Managing and Maintainingsmallmedium Business Operations
Managing and Maintainingsmallmedium Business Operations
Managing and Maintainingsmallmedium Business Operations
about how funds should be raised (loans vs. stocks), the long-
term cost of borrowing funds, and the implications of
financing decisions for the long-term health of the business.
The 4 Major Business Organization
Forms
Your company’s form will affect:
How you are taxed
Your legal liability
Costs of formation
Operational costs
business
Very few requirements for starting—often only a
business license
Disadvantages:
Owner is 100% liable for business debts
Equity is limited to the owner’s personal resources
Ownership of proprietorship is difficult to transfer
Partnership
These come in two types: general and limited.
General partnerships, both owners invest their
business
Each partner shares the total profits of the company
proprietorship
Disadvantages:
Each partner is 100% responsible for debts and
losses
Selling the business is difficult—requires finding new
partner
Partnership ends when any partner decides to end it
Corporation
Disadvantages:
Corporate operations are costly
paperwork
With some exceptions, corporate income is taxed
twice
Limited Liability Company (LLC)
Similar to a limited partnership, an LLC
provides owners with limited liability while
providing some of the income advantages of
a partnership.
Essentially, the advantages of partnerships
or losses
The profits of the LLC are shared by the owners
without double-taxation
Disadvantages:
Ownership is limited by certain state laws
complex
Beginning an LLC has high costs due to legal
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4.2 Prioritizing work activities and meeting deadlines
Tips for getting more out of your time by prioritizing your work:
1. Have a strategy
An effective strategy will help to keep you focused and avoid
distractions from activities that don’t fit with what you are
ultimately trying to accomplish.
2. Recognize what makes you money
The important thing here is that you recognize the significance of
activities according to how much money they can produce for
you. Make sure that you are dedicating the majority of your time
to things that will make you successful.
3. Set goals
One way to keep yourself on track and working on the most
important activities is to set goals.
4. Schedule your time
Once you have set your goals, schedule your time accordingly so
that you will give yourself the chance to achieve those goals.
Scheduling your time for specific activities can help you to reduce
the amount of unproductive time, and it will force you to decide
what work is most important and worthy of your time.
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5. Use to-do lists
It is found that using a to-do list is one of the best things
for productivity. Each day there are so many different
things fighting for our time. But with a to-do list we
always know what is most critical and what we need to get
done first. If
6. Focus on one project at a time
Most of us have ideas for more things than we can ever
accomplish. It’s always tempting to start something new,
but many times you will just be spreading yourself thin.
Try to resist the urge to start something new until you
have achieved some success with your current project(s).
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What is Delegation?
Delegation refers to a process where by a superior divides his /her
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How Should You Delegate?
Use the following principles to delegate successfully
◦ Clearly articulate the desired outcome
◦ Where possible, include people in the delegation process
◦ Delegate to the lowest possible organizational level
◦ Provide adequate support, and be available to answer
questions
◦ Focus on results. Concern yourself with what is
accomplished, rather than detailing how the work should
be done
◦ Build motivation and commitment
◦ Discuss timelines and deadlines.
◦ Agree on a schedule of checkpoints at which you'll review
project progress.
◦ Take time to review all submitted work.
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Rule of delegation
A simple delegation rule is the SMART acronym, or better
still, SMARTER. It's a quick checklist for proper delegation.
Delegated tasks must be:
Specific
Measurable
Agreed
Realistic
Time-bounded
Ethical
Recorded
The steps of successful delegation
1 Define the task
2 Select the individual or team
3 Assess ability and training needs
4 Explain the reasons
5 State required results
6 Consider resources required
7 Agree deadlines
8 Support and communicate
9 Feedback on results
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LO2 Monitor and manage work (18 Hrs)
Identifying methods for monitoring performance and implementing
improvements
Every project or intervention should have a monitoring and
evaluation (M&E) plan. This is the fundamental document that details
a program's objectives,
Quality Assurance
Quality Assurance is used to provide adequate confidence
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Definition of 'Quality Management'
The act of overseeing all activities and tasks needed to maintain a
It is important for your own quality of life that you enjoy your
job. If you know broadly what you like and dislike. This is
important as you are much more likely to do your job
effectively if you love it than if you loathe it.
