Principles of management remain the same for any business entity. As you decide to open your fashion outfit or expand your business it is essential for you to gather your management instincts.
Primarily Finance is the main criterion. Understand the inflow and outflow of funds. Bifurcate cash and check transactions. Arrive at your liquidity ratio. Keep a provision for ad-hoc business surprises. Be sure about loans and EMI. Use tax benefits. Work to lessen overheads.
Manpower management is the toughest scene. Recruit talent and not people, do not undermine but encourage, leave room for lacunas, recognize and then reward. Redressal of grievances is essential. Be a people’s person.
Organize your work. Be it delegation, authority or empowerment. Keep your accounts balanced and healthy. Maintain deadlines. Invest in research activities. Know your competitor well.
Presentation skills are necessary. This is an ongoing process and better not delegated. Client study and spending powers need to determine. Other fashion trends and companies to be located. A complete survey and detailing is essential.
Pricing is the business motive. Work on your demands and supply. Check out per cost of an outfit. Keep overheads low. Work out intangible employee benefits.
Decision making is required each day at different structures. Decide your workshop area and service outlet. Decide on the estate, include your financial adviser and banks. Look before you leap to fashion gimmicks and ever changing designs.
Diversify your current business. Get on to a new client sector. Explore kid apparel industry.
Export your collections. Check avenues for fashion shows. Find a retailer abroad. Reap tax benefits on exports.
Invent new styles. Explore and hone new talents. Pay well to retain talented employees. Learn a new skill yourself.
Motivate your staff. Don’t believe in gradation. Respect all and be a good leader. Make interesting reward programs. Recognize support groups and leave room for ad-hoc manpower contingencies. Be sensitive.