Strategy
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 & Benchmarks
Developing 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.Market Research
Developing an understanding of markets, customer needs and the competition. For example, an organic cosmetics firm that monitors the prices of a close competitor.Marketing
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.Product Development
Developing new products and services such as a restaurant that experiments with new menu items.Sales Management
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.Customer Service
Managing customer service levels and relationships with customers.Partners
Developing and managing partnerships. For example, a restaurant that develops sales partnerships with local wedding planners.Supply
Procurement of goods and services such as a dental clinic that procures supplies from several medical supply companies.Financial Management
Management of financing, accounting, tax, accounts payable, accounts receivable, collections and other financial processes.Stakeholder Communications
Managing 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 Management
Managing 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 Resources
Processes such as hiring, onboarding, goal setting and performance management such as a restaurant manager who performs semi-annual performance reviews with all staff.Team Culture
Leading a team to establish a set of norms, habits and expectations that lead to a productive and enjoyable work environment.Compliance
The process of complying with laws, regulations, standards and good practices. For example, a construction manager who regularly procures licenses, permits and permissions.Information Technology
Implementation and operation of technology to improve productivity and efficiency such as a design company that tests out new productivity tools for graphic designers.Risk Management
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.Issue Management
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.Quality Assurance
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.Operations
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.Business Development
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.| Overview: Small Business Management | ||
Type | ||
Definition | The process of directing and controlling the resources of a small business. | |
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