One of the problems of running a small business is that the small business owner gets to do everything himself – at least until he can afford to hire other people. Business management can be a particularly thorny area for people who don’t have any management experience and/or aren't familiar with management basics.
These business management basics provide an outline of four areas of business management most critical to small businesses. For each business management bascis area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management topic.
1) Money Management Basics
Is there anything more important to the success of your small business than managing the money? Money management should be your top business management priority.
Accounting
The first step in money management is tracking the money coming in and the money flowing out.
* Top Accounting Software Programs For Small Business
These top selling software programs simplify your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.
* Before You Buy Accounting Software
Ease of use, the learning curve, and scalability are only some of the features you should consider when choosing an accounting software package that will meet the needs of your small business.
* Preparing A Balance Sheet
An explanation of the different sections of the balance sheet and a balance sheet template that you can use for your small business.
Cash Flow Management
Once you know how cash flows in and out of your small business, you’re ready to manage that flow.
* Cash Flow Management
A definition of cash flow management and an outline of the steps small businesses need to follow to develop a cash flow management system.
* Preparing Cash Flow Projections
An explanation of the difference between a cash flow statement and a cash flow projection, and a template that you can use to make cash flow projections for your small business.
* Close The Cash Flow Gap
The basics of cash flow management, including a simple way to make cash flow projections and how to improve your cash flow by shortening your cash flow conversion period.
* Doing Credit Checks Can Really Pay Off
Doing a credit check on a customer before you extend credit can save you money and buy you peace of mind. And the best credit check is an accurate credit report. Learn how and where to get credit reports in Canada.
Financing
Sooner or later, your business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where you’re going to get the money you need and managing your business’s debt is vital to good business management.
* Finding Small Business Financing
This guide to the different types of debt and equity financing will help you decide what kind of small business financing is right for you.
* How To Get A Small Business Loan
Increase your chances of getting a small business loan by being prepared to meet the lender's expectations. This explanation of the documents you need and how to prepare yourself will give you a better chance of making a winning presentation.
2) Business Planning Management Basics
While business planning is a huge part of business management, two aspects of business planning basics to focus on are managing the vision of your small business and protecting your small business from disaster.
Managing The Vision
Managing the vision means having long-range goals and objectives for your company and then planning how to achieve those goals. What do you want your small business to look like next year, three years, and five years down the road?
* What's a Vision Statement?
Get started crafting a vision statement that encapsulates your dream for your company's furture.
+ Quick-Start Business Planning
Put together a plan that will keep your business on track and invigorate your business over the course of the next year with this quick-start approach.
+ Setting Goals Is Just The First Step To Achievement
How to set specific goals that are designed to help you succeed and make it easy for you to evaluate your success. The secret is in the goal setting formula.
+ Advisory Boards - Management Power For Small Businesses
No business is too small to benefit from an Advisory Board and an Advisory Board can be a powerful management tool for your small business. Here's how to set up and use an Advisory Board.
Crisis/Disaster Management
Being prepared for the unexpected (and undesired) is another aspect of business management that you’ll want to devote some attention to.
+ Business Continuity Planning
A definition of business continuity planning with links to resources to help protect your business and manage crises.
+ Survive the Unthinkable Through Crisis Planning
About Management Guide F. John Reh provides an overview of crisis management and crisis communications.
There are two more business management basics on the next page. Click to continue reading.Continuing with business management basics, here's an outline of two other areas of business management that are most critical to small businesses. Once again, for each business management area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management basics topic.
3) Human Resource Management Basics
Recruiting, retaining and firing employees, employee training, motivating employees, human resources planning – there’s a lot to do in this area of business management. But people are your number one resource.
* 7 Easier Ways to Find Employees
For small businesses that don’t have departments devoted to Human Resources, finding the right employees at the right times can be especially time-consuming and frustrating. Why not try one or more of these strategies for hiring employees the next time you have a position to fill? You may be surprised at how much shorter and more successful your hiring process becomes.
* People Power Your Small Business
About Human Resources Guide Susan M. Heathfield outlines a human resources framework for any business, highlighting solutions to the unique people opportunities and challenges small businesses face, such as hiring for growth and success, and orientation and training.
