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Operating Small Businesses
By managing their finances, communicating with their employees, and following all laws and regulations, entrepreneurs should be able to achieve financial success.
By managing their finances, communicating with their employees, and following all laws and regulations, entrepreneurs should be able to achieve financial success.
Operating a small business is a challenging but rewarding process. In order to establish themselves and their business, entrepreneurs must follow all the obligatory steps. Notably, however, many business owners struggle with securing ample funds, which can stymie their business’s potential growth. Also, as a business grows, certain aspects become more complex; for instance, a business that used to only require a few employees may now need a dozen or so. Business owners must be aware of these changes and alter their business plan accordingly. By surrounding themselves with a good team and following all the relevant rules and regulations, entrepreneurs will be on the right track to operating a successful business.
Success is never guaranteed, but by arming themselves with the proper tools, business owners can increase their chances of achieving success. Indeed, to launch a lucrative small business, entrepreneurs must learn how to handle their finances, manage their employees, record all their financial transactions, and acquire and sell their inventory. Being an entrepreneur is by no means easy, but if you put in the necessary work, you will be able to create a solid business plan that, in turn, will increase your chances of operating a profitable business.
Introduction
Operating small businesses can be challenging for many business owners. Operating a small business can be done from the owner’s home, their garage, their parent’s home, virtually, or in many other locations. However, as the business grows, some requirements must be met. Many small businesses started with just the owner, but as the business grew, it was necessary to employ other persons to assist in managing different operations of the business.
Gathering finances for small businesses can be a daunting task. Many times, owners struggle with the continuity of their small businesses because of a lack of finances. While relatives and friends might have been able to provide some finances, they were unable to generate the additional funds needed for the large-scale expansion of the business.
Effective communication is important for all businesses. It is not expected that business owners will spend their entire day making critical decisions, but they will be expecting employees in senior positions to make those critical decisions and provide them with updates. The feedback between business owners and employees will be a mixture of oral and written communication. With the implementation of Information Systems, such as Peach Tree, Quick Books, etc., business owners can have access to regular and accurate reports, which will help them in knowing what is happening with the business.
Small businesses must also comply with laws, regulations, policies, and procedures. There is a great need for compliance and better governance among small businesses. Policies and procedures are not intended to stymie progress but to enhance accountability.
Once people are employed in the business to assist the owners in managing the business and executing daily operations, then they will need some amount of training. The owners cannot perform all tasks by themselves since they may have another job and have decided to invest their resources into a small business with the intent of it becoming their main source of income, so they will have to delegate some authority to their employees.
Managing sales is critical for the business to generate revenue. Efforts must be made to continuously increase revenue. Promoting the business’s goods and services is important to increase revenue. Establishing competitive selling prices help businesses to increase their competitiveness and increase their market share. If costs are not properly managed, then all the gains from an increase in revenue will be eroded.
An adequate amount of inventory must be acquired and maintained. Proper storage of inventory will prevent spoilage and ensure customers receive quality goods and services for the money they pay. Business owners, along with their managers, must seek to benefit from credit purchases from suppliers. It may mean that they will have to establish long-term contracts with suppliers, purchase large quantities, and make timely payments to suppliers to benefit from future credit purchases. Not all customers who approach the business for credit will be entitled to it. Managers must carefully manage the cash flow of the business to ensure its continuity.
Blurb
Operating a small business is a challenging but rewarding process. There are many hoops entrepreneurs must go through in order to establish a reputable business. Notably, however, many business owners struggle with securing ample funds, which can stymie their business’s potential growth. How can entrepreneurs best expand their business? What can be done to facilitate a positive, productive working environment? Why is inventory management so important for small businesses? In this book, Geary Reid offers answers to all of these questions—and many more. By managing their finances, communicating with their employees, and following all laws and regulations, entrepreneurs should be able to achieve financial success.
Author Bio
Throughout his working life, Geary Reid has empathized with small business owners. He knows how challenging it is to run a business, and he never wants small business owners to feel alone. As such, Reid has decided to share his knowledge with entrepreneurs, teaching them how to start a small business, cultivate a good working environment, handle their finances, and manage their inventory. All entrepreneurs will face difficulties, but by developing a solid business plan and following all the relevant rules, laws, and regulations, they will increase their chances of achieving financial success. With this book, Reid wants to show entrepreneurs—both present and aspiring—how to make their businesses as efficient and profitable as possible.
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