Checklist for Starting a HTV Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a HTV business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
For more insightful videos visit our Small Business and Management Skills YouTube Chanel.
A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your HTV business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
Common Problems and
How to Solve Them
Management problems in a
family business owned are somewhat different from the same
problems in a non-family business. When close relatives work
together, emotions often interfere with business decisions.
In some family companies, control of daily operations
is a problem. In others, a high
turnover rate among non-family members is a problem. In still
other companies, growth is a problem because some of the
relatives are unwilling to plow profits back into the business.
This family business owned guide discusses such
problems from the viewpoint of the family member who is the
company's manager. It offers suggestions that should help you to
manage effectively and profitably.
When you put up your own money and operate your own
business. you prize your independence. "It's my business," you
tell yourself in good times and in bad times.
However, "it's our business," in a family company.
Conflicts sometimes abound because relatives look upon the
business from different viewpoints.
Those relatives who are silent partners, stockholders,
and directors see only dollar signs when judging capital
expenditures, growth, and other major matters. Relatives who are
engaged in daily operations judge major matters from the
viewpoint of the production, sales, and personnel necessary to
make the company successfully. Obviously, these two viewpoints
may conflict in many instances.
This natural conflict can be aggravated by family
members who have no talent for money or business. Sometimes they
are the weak offspring of the founders of the company-sons and
daughters who lack business acumen-and sometimes they are
in-laws who must be taken care of regardless of their ability or
the company's needs.
Basically, the management problems that face the
manager of a family-owned business are the same as those which
confront the owner-manager of any small company. But the job of
the "family manager" is complicated because of the relatives who
must be reconciled to the facts of the market place, the
factory, and the counting house.
The Sparks Fly
Different opinions do not always produce discord, but
sometimes they cause "sparks to fly" -especially in a
family-owned company. Emotion is an added dimension as brothers
and sisters, uncles and aunts, nephews and nieces and fathers
and children work together in such a small
business.
For the individual who must head such a company, the
important thing is to recognize this dimension of emotions and
to make objective decisions that are difficult to come by in
such situations.
Many times when members of a family are active in the
business, it is hard to make objective decisions about the
skills and abilities of each other. For example, one says about
another relative, "He was lazy when we were kids, and he's still
lazy." Or a disgruntled wife says about an aunt. "What does she
know about the business? She's only here because of her father's
money."
If such emotional outbursts affected only the family,
the manager might "knock a few heads together" and move along.
But often it is not that easy. The quarrels and ill feelings of
relatives have a way of spreading out to include non-family
employees.
Then the manager's problem is to keep the bickering
from interfering with work. You cannot afford to let the company
become divided into warring camps. You have to convince
non-family employees that their interests are best served by a
profitable organization rather than by allegiance to particular
members of the family.
Another aspect of the emotional atmosphere is that
often non-family employees tend to base their decisions on the
family's tensions. They know how their bosses react and are
influenced by this knowledge.
Is The Manager Really In Control?
The president of a small company is not always
necessarily the person in charge. In many family-owned
businesses, the elder statesman of the family becomes president
or chairman of the board of directors. But day-to-day management
is in the hands of other members of
the family.
In some cases, even the best hands are tied as the
family member tries to manage the business. For example, the
ceiling on the amount of money that can be spent without
permission from the rest of the family may be too low for the
situation confronting the company. Having to clear operating
expenditures may mean missing opportunities for increased
profits, such as taking advantage of a good price on raw
materials or sales inventory.
In other cases, a manager may be in a bind because of
emotional involvement. For example, you may feel that you have
to clear routine matters with top family members because "Uncle
Bill never lets you forget your mistakes." Personalities and
emotional reactions create bottlenecks that work against an
efficient operation.
Efficiency may be reduced also by relatives who indulge
in excessive family talk during working hours. The manager
should set the example and insist that relatives refrain from
family chit-chat on the job.
In some family-owned companies, the day-to-day manager
may be a bottleneck. You may be a bottleneck because you do not
have the ability to delegate work and authority. You may be the
manager because of age or the amount of capital you have in the
business without regard to your
qualifications. In other instances, you may hold up
progress because you do not listen to others in the company.
One solution is for other
members of the family to persuade such a manager to let someone
else run the day-to-day show, perhaps a hired manager.
If a member of the family has to be in charge of
operations, he or she should be capable of using efficient
management techniques and be thick-skinned enough to live with
family bickering and tough enough to make his or her decisions
stick.
One way to obtain objective control in a family-owned
business is to hire an outsider to manage the day-to-day
operations, when the company can afford it. Any manager may
become as biased as any other family member. With a hired
manager, the family members will have their hands full in
setting policies and in planning for growth. An efficient hired
manager will see to it that all employees - family and
non-family alike - know to whom to report at all times.
