Managing Your Business
You've got it now. Run it right. If not you will be working on Part 5 - Exiting Out
Manage
Successfully managing a business requires specific management skills in addition to knowledge of key business practices. Within this section you'll learn about leadership traits, decision-making skills, and how to manage your employees. Additionally, we'll walk you through a host of important topics to manage your business including: marketing basics, setting prices, filing your business taxes, legal considerations, forecasting for future growth, and financing options.
Leadership
No man or woman is an island, especially in the business world. You need other people to help carry out your business vision; this requires the ability to lead and influence others.
Decisions
One of the best decisions you can make is to learn how to be a good decision-maker. This requires commitment, understanding, and skill. It will be worth the effort.
Manage Employees
Managing the actions of employees is a critical component of running a business. Knowing what to do with regards to hiring, motivating, directing, reprimanding, and even firing an employee is information a business owner should know.
- Writing Effective Job Descriptions
A job description describes the major areas of an employee's job or position. A good job description begins with a careful analysis of the important facts about a job, such as the individual tasks involved, the methods used to complete the tasks, the purpose and responsibilities of the job, the relationship of the job to other jobs, and the qualifications needed for the job.
- Employees vs. Contractors: What's The Difference?
Whether a person is an independent contractor or an employee generally depends on the amount of control exercised by the employer over the work being done. Dictating how a job is to be done or limiting the actions of the worker may establish an employer-employee relationship.
- The Interview Process: How To Select The "Right" Person
How do you select the right person for your business? There is no perfect answer, but the interview process can be a tremendous help if you use it effectively. In other words, you must have completed all of the other steps in the hiring process in order to get the most out of the interview process. Interviewing candidates for a position within your company is one of the final steps in the hiring process.
- When Potential Employees Lie
When you receive a resume or job application, how can you be sure the applicant is telling the truth?
- Immigration FAQs
Answers to common questions about immigration.
- National Labor Relations Board FAQs
Answers to frequent questions regarding the National Labor Relations Board.
- Glossary Of National Labor Relations Board Terms
Learn the terms used in and about the National Labor Relations Board Teams.
- Hiring Employees FAQs
Answers to commonly asked questions about hiring employees.
- The U.S. Department Of Labor's Employment Law Guide
Laws, regulations, and technical assistance services, provided by the U.S. Department of Labor.
- Federal Government Jobs Bank
Career opportunities with the federal government.
- Verify A Social Security Number
Verify employees' Social Security Numbers for accurate W-2 wage reports.
- Plain English Guide To Employee Handbooks
Simple, easy guide to employee handbooks.
- Planning For The Future
Know the ways to prepare for your retirement today.
Market and Price Good marketing is critical to the success of your business. Marketing has many dimensions, including market research, customer service, advertising, targeting, packaging, pricing, e-marketing, and others. Investing in a good marketing plan will generate excellent returns.
Marketing
Advertising Market and Selling
Selling
Understanding Fair Price
Sometimes the Golden Rule is not always practiced. It is important to be familiar with antitrust laws so as to protect your business from becoming a victim and to avoid non-compliance. It is also important to know where to go for assistance if government regulations are unfairly impacting your business.
Pay Taxes
You know what they say about death and taxes. If you generate income, own property, buy goods, or hire employees, you will most likely have to pay taxes. Many resources are available when it comes to understanding taxes. It is important to the success of your business that you pay only your fair share.
General Tax Information - Business Taxes
The form of business you operate determines what taxes you must pay and how you pay them.
- Employer ID Numbers (EINs)
The resources in this section provide a full explanation about the EIN, also known as a federal tax identification number.
- Employment Taxes for Businesses
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold Federal income tax withholding, social security and Medicare taxes, and Federal Unemployment Tax Act (FUTA) taxes.
- Self-Employed Individuals or Independent Contractors
Information helpful in answering many questions related to being self-employed individuals or independent contractors.
- State Taxes
Find out if and how much state tax you need to pay.
- Local Taxes
Find out if and how much local tax you need to pay.
- e-file for Business and Self-Employed Taxpayers
Electronic filing and payment options for businesses including employment taxes, information returns, partnerships, corporations, and estates & trusts. Certain large corporations are now required to e-file their returns.
- Where To File
Where To File Where to File Addresses Where to File Addresses for Individual Taxpayers By State Where to file addresses by state for Individual Taxpayers for use during 2005. Where ..
- Forms and Publications
The official source of IRS tax products.
- The Electronic Federal Tax Payment System (EFTPS)
EFTPS is a tax payment system provided free by the U.S. Department of Treasury. Pay federal taxes electronically - on-line or by phone 24/7.
Tax FAQs Get Insurance
Business insurance is frequently a necessity, not an option. As a business owner, you will have many choices, some far better than others. Becoming an educated business consumer about insurance will pay big dividends.
- Insurance
Find the type of insurance that fits your business.
- Insurance FAQs
Answers commonly asked about insurance; includes worker's compensation and surety bonds.
Handle Legal Concerns
It makes good business sense to know how to handle legal issues that impact your business. Not all legal matters require a lawyer, but they do require understanding. Sometimes the best way to protect yourself and your business is to know where to go for assistance.
- Consumer's Guide To Legal Help On The Internet
Link to an ABA guide on legal help for the consumer.