* The Right People in the Wrong Jobs
The key people on your team like being busy and feeling needed, says F. John Reh, yet they can easily burn out. Others are bored with being underutilized or unhappy being cross-trained. How you can make your people, and yourself, more productive and happier?
* Payroll Taxes
Everything you need to know about Canadian payroll taxes, from how to fill out the ROE to payroll deductions.
4) Resource Management Basics
Business management basics include managing the physical resources your small business needs to operate, such as data, equipment, supplies and inventory.
Data Management
Data is one of your business’s most valuable resources. How to set up filing systems, deal with receipts, email management, file management, document management and records management are all included in this business management topic.
* Protecting Your Business Data
Back it up is the first rule of data management. Learn how to establish a backup routine that will protect your critical business data from disaster.
* The Privacy Act (PIPEDA) and Your Small Business
As of January 1, 2004, all businesses in Canada must comply with the Personal Information Protection and Electronic Documents Act (PIPEDA). Here's what your small business needs to know about complying with the Privacy Act.
* Mastering Your Filing System
Though setting up a filing system sounds difficult, it is a relatively easy task that can be made easier by a few filing tips and tricks. Learn how to set up a filing system that helps you work swiftly and efficiently with these filing tips from Jill Chongva.
Equipment, Supplies and Inventory Management
Business management of equipment, supplies and inventory involves not only keeping equipment serviced and supplies and inventory at adequate levels, but using best business management practices to balance or decrease costs.
* Office Equipment and Office Machines
Information about the office equipment needed to run a small business, such as computer hardware and PDAs, office machines such as printers, copiers, and digital recorder transcribers and LCD projectors.
* Business Software
Business software including small business accounting software, backup software, business plan software, contact management software and tax software.
* Maximize Your Capital Cost Allowance Claim
Tips for making the most of your capital cost allowance income tax deduction for your depreciable property.
* How to Optimize Your Inventory
Lowering inventory costs is one of the quickest ways to substantially decrease working capital needs. Sam Lampropoulos explains how to improve your firm's inventory efficiency (About Logistics/Supply Chain).
These business management basics provide an outline of four areas of business management most critical to small businesses. For each business management bascis area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management topic.
1) Money Management Basics
Is there anything more important to the success of your small business than managing the money? Money management should be your top business management priority.
Accounting
The first step in money management is tracking the money coming in and the money flowing out.
* Top Accounting Software Programs For Small Business
These top selling software programs simplify your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.
* Before You Buy Accounting Software
Ease of use, the learning curve, and scalability are only some of the features you should consider when choosing an accounting software package that will meet the needs of your small business.
* Preparing A Balance Sheet
An explanation of the different sections of the balance sheet and a balance sheet template that you can use for your small business.
Cash Flow Management
Once you know how cash flows in and out of your small business, you’re ready to manage that flow.
* Cash Flow Management
A definition of cash flow management and an outline of the steps small businesses need to follow to develop a cash flow management system.
* Preparing Cash Flow Projections
An explanation of the difference between a cash flow statement and a cash flow projection, and a template that you can use to make cash flow projections for your small business.
* Close The Cash Flow Gap
The basics of cash flow management, including a simple way to make cash flow projections and how to improve your cash flow by shortening your cash flow conversion period.
* Doing Credit Checks Can Really Pay Off
Doing a credit check on a customer before you extend credit can save you money and buy you peace of mind. And the best credit check is an accurate credit report. Learn how and where to get credit reports in Canada.
Financing
Sooner or later, your business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where you’re going to get the money you need and managing your business’s debt is vital to good business management.
* Finding Small Business Financing
This guide to the different types of debt and equity financing will help you decide what kind of small business financing is right for you.
* How To Get A Small Business Loan
Increase your chances of getting a small business loan by being prepared to meet the lender's expectations. This explanation of the documents you need and how to prepare yourself will give you a better chance of making a winning presentation.
2) Business Planning Management Basics
While business planning is a huge part of business management, two aspects of business planning basics to focus on are managing the vision of your small business and protecting your small business from disaster.
