is to make sure your business is the first to enjoy these benefits – using software and automated tools to boost your productivity this decade.

Financial Management

This tip is especially important for small businesses, which are perhaps more liable to falling profits, debt, and liquidation than their larger and more permanent cousins. If you’re managing a smaller company that’s on a growth strategy, you need to ensure that you’re working with the right tools to help you manage and understand your finances. With quickbooks authorize net integration, you can combine your accounting software into one streamlined system that provides instant and data-assessed access to your company financials, helping you make the snap decisions – about business deals and investments – that might prove profitable for your business in the future.

Think in the Long Term

Much of the news cycle is concerned with the here and now – and that atmosphere, of instant gratification and on-the-button updates can make business strategies myopically short-term. It’s the responsibility of a good manager to also direct workers’ perspectives to the longer term.

You can do this by setting goals, but you’ll also do this with a little blue-sky thinking about the future needs of your consumers, and the future pressures on businesses in your industry. By using this perspective, you can buy yourself breathing space and flexibility in the future, by making changes today that’ll boost your long-term competitiveness into the 2020s.

These business management tips will help all ambitious and thoughtful managers plot out a route to success in this new digital decade of enterprise and trade.

Recommended Resources – Whole Business Thinking

StrategyDriven Recommended ResourcesWhole Business Thinking – A Guide To Exceptional Business Performance
by Robert S. Block

About the Book

Whole Business Thinking by Robert S. Block provides operational executives and managers with the insight needed to relate ‘shop floor’ decisions and activities with the organization’s financial future. Robert reveals how to connect the decisions and actions of today with the financial consequences they will have on the organization and how these results will be portrayed with the company’s several financial statements.

Some of the specific topics addressed within Whole Business Thinking include:

  • Financial Statements
  • Business Metrics
  • Strategy Management

Robert concludes Whole Business Thinking with a comprehensive list of business terms and performance indicators.

Benefits of Reading this Book

In order for an organization to be successful, executives and managers must understand how their decisions and employee actions affect the achievement of established mission goals. As financial returns are a key component of every for-profit company’s success, leaders must be particularly aware of the relationships between long-term and day-to-day activities and the bottom line.

StrategyDriven Contributors like Whole Business Thinking because it clearly illustrates the relationship between decisions, actions, and financial outcomes. Throughout his book, Robert places the reader in common business situations and in plain language conveys how various decisions influence financial results. Robert goes a step further by translating those results into the several key financial indicators (performance metrics, balance sheet, income statement, cash flow statement) used by board members, executives, and investors to measure the health of the company.

Whole Business Thinking promotes the alignment of the organization’s mission and values with its decisions and actions. While acknowledging the non-financial contributors of organizational success, Robert’s book focuses primarily on those activities directly impacting financial performance drivers. In our opinion, the reader would benefit from additional case studies highlighting the application of Robert’s aligning principles and practices to non-financial performance contributors.

Whole Business Thinking reflects many of the organizational alignment, strategic planning, tactical execution, and decision-making principles recommended on the StrategyDriven website making it a StrategyDriven recommended read.

Special Offer

Robert has made a complimentary book sample available to StrategyDriven readers at