Manage A Business
Q1 . Who’s Managing What Part Of The Business?
Dedicated and skilled employees are a key ingredient of business success. It is important for you, or the person responsible for your personnel, to select the best person possible for each job in your operation and to set personnel policies that are fair and uniformly applied. Good employer-employee relationships can make a tremendous difference in the morale, growth and productivity of your business. Remember that you, as the owner, are ultimately responsible for the atmosphere in your place of business.
A few questions to keep in mind when considering the management of your business include the following:
- Who are the owners and what are their titles?
- Who are the key employees and what are their titles?
- When have these people previously worked together?
Q2. What Professional Services Do You Need?
A common mistake that inevitably turns out to be costly to the new business owner is the idea that legal fees can be saved by setting up the business organization without the help of an attorney. This is a fatal assumption. Paying legal fees at the beginning can prevent much greater fees down the road to unravel tangles that only an experienced attorney can foresee. Therefore, anticipate and budget for legal expenses.
A competent and professional outside accountant is as necessary to the success of your business as a trusted attorney. You should plan to work closely with your accountant right from the start. An accountant can help you get your business off to a solid financial start and can help put your business on a sound financial path. Among the services that your accountant should be providing are setting up record-keeping procedures, cost accounting, inventory and budget analysis, tax planning, assistance in raising capital, review of your financial records, and financial advice.
A sound business protection plan is just as important to the success of your business as good financing, marketing, personnel management, or any other business function. Like the other functions, good risk and insurance management are not achieved by accident, but by organization and planning. Make sure to select a qualified and well-trained insurance agent. Look for someone who is a specialist in their respected field. Fire, Liability, Automobile, Unemployment Compensation, and Workman’s Compensation are the five basic types of insurance that are essential for all businesses.
Q3. Where Can You Receive Further Management Assistance?
Take the time to do your homework in this area. How well your new business is managed will largely determine the success or failure of your venture. You can educate yourself on business management by scouring your local library, or making use of materials available at your ISBDC office. Also, many ISBDC regional offices offer classes that can assist you in learning to manage your business. It is also a good idea to make contact with someone in your field who is willing to serve as a mentor. Talking with a person who has successfully managed a small business or start-up will give you an edge when you need to tackle your own issues and problems. Never stop learning. A little effort on your part can result in big dividends.