Small Business Management
Table of Contents
Introduction ................................................................... 6
1-What Not To Do ......................................................... 9
Lose Sight of Your Goal ................................................ 9
Make Mistakes ............................................................... 9
Compete for the Same Customers in the Same Way.10
Expect Too Much From Your Employees .................10
Concentrate on the Sale ...............................................11
Systems of Management..............................................12
2-Leadership .................................................................21
What Makes a Good Boss? ..........................................21
Assigning Responsibilities ......................................... 22
Business Teams ............................................................ 22
Communication ........................................................... 23
Tips for Employers ...................................................... 23
Men versus Women .....................................................27
Delegation ..................................................................... 31
Building a Cohesive Company Culture ....................32
Motivating Employees ................................................35
Employee Benefits .......................................................38
Dealing With the Problem Employee........................ 39
Invest Your Time ......................................................... 40
Motivation .................................................................... 40
Isolation ....................................................................... 40
Attitude ........................................................................ 41
Accountability ............................................................. 41
3-Human Resources .................................................... 43
Hiring New Employees ............................................. 44
Interview Tips ............................................................. 44
Legal Requirements .................................. ................. 47
4-Operating Reports .................................................. 49
Cash Flow .................................................................... 50
Reading Financial Statements .................................. 52
What are Financial Statements? ............................... 53
Balance Sheets ..............................................................54
Income Statements ...................................................... 57
Cash Flow Statements .................................................60
Operating Activities .................................................... 61
Investing Activities ..................................................... 62
Financing Activities .................................................... 62
Financial Statement Ratios and Calculations …...... 62
5- Marketing and Sales .............................................. 68
Customer Service ........................................................ 70
Tips for Teaching Top-Notch Customer Service…...70
Keeping Customers for Life ...................................... 72
Dealing with Angry Customers ............................... 74
What Not to Say .......................................................... 75
Solving Problems ........................................................ 77
6- Evaluating Your Management Structure ............ 81
In Case of Emergency ................................................ 82
Worst Case Scenario ................................................... 82
Emergency Action Plan ............................................. 83
Be Prepared .................................................................. 85
Getting Back to Work .................................................. 86
7- Growing Your Business .......................................... 88
Open Another Location ............................................... 88
Create Franchise Opportunities ................................. 89
License Your Product .................................................. 90
Alliances or Partnerships ............................................ 91
Diversification .............................................................. 91
Look for New Markets .................................................92
Government Contracts ................................................ 93
Mergers or Acquisitions .............................................. 93
Expand Globally ........................................................... 94
Internet Sales ................................................................. 94
Top 10 Tips for Using Email Marketing: ................... 95
Shooting for the Stars ................................................... 96
Guidelines for Small Business Success ...................... 98
Index ............................................................................. 102