- ABA Lawyer Referral Service
Find a lawyer in your state who's prepared to help you.
- Tips On Hiring An Attorney
One of the best ways to find the right lawyer for your business is to ask people you trust for referrals. Presented by the National Federation of Independent Business (NFIB).
- Your State Bar Association
Link to the American Bar Association's guide to finding bar associations in your state.
- Fees And Expenses
It is important to negotiate legal fees when first visiting a lawyer. You have a right to know how you will be charged, how much the case is likely to cost, and when you have to pay. Additionally, it is important to get a fee agreement in writing. Typical fee arrangements include: hourly fees calculated by multiplying the amount of hours an attorney works on your case by an agreed upon hourly rate, a fixed predetermined rate for the attorney's work, and a percentage of any judgment amount awarded to you.
- Small Claims Court
Small Claims Court is usually the best option if the size of the case doesn't justify the cost of hiring a lawyer.
- International Center For Dispute Resolution (ICDR)
A resource for business, organizations, government agencies, and communities seeking to manage human relations issues and harmonize relationships that threaten productivity and performance, especially in the workplace. The ICDR respects individual interests and needs, promotes effective communications, and restores relationships through alternative dispute resolution, education, training, and learning programs.
- Arbitration
Arbitration provides a quicker and less expensive method to resolving disputes.
- Plain English Guide To Contracts
Simple, easy explanation about contracts.
- Legal FAQs
Answers to common questions about the legal aspects of running a business.
- Hiring A Lawyer FAQs
Commonly asked questions about hiring a lawyer.
- SCORE Legal Questions
Legal questions regarding business as answered by the SCORE organization.
Forcast
Maintaining your momentum means looking forward even as you focus on the present. Forecasting and planning are critical to your continued success.
Forecasting For Growth: Strategic Thinking
To be effective as a leader, you must develop skills in strategic thinking. Strategic thinking is a process whereby you learn how to make your business vision a reality by developing your abilities in team work, problem solving, and critical thinking. It is also a tool to help you confront change, plan for and make transitions, and envision new possibilities and opportunities.
Strategic thinking requires you to envision what you want your ideal outcome to be for your business, then work backwards by focusing on the story of how you will be able to reach your vision.
As you develop a strategic vision for your business, there are five different criteria that you should focus on. These five criteria will help you define your ideal outcome. In addition, they will help you set up and develop the steps necessary to make your business vision a reality.
The following is a list of the five criteria of the strategic thinking process:
- Organization. The organization of your business involves the people you will have working for you, the organizational structure of your business, and the resources necessary to make it all work. What will your organization look like? What type of structure will support your vision? How will you combine people, resources, and structure together to achieve your ideal outcome?
- Observation. When you are looking down at the world from an airplane, you can see much more than when you are on the ground. Strategic thinking is much the same in that it allows you to see things from "higher up." By increasing your powers of observation, you will begin to become more aware of what motivates people, how to solve problems more effectively, and how to distinguish between alternatives.
- Views. Views are simply different ways of thinking about something. In strategic thinking, there are four viewpoints to take into consideration when forming your business strategy: the environmental view; the marketplace view; the project view; and the measurement view. Views can be used as tools to help you think about outcomes, identify critical elements, and adjust your actions to achieve your ideal position.
- Driving Forces. What are the driving forces that will make your ideal outcome a reality? What is your company's vision and mission? Driving forces usually lay the foundation for what you want people to focus on in your business (i.e., what you will use to motivate others to perform). Examples of driving forces might include: individual and organizational incentives; empowerment and alignment; qualitative factors such as a defined vision, values, and goals; productive factors like a mission or function; quantitative factors such as results or experience; and others such as commitment, coherent action, effectiveness, productivity, and value.
- Ideal Position. After working through the first four phases of the strategic thinking process, you should be able to define your ideal position. Your ideal position outline should include: the conditions you have found to be necessary if your business is to be productive; the niche in the marketplace that your business will fill; any opportunities that may exist either currently or in the future for your business; the core competencies or skills required in your business; and the strategies and tactics you will use to pull it all together.
By working through these five areas, you will begin to get a clearer picture of exactly how your business vision can be accomplished. As your vision becomes more focused, your ideas will appear stronger and more credible. Not only will it be easier to convince others that your idea is a good one, but it will also be easier to maintain your own conviction and motivation when you reach any pitfalls or obstacles in the road.
Overall, you can apply strategic thinking skills to any area of your life. But by making a concerted effort to apply them specifically to your business venture, you will have a much better chance of bringing your vision to life. And isn't that what you want?
Advocate and Stay Informed
The government regulates society by passing laws and codes. Citizens can express their opinions about laws that may affect them; learn how to post your own comments.
Use Technology
Today's very competitive business climate demands that business owners understand and use advanced technologies. Technology is an enabler; it can help a business improve efficiencies and even expand operations. However, the use of technology should be balanced with business needs and practicality.
You need money to grow a business! Capital can come from many sources, including personal savings. However, borrowing money from a lender is a primary source of capital, as is raising equity capital from an investor. Many resources are available to help guide a business owner to the best options for financing growth.
Fiance Growth
Financial Management For The Growing Business
A guide from the SBA :
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