Managing and growing a business

Jan 20, 2011

Business management includes:

Managing yourself and your time

In planning your timetable, allocate blocks of time for your business and blocks of time for family and leisure activities. Work time is divided into technical work and management tasks.

Managing your staff

How many staff is required at each stage of the business life cycle. How you will find your staff, what skills do your staff require, what training will you provide your staff and how long will it take you to recruit and train staff?

Managing suppliers of goods and services

You need to balance the loyalty, service and possible price advantages of dealing with one supplier against the risk of the supplier becoming complacent or not performing, causing a lack of key products or components.

Managing your business partners

You need to know why your partner(s) want to go into business with you and what they expect to get out of the business.

Managing your money

You need to work out when you are going to need money and how much money you will need. The essential financial tools to guide you in this task are a Cash Flow Forecast and a Projected Profit and Loss.

Tags: Small BusinessStarting a Business

Author: Mr Taxman

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  • "Definitely can claim the trips to customers and should be able to claim the trips to the observatory when you have the bulky equipment for the repairs. I would be curious to know how much you are at..."

    By: Mr Taxman at Dec 20, 2020 11:08PM

    Post: Claiming car expenses

  • "Hi mrtaxman, I am employed at my home office, I am usually required daily to attend our remote mountain top observatory. I need to check overnight correspondence, see if I will need supplies from..."

    By: Carl at Dec 18, 2020 1:40AM

    Post: Claiming car expenses

  • "If you operate under the logbook method then the fuel wil form part of your total fuel bill for the year which you then apply the business-related percentage. Doesn't matter if didn't get paid from..."

    By: Mr Taxman at Dec 01, 2020 6:44AM

    Post: Claiming car expenses

  • "I am running a small business as a sole trader. I attended some work related training the other day but forgot to pay for the fuel required to travel to and from this training with my business..."

    By: Liz Evans at Nov 30, 2020 4:22AM

    Post: Claiming car expenses

  • "I separate everything mate, when it comes to the taxman, so the numbers you see on the RHS of your Statement are not inclusive of your Swaps or Commissions. I have a P/L and then I have P/L of..."

    By: Greg Croot at Nov 23, 2020 11:26AM

    Post: Foreign currency trading