Managing The Vision
Managing the vision means having long-range goals and objectives for your company and then planning how to achieve those goals. What do you want your small business to look like next year, three years, and five years down the road?
* What's a Vision Statement?
Get started crafting a vision statement that encapsulates your dream for your company's furture.
+ Quick-Start Business Planning
Put together a plan that will keep your business on track and invigorate your business over the course of the next year with this quick-start approach.
+ Setting Goals Is Just The First Step To Achievement
How to set specific goals that are designed to help you succeed and make it easy for you to evaluate your success. The secret is in the goal setting formula.
+ Advisory Boards - Management Power For Small Businesses
No business is too small to benefit from an Advisory Board and an Advisory Board can be a powerful management tool for your small business. Here's how to set up and use an Advisory Board.
Crisis/Disaster Management
Being prepared for the unexpected (and undesired) is another aspect of business management that you’ll want to devote some attention to.
+ Business Continuity Planning
A definition of business continuity planning with links to resources to help protect your business and manage crises.
+ Survive the Unthinkable Through Crisis Planning
About Management Guide F. John Reh provides an overview of crisis management and crisis communications.
There are two more business management basics on the next page. Click to continue reading.Continuing with business management basics, here's an outline of two other areas of business management that are most critical to small businesses. Once again, for each business management area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management basics topic.
3) Human Resource Management Basics
Recruiting, retaining and firing employees, employee training, motivating employees, human resources planning – there’s a lot to do in this area of business management. But people are your number one resource.
* 7 Easier Ways to Find Employees
For small businesses that don’t have departments devoted to Human Resources, finding the right employees at the right times can be especially time-consuming and frustrating. Why not try one or more of these strategies for hiring employees the next time you have a position to fill? You may be surprised at how much shorter and more successful your hiring process becomes.
* People Power Your Small Business
About Human Resources Guide Susan M. Heathfield outlines a human resources framework for any business, highlighting solutions to the unique people opportunities and challenges small businesses face, such as hiring for growth and success, and orientation and training.
* The Right People in the Wrong Jobs
The key people on your team like being busy and feeling needed, says F. John Reh, yet they can easily burn out. Others are bored with being underutilized or unhappy being cross-trained. How you can make your people, and yourself, more productive and happier?
* Payroll Taxes
Everything you need to know about Canadian payroll taxes, from how to fill out the ROE to payroll deductions.
4) Resource Management Basics
Business management basics include managing the physical resources your small business needs to operate, such as data, equipment, supplies and inventory.
Data Management
Data is one of your business’s most valuable resources. How to set up filing systems, deal with receipts, email management, file management, document management and records management are all included in this business management topic.
* Protecting Your Business Data
Back it up is the first rule of data management. Learn how to establish a backup routine that will protect your critical business data from disaster.
* The Privacy Act (PIPEDA) and Your Small Business
As of January 1, 2004, all businesses in Canada must comply with the Personal Information Protection and Electronic Documents Act (PIPEDA). Here's what your small business needs to know about complying with the Privacy Act.
* Mastering Your Filing System
Though setting up a filing system sounds difficult, it is a relatively easy task that can be made easier by a few filing tips and tricks. Learn how to set up a filing system that helps you work swiftly and efficiently with these filing tips from Jill Chongva.
Equipment, Supplies and Inventory Management
Business management of equipment, supplies and inventory involves not only keeping equipment serviced and supplies and inventory at adequate levels, but using best business management practices to balance or decrease costs.
* Office Equipment and Office Machines
Information about the office equipment needed to run a small business, such as computer hardware and PDAs, office machines such as printers, copiers, and digital recorder transcribers and LCD projectors.
* Business Software
Business software including small business accounting software, backup software, business plan software, contact management software and tax software.
* Maximize Your Capital Cost Allowance Claim
Tips for making the most of your capital cost allowance income tax deduction for your depreciable property.
* How to Optimize Your Inventory
Lowering inventory costs is one of the quickest ways to substantially decrease working capital needs. Sam Lampropoulos explains how to improve your firm's inventory efficiency (About Logistics/Supply Chain).
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