The Basics of Business Management – What EVERY Business Owner Should Know – James Sinclair

The Basics of Business Management – What EVERY Business Owner Should Know – James Sinclair


– Hello, in this video
I’m gonna share with you the basics of business management. Hey, I’m James Sinclair,
I’m a U.K. business owner. We employ hundreds of people, and we turn millions in pounds in
sales every single year. In fact, over the course of our career, we’ve employed thousands of people, and they’ve needed managing. In this video, I’m gonna
share with you my top tips. If you like this sort of stuff, you love entrepreneurship, management, and growing your business,
make sure you hit subscribe and that notification bell so we can let you know when we bring out great new videos to
help grow your business. Let’s go through now the
basics of business management because if an entrepreneur’s failing, it’s the leadership’s
failing, if they’re not focusing on the management
of an organization. So many organization are talking about, we need leadership, we need leadership. Well no, you actually
need great management to go in partnership with that leadership. And to me, leadership is
the entrepreneurship role. We want the entrepreneur focusing on innovation, marketing, and culture. But what should the management do? Well, it comes down to
a great partnership, and this is the thing that
I strongly believe in. It’s called E plus M equals S. There’s entrepreneurship plus
management equals success. So we’re really gonna focus now
not on the entrepreneurship, but the management of a business. But the entrepreneur needs to understand what great quality management is, and that’s what we’re
gonna delve into right now. When you’re managing a business, don’t put 98 KPI rules
that no one can remember. What you want is simple rules because simple rules can be remembered. Here’s what I do in my business, just three simple KPIs,
this is what I want to know. I want to know my average customer value, and I want what we’re spending on labor, as a percentage compared to a turnover, and I want to know a
monthly profit and loss, so that’s our profit and
our loss every single month. They’re the three simple
rules that I pedal on to all of my senior management team, that’s all I want to know. And that’s so much better than having these 98 different KPIs. Why do people put in loads of rules? Because one little crook has let you down. Here’s a little story that I
remember when I was at school. We all use to have yo-yos,
these really cool little yo-yos. Then one day, someone stole a yo-yo. Now, no one at school was
allowed to have a yo-yo anymore, and they ruined everyone’s fun. There’s a little analogy
there for business. Just because one person breaks the rules, don’t put in another rule
because it disenfranchises the team just ’cause of that one crook. The smart thing to do is get rid of that toxic employee that’s breaking you down. Simple rules are the best
way to manage a business. Not too many, just the right ones that are gonna grow your business. Here’s the next thing. Vision, mission, and culture. This is what the leadership needs to discuss with the management team. A vision, an end in mind. What does the business look
like when it’s finished, what does a best version
of the business look like? And everyone needs to understand this because then the management
can get behind that. Next thing is your mission. How are we gonna get
there to really try and work out how we’re
gonna get to our vision. So you know, this is,
this is the destination, and this is the journey. And the management have
got to come up with how we’re gonna get to that destination, what’s the journey that
we’re gonna take to do it? And then lastly, we want to make sure that everyone has a real
good clear understanding of our culture or our values, ’cause there is always a culture, and there is always a set
of values in the business. It’s just whether it’s
the ones that you want. So what you’ve got to do is
create and put that down, commit it to paper, and for
the owner of the business and the manager of the business, make sure these values
and culture stay on point. The next one is a calm man is a wise man. Or a calm woman is a wise woman. And this is really
important for management. If you’ve got some airy, nasty, dictatorship type management,
then you’re just gonna disenfranchise the
people that work for you. You ought to stay calm
in stressful situations because if you stay
calm, people stay calm. If you get irate, people get irate. You see, mood hoovers make people moody, and you could be a happy manager, and your team can be disenfranchised, but one person with a
right positive mindset can get everyone else on
that positive mindset. It’s a really important
part of managing people. Make sure you stay calm
in stressful situations, and make sure you accept
that as the positive culture that absolutely must happen. In all the businesses that we’ve run, and we’ve run quite a few, I’ve realize that gossip happens. Human beings love to gossip. But when you come in to
management of a business, you need to make sure you’re not getting involved in that gossip. And how do you remove that
gossip from happening? You make sure that it’s just understood that it’s absolutely not accepted. Some people just attract gossip. See, people have come work for me you know, in a senior position, and they start gossiping with the staff, and I clearly state, I
mean quite rudely in fact, that that just isn’t acceptable. If you want to get on and
do that sort of stuff, then you’re not moving
up our organization, ’cause we ain’t gonna accept it. Because that’s not what
senior management do. If you find people gossiping
in your organization, and there will be people
gossiping in your organization, be wary of promoting them above, because they will just create
more of a gossip culture. To wrap it all up and bring
it to a beautiful conclusion, understand this: when you’re in management,
make sure you’re in command, and take charge, because
this is really important. People need to know the
decisions that are being made. When it really comes
down to great management, this is execution of idea,
making sure stuff happens, and making sure accountability happens. You want to make sure
that people take ownership over their decisions, they’re accountable, and believe in the company’s
vision, mission, and culture. Make sure you take command of that. Be assertive, and be in charge, and then great management
stuff will happen. If you’ve loved this video,
and you want to learn more, why don’t you come to one of my free business growth seminars. They’re live, it’s me in person, delivering some great content
at one of my businesses. Now in the video description, I put a link on how you can book onto that, I’d love to see you there
to help grow your business. If you loved this video,
make sure you hit subscribe and that notification bell
so you know when we’re bringing out great new content
to help grow your business. Put some comments below, do
you disagree, do you agree? I’d love to know, and I’ll
get on the comments myself.

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2 thoughts on “The Basics of Business Management – What EVERY Business Owner Should Know – James Sinclair”

  • Hello James!

    I first stumbled across your videos a few days ago and I have to say that as a teenage beginner entrepreneur I find them extremely useful. I very much like your high energy presenting style and the production quality of your videos is fantastic. I’ve no doubt that your YouTube channel will explode in no time once the videos pick up traction because it is clear to viewers that a lot of effort is put in to make the videos high quality. As a 16 year old, it is difficult for me to get down to your live event in July but i’ll be trying my best to get myself down there, so I hope to meet you then.

    Keep it up James and the team!

  • Headed off to business school for a major in business management. This will be useful information for sure. I want to know how to fund a business so when I get out of school I can just start one

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