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. customer needs and the competition. For example, an organic cosmetics firm that monitors the prices of a close competitor.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.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.
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.norms, habits and expectations that lead to a productive and enjoyable work environment.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.customer satisfaction.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.business plan to launch a line of consumer food products.
|Overview: Small Business Management|
The process of directing and controlling the resources of a small business.