business management melanie qualm adrianna powell spencer colgan jordan olson

Business Management

Melanie QualmAdrianna PowellSpencer Colgan

Jordan Olson

Did you know the main cause of failure in businesses is management?

• That's because most people don't have the qualities that help them manage a business. Its the key factor to being able to support and stabilize

There are four types of Management:

1. Small Business Management2. Business Leadership3. Human Resource Management4. Financial Business Management

1. Small Business Management

Qualities necessary to Manage a Small Business:

• Independent, persistent, and self motivated• Willing to work long hours and take risks• Ideas and Preparation & Research,

Having a Business plan is key…

• Business plan - a written description of the business plan and idea and how it will carried out

Key elements -• Description of the business • Description of competition• Marketing plan• Customer analysis• Operations plan• Financial plan

2. Business Leadership

Steps and Skills Involved

• The ability to influence individuals, groups, or teens to accomplish goals.

• The five human relations skills: Understand yourself Understand others Communicate Build a team Develop job satisfaction

3. Human Resource Management

What is involved:

• All the aspects of recruiting, hiring, training, compensating, and evaluating employees.

• Analyze the businesses current staff and its needs for additional employees

• Employee Compensation and Benefits

The three steps for that are:1. Need for Employee

2. Employee Qualifications

3. Find New Employees

•The first step in managing human resources is analyzing the businesses current staff and its needs for additional employees

4. Financial Business Management

Three Parts…

• Financial Planning– Document Necessary:

Business Budget- A detailed plan

for meeting the financial needs of the business

• Budgeting- three different types of budgets

• Financial Reports

Budgeting Types• Start up Budget - Plans the income and expenses from the beginning of

the business till it becomes profitable

• Operating Budget - Financial plan for day to day operations of the business

Formula: Revenue - Expenses = Profit/Loss - Revenue= Income

• Cash Budget - Estimate of the money expected to be received and

paid out over a certain period of time

Financial Reports

• It’s important to keep the following records and documents:

- Cash Records - Records of accounts - Inventory - Pay roll records - Asset Records

Balance Sheet

• A financial statement that lists a businesses assets and liabilities.

- Also shows equity or net worth

*Formula: Assets - Liabilities = Net Worth - Assets = Things Owned - Liability = Things Owed - Net Worth = Equity

Sources:

• Intro To Business Book 2000

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