The 15-Minute MBA

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The 15-Minute MBA

Any business, whether an accounting firm, art gallery, or real estate agency needs the same basic business knowledge to be successful. Hence the proliferation of the MBA.

The Master's of Business Administration (MBA) is designed to suit the purposes of businesses large and small, non-profit or for-profit. But not every company has an MBA onboard. Are they missing out on crucial business information that can make them more successful?

Not necessarily. Below we outline some of the crucial nuggets of business wisdom all MBAs know -- so you can positively impact your bottom line.


Negotiation

Negotiation, generally considered a "soft skill" is part and parcel of any business transaction. Simply speaking, negotiation is the use of persuasion to meet objectives.


Many businesses in the creative industry understand the importance of negotiation in developing and revising quotes. The process entails financial, operational, and managerial aspects, and these types of businesses could benefit from the simplified, automated solutions offered by Pricetag. In fact, all new Pricetag registrants receive a sample quote to review, offering insights into the process.

The Four Ps of Marketing

Any business student can rattle off the four Ps of marketing -- product, price, promotion, and place. Although it can be boiled down to four words, marketing encompasses an incredible amount of what a business does -- from designing product packaging to determining pricing for its products and/or services, promoting them to customers, and delivering the product or service.

No one will argue the fact that content marketing is a critical piece of any marketing mix. Content marketing involves engaging current and potential customers with various types of content (blogs, tweets, newsletters, websites, etc.) in a way that builds an affinity for brands, products, and services.

Which brings us to branding -- something many creative businesses can develop in their sleep. This is where interactive shops and agencies can shine, by producing a cohesive look and feel for everything connected to the brand.


Management

An essential part of managing a business is managing the resources, and human resources in particular.  Do you have enough staff to deliver on time? Do you have employees with the specific skill sets that are required? Decisions need to be made as to how the human resources should be structured and managed. Processes also need to be optimized so that employees can be happy and productive.


Project Management

Project management is another aspect to be closely and carefully considered. It begins with an analysis of the situation, followed by a definition of the scope and objectives, detailed planning and budgeting, communication, progress tracking, testing, implementation, evaluation, and post-implementation follow-up. Companies large and small need to determine how to delegate project management responsibilities in a way that works with its processes and unique characteristics.

One of the trickiest aspects to plan for is the timing of any given project. An overview and tips on planning is available on Pricetag blog.


Financial Management

Also a key aspect of business management, financial management involves tracking and planning cash flow with the use of spreadsheets. Cash flow statements show how and when the cash flows in (revenues, loans, accounts payable receipts) and flows out (loan payments, payments for goods, salaries, taxes, etc.). It goes without saying that, in general, more should be coming in than going out. Being in tune with the company's ongoing financial situation allows for better planning and crisis prevention. Budgets, balance sheets, profit & loss statements, and five-year plans, are all documents that will aid in the financial decision-making process. 


In A Nutshell

No, running a business isn't easy, and MBA programs are not this easy to boil down. However, understanding the basics is the first step toward managing a business in a smart, strategic, and sound way. 


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