TOOLS AND TECHNIQUES OF SMALL BUSINESS MANAGEMENT-AN OVERVIEW

Management

Small businesses are either services or retail operations like grocery stores, medical stores, trades people, bakeries and small manufacturing units. Small businesses are independently owned organizations that require less capital and less work force and less or no machinery, Since you and your business are separate taxable entities, you need to have separate finances. Otherwise things just get messy and you might as well assume you’ll have to deal with an audit even if you’ve got nothing to hide. Recently I heard John and Kate (the couple behind Entrepreneur on Fire, not the reality show stars with 8 children) on a podcast talking about how when you hire someone, you should actually expect a temporary increase in work instead of immediately being able to offload responsibilities and have the free time you dream of. That’s because, even if you make the smartest hires in the world, they’re not going to understand and acclimate to your business right away. Instead, they’re going to need time to learn. So if you’re not already paying your taxes on a quarterly basis, talk to your accountant to see what your quarterly minimums should be and make sure you send them in. The best part is, you don’t have to do the filing paperwork every quarter. As long as you send in the checks (or pay online) and keep track of what you’ve sent, you’ll be good to go and now have any sort of fee to pay. Leaders who embrace the authoritative management style have little trust in their employees and expect their orders to be executed without further discussion. The problem is that if your instructions are unclear or your employees don't believe in your vision, they may not be able to get things done. Plus, there is no room for creativity and self-expression.

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