Such definite lines of authority are even more
important when a member of the family manages operations with
other relatives filling various jobs. The responsibilities of
family members should be spelled out. "Family employees" should
discipline themselves to work within the bounds of these lines
of authority. Even then, it is wise to have a non-family
employee high in the organization so that he or she can be
involved in operations and help smooth out any emotional
decisions which family members may make.
Why do some Business managers reach the
gain target more often than others? They do it because they
maintain their operation
pointed in that direction -
direction of profit earning. They never drop sight of the goal -
to finish the year with a profit.
This manual Gives
suggestions which should help an owner-manager to zero in on
profit earning. It points out that you have to stay
informed,
make timely decisions, and take effective action. In effect you
must control the actions of your organization instead of
being controlled by them.
Topnotch Performance in golf,
shooting, and fishing demands understanding, training, and
endurance.
Similarly, in Small businesses, year-end
profit arrives to the owner-manager who tries for topnotch
performance. You achieve
profit making goals by understanding
your performance, by practicing the craft of making timely,
balanced judgments and by
controlling the organization's
activities.
Adapt the Suggestions in this manual to your
circumstance. They should help you call the shots to maintain
your business headed in
the ideal direction - toward profit
earning.
First Rule of Gain Making: Know Your Small
Business. The Time-honored truth"Knowledge is power" is
particularly pertinent to the
owner-manager of a small
business. To keep your business pointed toward gain you must
keep yourself well informed about it. You
must be aware of
how the company is doing before you can improve its operation.
You have to know its weak points before you may
correct them.
A number of the knowledge you need you pick up from daily
personal observation, but records should be your main
source
of information about gains, costs, and sales.
Know Your
Profit. The profit and loss statement (or income Announcement )
prepared regularly each month or each quarter from your
accountant is one of the most vital indicators of your
business's worth and health. You need to be sure that this
statement
contains all of the facts you need for evaluating
your profit. This announcement must pinpoint each revenue and
cost area. For
instance, it should show the profit and loss
for all your products and product lines as well as the gain and
loss for your entire
operation.
It is a great Idea to
have your profit and loss statement prepared so that it reveals
every single item for the current period,
for the same period
last year, and for your current year-to-date. By way of example,
a P&L statement for the month of November
would reveal
expenses and income for the current month, for November this
past year, and prices for the eleven months of the
current
year. Many corporations publish their annual reports with a few
previous decades so stockholders can compare earnings.
Comparison is The trick to using your P&L announcement. If your
accountant is not already furnishing figures that you may
compare,
you should talk about the possibility of having them
provided.
Financial Ratios from your balance sheet also
help you to know whether your profit is exactly what it should
be. As an instance,
the proportion of net worth (return on
investment ratio) shows what the company brought on the equity
capital invested.
Know Your Costs. An owner-manager
should understand costs in detail. Following that, you can
compare your price figures as a
percentage of sales
(operating ratio). Be sure your prices are itemized so you can
set your fingers on those that seem to be
climbing or falling
according to your experience and the price figures of your
industry. When costs are itemized, you are able to
spot the
offender once the overall figure is greater than what you'd
budgeted. Take advertising costs such as. You can catch the
offender if you split out your advertising expenses by product
lines and from websites. In addition, a comprehensive check of
inquiry returns from advertising will help to avoid unsuccessful
books.
In knowing your Costs, keep in mind that the
formulation for gain is: Profit equals Earnings minus Costs.
Know Your Product Markup. Be certain The pricing of your
goods supplies a markup adequate for the kind of profit you
expect to
attain. You must keep constantly informed on
pricing since you need to adjust for rising costs and at
precisely the same time keep
prices competitive. Knowledge
about your markup also helps you to run close outs with your
eyes open. Continuing to generate
something that just a few
customers desire is a powerful merchandising tool just once you
use it on purpose - for instance, to
hold or attract buyers
to additional high markup products. Do not be afraid to drop a
loser out of online.
Garbage-In, Garbage-Out. An
Owner-manager should not fudge the records. The acronym GIGO
that the computer business uses is
accurate with manually
stored records in addition to with machine-processed ones. When
an owner-manager allows"garbage" to enter
the records, the
accounts will contain"garbage" Reports do not need to be
extensive but they need to be accurate.
Search For
Trends. Try to not look at a single month's sales or Profit
picture by itself. The characters on your operating
statements are significant only when you put the image in the
right framework - which is, look in the characters from the
context
of what's happened and what is likely to take place.
In that manner, you catch a downward trend before it gets out of
hand.
You should also Concern yourself with all the
figures behind the bucks - for example, the number Of units
offered or the amount of
orders. Insist on cost-per-unit
statistics. The Fluctuation of the cost-per-unit can be more
meaningful than simply looking In the
dollar figures alone.
Another idea is to exhibit these comparative Figures on charts
so that important trends can be viewed
easily.
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