[Management Column Vol. 74] Choosing Products, Developing People, Managing Money

basic information

Please use this as hints for management decisions, such as building a management foundation, improving management quality, cash flow management, bank relations, business succession, and restructuring after the appointment of the second or third generation. Also, feel free to contact us with any questions or inquiries when putting this into practice.

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Applications/Examples of results

Even if the business environment changes, the fundamental principles of corporate management are "product selection, talent development, and financial management." 1. Product Selection What will be the business? Capture the market environment and customer needs, and develop products, technologies, and services that are chosen. 2. Talent Development It is people who execute the strategy. Appoint the right personnel as responsible parties and establish a system for evaluation and distribution based on job satisfaction and results. 3. Financial Management Reassess the balance between revenue and expenses, and confirm profitability, financial soundness, and cash flow from the balance sheet (B/S), income statement (P/L), and cash flow statement (C/F). These three elements are not separate. Choose the business, have people execute it, and allocate funds appropriately. Creating that cycle is the foundation of management. Next time, I will discuss "Shifting Perspectives and New Business."