General Question

f4a's avatar

If you are going to manage a small business what is the best thing to learn?

Asked by f4a (601points) January 13th, 2011

let’s say you are going to manage a new small Mall, what does one need to know? what is the every day process to manage a mall?

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8 Answers

ZAGWRITER's avatar

Well, I’d say time management should be the first thing on the list, perhaps followed by money management? I’d surround myself with experienced people to help as well.

Jaxk's avatar

Let me see. Financial management is key. But then also are contracts, and regulation. Make sure you have background checks for all tenets and never trust anyone to pay their bills.

Remember that most small businesses go belly up in the first few years. You will be a small business and so will all (or at least most depending on the size of the mall) your tenets.Spend some time there everyday to see how things are going and keep up with the maintenance. The more things you can do yourself the better off you’ll be. This is a tough environment for this business. Even stable small businesses are going belly up. Make sure you have sufficient stash for the unexpected. Even a small glitch can put you in a hole you can’t get out of.

I don’t mean to make it sound bad. Being a small business can be very rewarding. I wish you luck.

BarnacleBill's avatar

Don’t hire relatives unless they’re qualified.

marinelife's avatar

Contract negotiation; accounting or bookkeeping; government requirements; personnel management.

Judi's avatar

Managing people and managing finances are two different arts.
Managing a mall also entails learning the specific real estate laws in your state.
If I were to sum up management in one scentence it would be “Treat everyone with dignity and respect.”
It doesn’t matter if it’s customers, clients, bosses, or passers by.
Treating people with respect means being honest, keeping promises, and following up when you should. It is Also being sensitive to their needs and genuinely caring about their well being.
Possesing these qualities, a little accounting skills, and a lot of common sense are the important ingredients of a good manager.

jerv's avatar

I would say that knowing the law is key. It doesn’t cost much to hire somebody to manage the finances, but getting help with keeping track of all the laws, rules, and regulations does cost, so it’s better to do it yourself. If you can also do the numbers yourself then all the better, but if you must choose only one then learn the law.

Aside from that, I am in total agreement with @Jaxk, especially about making sure you have a stash set aside to handle unexpected expenses and not trusting your tenants to pay on time (which is probably one of the most common expenses). Even if you do everything right, there is no guarantee that the people who are supposed to pay you will, and you can’t reap big rewards unless you are willing to risk being ham-strung by the actions of others.

It can be rewarding, but it can also be a royal pain in the balls.

Jaxk's avatar

Even if they are qualified. It seldom works out well.

f4a's avatar

thanks everyone :-D

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