Popular in Course
verified elite notetaker
Popular in Business
This 5 page Document was uploaded by an elite notetaker on Monday December 21, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 6 views.
Reviews for Richfield-Business-Directory
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 12/21/15
Richfield Business Directory Your guide to Richfield Business Directory from the Chamber of Commerce The solution to these scenarios is to distinguish long term functions from short term functions. This doesn't mean deciding which tasks you will do today and which you will do at some point in the future. It means knowing which functions make the business healthy in the short term, and which functions make the business healthy in the long term. It's not that one is more important than the other - you have to do both well. The inevitable reality is that short term functions always crowd out long term functions. For example, let's say I'm in the technology business and provide both "break and fix" work as well as installation of complicated networking systems. You hire me to develop a networked system for your business, which will take some time, some thought, some development. I'm about to begin this project for you when another customer calls and says, "My computer is down and I can't work until it's fixed." Of course I rush off to handle that customer's short-term need at the expense of my long-term project with you. Situations like this happen every day in every business. It's common for a business owner or manager to handle both marketing and sales for her business. You know you need to sit down and develop a marketing strategy for the next quarter, but cash flow is tight so you also know you'd better get out there and sell something. Short term versus long term again. Many business owners, in order to prevent the psychological stress will have plans in place for dealing with these particular stress factors, prior to their occurrence. This is a proactive approach that is infinitely better than having a reactive approach to these occurrences. Each business owner should have a financial plan in place for the times when orders or clients are few and far between (slow times), as well as a good accountant to call when necessary. Each business owner should also have a lawyer who they trust and can turn to for advice if necessary (we do live in a very litigious society). And each business owner should have a plan for sickness among employees and hiring and firing protocols firmly in place. Machinery and replacement of business supplies should also be well planned in advance, and purchased according to well laid out plans for expenditures. Leadership skills will need to be developed, as a new business owner who is used to being part of a team, will find working alone and "being in charge" a somewhat difficult transition at first. Books on leadership skills abound and it is a good idea to do readings on the development of these to proactively avoid the psychological stress that comes with this change in roles. Working alone and making decisions alone is quite different from the conformity and decisions made within a group. 1. Don't waste your dollars on things you don't need. This alone is one of the biggest reasons people go under. You simply won't need expensive office equipment, computers, phone systems etc when starting out. You'll be surprised at how well a computer of 2 years will perform in caparison to one that's brand new for triple the price! Be real with your $$$$. The basic here is that if it's not going to make money for you, build or protect your business then simply AND quickly look/walk away so you're not tempted to buy it - extravagance has no place when your starting a business on a budget. If you've got hundreds of thousands to splurge though, forget all of the above and go to point 2! 2. Develop a plan of where you wish for you AND your business to be this time next year. You will need to think about such things as a basic marketing plan to so you know what marketing you need to do to achieve that outcome. Starting and building a business is like building a house without the framework it's bound to crumble. Think of your business plan as your roadmap - without it you don't know where you're headed or how to get there. So take a couple of hours and give it some consideration, if you're serious about developing a successful business then I'm sure you can get serious enough to schedule some time in to do it. If you already have a commercial mortgage on your company's business premises, you might find you could benefit from remortgaging. A commercial remortgage allows you to unlock some of the equity that is currently tied up in your commercial property. It could also be a chance to switch to a more competitive, cheaper mortgage, especially if your or your company's credit rating and business history have improved since you took out your original commercial mortgage. The money you free up through a commercial remortgage can be used for all sorts of things for your business. For example, you could purchase additional stock, or invest in new machinery or other fixed assets such as vehicles. Another use for the extra money can be to pay off outstanding bills, or clear other borrowings such as the company's overdraft.
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'