Concentrating on your strengths
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You should ask the following questions:
What is the purpose of the job?
What are the measures of success?
What is exceptional performance?
What are the priorities and deadlines?
What resources are available?
What costs are acceptable?
How does this relate to other people?
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Customer complaint
Although prevention is better than cure. Don't assume that a
customer complaint is a negative experience because, if handled
well, it can be a valuable asset.
A customer complaint is one of the best opportunities you have for
turning an unhappy customer into a loyal customer. \
Even the most dissatisfied customer can become an ambassador,
winning new customers for your business by word-of-mouth
advertising.
Try putting the following points into practice:
train your staff to handle complaints well
make it easy for customers to complain
welcome customer complaints
deal with complaints promptly.
Benefits of an efficient complaints handling system
◦ fewer mistakes and less time spent fixing them
◦ improved product quality
◦ better understanding of customers' needs
◦ happier customers
◦ greater customer loyalty
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3.5 Presenting information in appropriate format to the industry and
audience
Presentation can be defined as a formal event characterized by teamwork
and use of audio-visual aids. The main purpose of presentation is to give
information, to persuade the audience to act and to create goodwill.
Characteristics of a Good/Effective Presentation
The presentation ideas should be well adapted to your audience
A good presentation should be concise and should be focused on the topic. It
should not move off-track.
A good presentation should have the potential to convey the required
information.
The fear should be transformed into positive energy during the presentation.
Be calm and relaxed while giving a presentation
To communicate the desired information, the speaker should use more of
visual aids such as transparencies, diagrams, pictures, charts, etc.
Rehearse and practice the presentation
The speaker should encourage more questions from the audience.
Summarize the presentation at the end
The speaker must have a presentable appearance while giving a presentation.
Try to gain and maintain audience interest by using positive quotes, humour,
or remarkable fact.
The speaker must be affirmative and optimistic before giving presentation.
The speaker must state the objectives of the presentation at beginning of the
presentation. 29
Effective Presentation Techniques
Here are the Top 10 effective presentation techniques.
1. Use visual aids
2. Keep it short and sweet
3. Use the rule of three
◦ Use a maximum of three points on a slide.
4. Rehearse
◦ Practice makes for perfect performance. Many experts say that
rehearsal is the biggest single thing that you can do to improve your
performance.
5. Tell stories
◦ All presentations are a type of theatre. Tell stories and anecdotes to
help illustrate points. It all helps to make your presentation more
effective and memorable.
6. Lose the bullet points – don’t put your speaker notes up on the
screen
◦ Bullet points are the kiss of death for most presentations. Most
people use bullet points as a form of speaker notes. To make your
presentation more effective put your speaker notes in your notes
and not up on the screen.
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7. Video yourself
◦ Set up a video camera and video yourself presenting. You will see all
sorts of mistakes that you are making, from how you are standing, if
you are jangling keys, to how well your presentation is structured.
8. Know what slide is coming next
◦ You should always know when presenting which slide is coming up
next. It sounds very powerful when you say “On the next slide [Click]
you will see…”, rather than a period of confusion when the next slide
appears.
9. Have a back-up plan
◦ Technology not working, power cuts, projector blowing a bulb,
spilling coffee on your front, not enough power leads, no
loudspeakers, presentation displays strangely on the laptop – all of
these are things that have happened in presentations that I have given.
10. Check out the presentation room
◦ Arrive early and check out the presentation room. If you can make
sure that you see your slides loaded onto the PC and working on the
screen. Work out where you will need to stand.
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Assignment
What is production plan
Write detail information about Micro and
Small Businesses
What is Data gathering, tabulation and analysis
-------------------------------------------
What is Marketing plan
Write Modification and improvement of
products
List and explain Tools that used for product