Small Business Management Essay

1921 words - 8 pages

Based on some of the issues/ challenges which you have uncovered, apply some of the ideas or concepts derived from the course Small Business Management. What would be your advice to this business owner? Write a six to eight (6-8) page report outlining your suggestion.

To run a successful business, you need a various range of business management skills. When you start your business it’s likely that your responsibility will include:
• Sales & marketing management
• Accounting and financial management
• Business identity
• Automate your business
• Hiring employees

It’s a good idea to plan ahead of time how you are going to manage each area ...view middle of the document...

 Product
 Price
 Place
 Promotion
 People
 Process
Product:
This cover combination of goods and services that your business offers. It could include the following characteristics of your good or service.
Price:
What approach will you take to pricing your product? Will you offer discounts or payment period? What credit terms will you set. Based on this approach pricing will play roll.
Place:
How does the consumer access your product or services? Things to think about in this area include: - distribution channels, Coverage, Inventory, Transportation, Logistics, and retail outlet location
Promotion:-
It refers how you communicate with your customers. Most business use a mix of advertising, personal selling, referral, sales promotion and public relation
People:-
Your staff is ambassador for your business. Think the following in relation to your staff:-Knowledge, experience, skills, communication, teamwork and attitude.

Process:-
The process that you use in the day to day operation of your business have a flow on effect on the customer experience, even it is simply ensuring that orders are effectively managed. Think about following aspects of business operation: - system, quality control, planning, review, continues improvement, documentation and feedback channels.

• Accounting and financial management
The dictionary lists accounting as "A precise list or enumeration of financial transactions." For the most part, that’s all that accounting is a list of financial transactions in your business. It’s a method for you to track the money coming into your business and the money going out. Accounting is important because you want to know if your business is making a profit. Also, the business owner wants to be able to look at sources of income and expenses and make decisions based on that information. Using accounting software, as a business owner you can generate reports on "profit and loss", "cash flow", the "balance sheet" and dozens of other reports that can help you to get an overall picture of how the business is doing now or in the past.
If you are not financially-inclined, sometimes recommend you speak to an accountant or bookkeeper, especially when initially setting up your accounting system. This way, they can help you setup your accounting system properly the first time so you don’t make mistakes that will need to be corrected later in the year when filing taxes or other government forms.
The first decision to be made is which type of accounting method to choose.
Examples:-
The Cash Method (or Cash Basis):- this means that you count income when you actually receive it (either as cash, credit card charges or check) and your expenses are counted when you actually pay them. This is the most common method for small businesses, especially those that take immediate payment for a product or service (credit card, check, cash, etc.)

The Accrual Method (or Accrual Basis):- this means that you count...

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