Small Business Management is nothing but sales, marketing and advertising management for a small business. Sales and Marketing are lifelines of a small business. So, sales and marketing management is very much needed for the stability and growth of the small business enterprise.
A successful Marketing Management requires:
- Proper Analysis of Target Market-For every small business there should be a target group of customers. Identifying the specific customers and the target market for the business is very much important to take up a focused product campaign. Otherwise, the market campaign and the promotional expenses targeting all general public is a sheer waste of energy and money. If the target market is known the task of devising promotional plans become simple and affordable.
- Quick Financial Investment-Firstly, owner or manager of a small business should have a well chalked out planned budget for market campaigning and he should follow the budget accordingly. Quick Financial Investment is very important in this case. There are many marketing strategies, which can be undertaken by proper and quick financial investment like TV advertisement and Banner advertisement. This kind of quick financial investment in return brings more sales and more business.
- Marketing Promotional Tools-A small business owner should use marketing promotional tools so that the business can progress steadily. Manager of a small business should promote marketing tools, which are simple, innovative and low cost. These can be brochures, business cards, business gift items that do not require heavy investment.
- Use of Information Technology-Proper use of Information Technology can enable a small business to grow at a much faster pace than any other promotional project can do. Internet is a medium used by huge number of people everyday. So, promoting the small business on the Internet by means of web pages can give the small business a sharp edge over others. E-mail marketing is another marketing tool which improvises customer relation, increases sales but is very cheap
- Referral System-This system needs nothing but maintenance of a consistent good relation with other business. Most of the customers are inclined to the products that are referred to them by anybody. So, by maintaining Referral System manager of the small business can promote his products by other companies (as the other companies refer the product) and can earn a good name in the industry.
- Use of Innovative Schemes-In this age of simplicity and creativity, the managers of small business should use original and innovative marketing techniques. Costly market campaigns can be replaced with creative low cost ones, which has potential to attract the customers.
Proper Management of Sales Activities of the business requires dynamism and creativity. A good Sales Manager should have the following qualities:
- Excellent Communication Skill-This includes excellent verbal skill as well as good listening skills. A person who manages the sales has to use appropriate words in an appropriate manner so that the messages are conveyed clearly and the irate customers are easily handled.
- Skill of Motivating Employees-The sales manager should know how to motivate employees so that they can work towards achieving great success.
- Skill to Tackle Problems before they arise-A good sales manager should have the foresight to see the problems that can arise in the future and should take appropriate safeguard.
- Time Management Skills-As a sales manager has to work under tight schedules and has to keep up to the deadlines fixed by the clients, he has to have exceptional time management skills.
- Skill of Mediating Internal Conflicts-A sales manager has to be diplomatic and tactful so that he can easily mediate the internal conflicts that arise time to time in every company.
- Negotiating Skills-A sales manager has to negotiate properly with the customers as well as with the employees.
Advertise Management
Advertising contributes immensely in promoting the total sales of the small business. Earlier advertisements used to appear in print media or electronic media that is in the newspapers or in T.V, Radio and Cinema. But nowadays advertisements are being displayed on vehicles like buses, taxis and in public places like shopping malls and streets. Reach of Advertisements has further been widened by airing of T.V commercials and by advertising in company website and other websites. Advertising creates public awareness about the particular product, which results in increase in sales and in turn increases profits. So, Advertisement Management plays a vital role in the success of a small business.