In this article, we will discuss how five fingers are all you need to know to start a successful business (mba program skills). If you follow the PUNCH-5 Fingers of Business closely, you can completely transform yourself to become a winner among regular entrepreneurs.
Like in any sector, the management sector works on 5 fundamental rules. These five rules are beautifully explained through the fingers on your hands.
The Punch (5) Fingers of Business:
The Thumb –
The thumb is the most essential finger when it comes to gripping things or holding on to them. Just like it helps us hold things in life, the thumb represents an important task. It enhances the ability of a management individual to hold on to funds in an efficient way.
Handling business (mba program skills) is undoubtedly a risky task. Especially when it comes to money and funds.
Cash flow and managing your accounts along with customers is essential and what keeps a business going. Knowing the ins and outs of money management is a top priority, failing which, the results will be dire.
Hiring an experienced accountant or bookkeeper to manage funds, or essentially become your ‘Thumb’, would be better way to go.
The Pointing Finger –
In India, pointing fingers is seen as a negative action that goes against the long-standing ethics of a deep-rooted culture. The act of pointing fingers at another individual is looked down upon. So much so that every child learns this fact from a very tender age.
Just like how the pointing finger personifies negativity, it also signifies the negativity in the business (mba program skills) sector. With every aspect in life, there exists both highs and lows.
It is up to us to create a definite balance between the two to maximize your return value. A successful entrepreneur turns the negative factors around and transforms it into his profit.
In business, the need to point fingers should be completely eradicated. Because the need to point someone out is not what makes a business reach heights. There is no ‘I’ in business, only ‘we’.
Once we drive this fact into mind hard enough, the entire concept of pointing at someone will vanish from the face of earth.
The Middle finger –
The tallest finger among fingers have always displayed regal and pride. Standing tall among other fingers, the middle finger, in business terms, represents the infrastructure of a good business.
The economy has always been in need of reliable infrastructure to connect supply chains and move products and company services efficiently across the globe.
Infrastructure connects households across metropolitan areas to higher quality opportunities for employment, healthcare, and education.
This same logic in economy can also apply to broadband networks, water systems and energy production and distribution.
Infrastructure is a crucial aspect when it comes to judging a country, regions, or even a state’s development. The same idea goes behind having a gallant infrastructure for your business.
If you want to establish a high reputation among the sea of regular businesses, you must be powerful enough to have a mighty infrastructure standing tall. Your building should sing your name in glory and glamour to whoever sees it.
The Ring Finger –
Often seen as the most romantic finger, this finger stands as the one that is often associated with wealth and power. The more successful the person is, the costlier the ring he wears.
The same concept can be associated with businesses (mba progrm skills). The more your profits come in, the wealthier your ring finger.
The ring finger stands as a measure to your potential as a successful businessman who plays it hard but safe.
Managing profits and ensuring that they are higher than the expenditures is truly a Herculean task. Not many can do it but it definitely isn’t an impossible feet to achieve.
Ways to make sure your business increases its profitability is aplenty.
- Firstly, you should let go of all the suppliers, staff, and customers who are inadequate and underperforming.
- Secondly, put up your prices by 3% and decrease direct costs by 3%. This creates more profit and corners suppliers to give you the items at a better price.
- Thirdly, get more leads and set your goals for long term. Revamp the way you think business (mba program skills). Start talking to your customers about what they get as a result of buying from you – what’s left after the purchase. Focus on improving your sales performance.
- Fourthly, Get more personal with your customers. This would make a connection with them and establish loyalty between you two. You can ask for feedback and ask them what they want to ensure they get exactly what they want.
- Lastly, create simple, easy to understand plans and communicate them with clarity and passion. Then take the massive action required to make the difference needed.
The Little Finger –
The last finger in our hands might not look like much but they provide the most important thing. They provide us with stability.
They represent all the functions that the four other fingers cannot handle alone. You cannot function and give your 100% without the presence of all of your fingers.
Apart from being the backbone of business, metaphorically, they represent the miscellaneous aspects of business management.
For a business (mba program skills) to give fruitful results, you have to make enough profit to sustain operations and turn a profit to re-invest for future growth.
Paying special attention to costs including sourcing, production, staff, capital, and more, determine how much money your business needs to bring in on a monthly, quarterly, and annual basis to succeed.
In business, one hand can, in fact, make a clap. All it needs are 5 fingers. 5 fingers are all it takes to make a fist and punch. And a punch is all you need to break through the walls of negativity to prosper as a businessperson.
Conclusion (mba program skills)
As a business (mba course skills) aspirant, there are a galore of factors to keep in mind if you want to make it big in the world.
Our real-life case-based teaching pedagogy is one of a kind. We keep in mind the various areas of interest of our students and tailor make course curriculum to cater to all their needs.
Our innovative ways of teaching ensure that learning is never made monotonous or solely theory based. With us, get to know about the more practical approach to learning.