|
| |
Small business management is the process of directing and controlling the resources of a small business. This is much like managing a larger firm except that a single person may manage diverse areas from marketing to accounting. Small businesses may also move much faster than a larger firm as decision making is quick and relatively free of the office politics and red tape found in large firms. The following are common examples of small business management.
Developing goals and plans to achieve goals. For example, a concert venue that develops a strategy to host more cultural events by working with local organizations.Metrics & BenchmarksDeveloping metrics and benchmarks that can be used to measure and improve in a repeated process. For example, a bicycle rental shop that measures its cost per bicycle per day and improves this by sourcing more reliable bikes and improving maintenance practices.
Developing an understanding of markets, customer needs and the competition. For example, an organic cosmetics firm that monitors the prices of a close competitor.Management of promotion, distribution and pricing. For example, a manager of a construction firm who regularly promotes the company's services using local and digital advertising.
Developing new products and services such as a restaurant that experiments with new menu items.Management of sales processes such as a manager of an IT consulting firm who carefully crafts incentives for sales teams and partners designed to generate revenue growth.Managing customer service levels and relationships with customers.
PartnersDeveloping and managing partnerships. For example, a restaurant that develops sales partnerships with local wedding planners.SupplyProcurement of goods and services such as a dental clinic that procures supplies from several medical supply companies.Management of financing, accounting, tax, accounts payable, accounts receivable, collections and other financial processes.
Stakeholder CommunicationsManaging relationships with stakeholders such as investors and the communities in which you operate. For example, a small business owner who gives a quarterly update presentation to investors in the company.Contract ManagementManaging contracts with investors, creditors, partners, suppliers, employees and customers such as a restaurant manager who pushes landlords to perform maintenance on properties as required under rental contracts.
Human ResourcesProcesses such as hiring, onboarding, goal setting and performance management such as a restaurant manager who performs semi-annual performance reviews with all staff.Leading a team to establish a set of norms, habits and expectations that lead to a productive and enjoyable work environment.The process of complying with laws, regulations, standards and good practices. For example, a construction manager who regularly procures licenses, permits and permissions.Implementation and operation of technology to improve productivity and efficiency such as a design company that tests out new productivity tools for graphic designers.Identifying risks to the business and taking steps to avoid, mitigate, transfer or accept each risk. For example, a small business that invests in employee disability insurance to transfer certain liability risks.The process of identifying and resolving issues such as a restaurant manager who is regularly resolving issues in areas such as employee performance, turnover, quality failures and customer satisfaction.The process of continually improving quality. This can apply to product quality or the customer experience. For example, a restaurant manager who develops new procedures when service or food quality fails so that the issue never reoccurs.Management of day-to-day repeated processes such as a hotel manager who observes service interactions to provide coaching and step in when a customer appears to be dissatisfied.The process of growing a business in new directions such as a farm manager who develops a business plan to launch a line of consumer food products.|
| Type | | | Definition | The process of directing and controlling the resources of a small business. | | Related Concepts | |
Small Business
This is the complete list of articles we have written about small business.
If you enjoyed this page, please consider bookmarking Simplicable.
A list of common small businesses.
Risks facing small businesses.
A list of ecommerce business models.
A list of promotion techniques.
A list of costs commonly incurred by businesses.
The common types of micromarketing.
Common types of local marketing.
A list of common types of business name.
The common types of business competition.
A guide to management techniques.
The common types of planning.
A definition of conformance with examples.
A definition of budget planning with examples.
A guide to the innovation management process.
The definition of management efficiency with examples.
The common types of employee performance.
The definition of standard with examples.
An complete overview of management levels.
TrendingThe most popular articles on Simplicable in the past day.
Recent posts or updates on Simplicable.
Site Map
© 2010-2023 Simplicable. All Rights Reserved. Reproduction of materials found on this site, in any form, without explicit permission is prohibited.
View credits & copyrights or citation information for this page.
|
