Small Business FAQ

Compare your financial plan periodically with real operations statistics. With effective records you can accomplish this. Then,
where discrepancies appear you can take corrective action before it is too late. The right choices for the ideal corrective action
will depend upon your knowledge of management methods in buying, pricing, selling, selecting and training staff, and handling
other management problems.

You probably are thinking you are able to hire a bookkeeper or a Accountant to deal with the record keeping for you. Yes, you can.
But remember two very important details:

1. Supply the accountant with true input. Should You Purchase something And don't record the sum in your business checkbook, the
accountant can not enter it. If you sell something for cash and do not record it, the accountant will not know about it. The
records the accountant prepares will probably be no better than the information that you provide.

2. Use the documents to make decisions. If you moved to a physician And he told you you were ill and needed certain medicine to
get well, you would follow his guidance. If you pay an accountant and he informs you your sales are down this year, do not hide
your head in the sand and pretend the issue will go away. It won't.

Business Management Roll in Personnel Selection. If your Small Business Will be large enough to require outside assistance, an
important duty will be the choice and training of one or more employees. You may begin with family members or business partners to
assist you. But when the company grows - as you hope it will - the time will come when you must select and train employees.

Careful selection of personnel is essential. To Pick the right Employees determine beforehand what you need each one to perform.

Then look for applicants to fulfill these particular needs. In a small Business you may need flexible employees who can shift from
task to task as needed. Include this in the description of the tasks you would like to fill. At the exact same time, look ahead
and plan your hiring to guarantee an organization of individuals capable of performing every crucial function. At a retail store,
a salesperson may likewise do stock-keeping or accounting at the start, but as the business grows you will need sales people,
stock-keepers and bookkeepers.

Once the project descriptions are written, line up applicants whom To make a choice. Do not be swayed by clients who might suggest
relatives. In the event the applicant does not succeed, you might drop a client as well as a worker. Some sources of potential new
employees are:

1. Tips by friends, business acquaintances. 2. Employment agencies. 3. Placement agencies of high schools, business schools, and
colleges. 4. Trade and industrial associations. 5. Help-wanted advertisements in neighborhood papers.

Your next task is to screen want ad answers or application Forms sent by employment agencies. Some applicants will be eliminated
sight unseen. For each of those others, the application form or letter will act as a foundation for the interview which should be
conducted in private. Put the applicant at ease by describing your company in general and the job particularly. Once you've done
this, encourage the applicant to speak. Picking the proper individual is extremely important. Ask your questions carefully to
learn everything about the applicant that is pertinent to the job.

References are crucial, and should be checked before making a final decision. Check through a personal visit or a phone call
directly to the applicant's immediate former supervisor, if at all possible. Verify that the information given you is accurate.
Consider, with conclusion, any negative remarks you hear and what isn't said.

Checking references can bring to light important Details Which may save you money and future annoyance.

Personnel Training. A well-selected worker is only a potential Asset to your business. Whether or not he or she becomes a real
advantage is dependent on your own training. Recall:

To allow sufficient time for training. Not to anticipate too much from The trainee in too brief a time. To allow the worker learn
by doing under real working conditions, together with close supervision. To follow along with your training.

Check the worker's performance after he or she has been at work For a time. Re-explain key points and short cuts; bring the
employee up to date on new developments and invite questions. Training is an ongoing process which becomes constructive oversight.

Personnel Supervision. Supervision is the third essential of personnel control. Good supervision will reduce the cost of operating
your company by cutting down on the amount of worker mistakes. When mistakes are corrected early, workers will get more
satisfaction out of their tasks and perform much better.

Motivating Employees. Small businesses occasionally face particular Issues in motivating employees. In a large business, a
Fantastic employee can see An opportunity to progress into management. In a small business, you are the management. 1 thing you
Might Wish to Think about would be to provide good workers a Small share of their proceeds, either through part-ownership or a
profit-sharing plan. Someone who has a"share of the action" is going to be more Concerned about helping to make a success of the
business enterprise.

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