1 Objectives 1. To analyze the operations of

1 Objectives 1. To analyze the operations of

1 Objectives 1. To analyze the operations of successful business. 2. To identify basic business procedures. 3. To discuss various aspects of maintaining a successful business. 2 Leadership & Planning

3 Elements of a Successful Business Include the following: leadership planning management employees 4

Leadership Is the ability of an individual to influence, motivate and enable others to contribute to the effectiveness and success of an organization Is essential to the success of any business 5 Traits of a Good Leader Include:

character vision knowledge personal drive motivational skills communication skills interpersonal skills planning and organizational skills 6 Good Leaders Come in various packages such as:

varying educational levels different stages of training various ages 7 Education Is an important trait for an entrepreneur, business owner or manager to possess Comes in varying levels high school diploma, bachelors degree, masters degree, etc.

Is normally a requirement for obtaining employment Can impact the salary or wage received 8 Training Is vital to an employee in a leadership position Allows an individual to understand the exact

process of a task and enables them to explain and demonstrate it to others Can increase an individuals value to a company 9 Age Should not be a determining factor of effective leadership Can be an indication of an individuals maturity level, but should not be the only

factor which is used to determine a persons worth, leadership ability or potential for success 10 Planning Is important to the success of any business Is required in order for a business to achieve its goals Involves the development of:

an organizational structure a business plan a set of strategic guidelines 11 Business Plan Is a document outlining a businesss goals and strategies Shows the start-up and growth

of a business Is a complete and detailed overview of a business Helps organize and analyze critical data Is used by financial institutions to determine investment potential and risk 12 Business Plans Can include: executive summary management team

plan vision and mission statements company description product and service plan industry overview market analysis competitive analysis marketing plan

operational plan organizational plan financial plan contingency plan 13 Tips for Preparing a Business Plan Make a research plan and collect informative data gather information from the following: Small Business Administration Service Corps of Retired Executives

Small Business Development Centers chambers of commerce trade associations 14 Strategic Guidelines of a Business Are the operating policies and procedures such as the following: hours of operation sick leave and personal days

salary and wage rates dress codes observed holidays Include plans for growth and expansion 15 Tips for Preparing a Business Plan Set up an organizational system for your data unorganized information is difficult to use and hard to manage

Write a preliminary draft of the plan have someone else read and proof the plan in order to avoid any unnecessary mistakes or eliminations which could have been made 16 Management 17

Management Comprises the directing and controlling of a group of people for the purpose of coordinating and harmonizing the group toward accomplishing a goal 18 Management Involves: effective leadership techniques

successful communication efficient scheduling for production and distribution satisfactory risk management 19 Effective Leadership Techniques Include: understanding various employee needs implementing various management styles executing quality control

identifying performance standards grouping employees into productive teams planning shipment and distribution effectively evaluating the performance and needs of employees, production and customers making changes to fit the needs of the organization 20 Communication

Is vital in customer service and employee management Involves being able to clearly carry out the communication process Can be the difference between being a successful or unsuccessful business 21 Communication Should effectively carry information between employees and customers

Should be analyzed to promote effectiveness and efficiency Message Sender Receiver Feedback 22

Scheduling Should be completed in order to ensure efficient production and distribution of products Often includes the activities which are critical to the completion of a product or project Is commonly completed by: Gantt charts PERT diagrams 23

Gantt Chart Is a graphic schedule of a projects phases, activities and tasks plotted against a timeline Is an effective way to depict essential information about a project by keeping track of various tasks 24 Gantt Chart Lists tasks on the vertical axis and time

on the horizontal axis Displays the period over which a project will be completed with hollow bars and the progress of the production by shading in the bars 25 Example Gantt Chart 26

PERT Diagram Stands for Program Evaluation and Review Technique Is a project schedule which is arranged in a diagram Is useful for scheduling more complex projects Identifies a projects major activities and arranges them in order in a diagram Is controlled by its critical path which dictates the length of time needed to complete a project

27 Example PERT Diagram 28 Risk Management Is a prioritized process in which the risks are identified and ranked in order to increase awareness Increases the safety and

security of a business Decreases the likelihood of failure 29 Risk Management Involves: risk identification risk assessment creation of a plan implementation

review and analysis of the plan 30 Employees & Types of Businesses 31 Employees Are the heartbeat of an organization and

therefore should be: recruited hired trained motivated 32 Recruiting & Hiring Employees Is a necessary process for any business Can provide businesses with a qualified workforce if completed correctly

Is essential in ensuring the success and management of a business 33 Recruitment Methods Should be professional to attract qualified applicants Include: suggestions from current employees sending e-mails to college offices executive search firms

posting job announcements 34 Recruiting Employees Should include: giving a job description highlighting positive working conditions providing information on wages and benefits indication of how to apply 35

Training & Motivating Employees Can be completed through employee orientation, training seminars and departmental relationships and activities Will enhance employee projects and productivity Will contribute to the success of a business Can reduce turnover rates Turnover rate: the rate at which an employer gains and loses employees

36 Training & Motivating Employees Can involve management influencing the Expectancy Theory for their employees Expectancy Theory is a model of behavioral choice which explains why people choose one behavior over another is not based on what motivates individuals to have a particular behavior explains how to make decisions to reach an end

goal 37 Expectancy Theory Has three components: expectancy likelihood effort will induce performance instrumentality likelihood performance will acquire rewards

valence value of rewards following completion of performance 38 Rewards Can have both positive and negative affects on employee motivation positive maintain relationship with employee and employer

employees are recognized for their contribution negative employees could take advantage of rewards competition between employees could intimidate individuals 39 Employee Turnover Can be costly Is determined by evaluating: team size

employees lost per year average annual salary annual value produced For employees who earn less than $50,000 annually, the typical cost of turnover is 20 percent of an employees annual salary. 40 Employee Turnover Should be measured to estimate the

following: hiring costs training requirements staff time devoted to recruitment 41 Employee Turnover Can be reduced by: interviewing potential employees carefully offering benefits and compensation being aware of employee needs

providing awards and recognition maintaining a positive work environment 42 Employee Compensation Is payment to individuals for their contribution to a company or organization Can include benefits insurance (medical, life, dental, etc.) vacation pay

maternity leave profit sharing bonuses 43 Employee Compensation Has three common forms: wages hourly pay salaries annual pay

tips additional pay to direct wages 44 Employee Compensation Includes: base pay employees initial rate of pay (hourly/annually) variable pay

bonus given to employees based on their performance 45 Employee Compensation Can help keep productivity of employees high and position the organization to achieve its goals Provides: improved recruitment high-performing employees

enhanced retention efforts 46 Downsizing Is reducing the number of employees layoffs may be necessary to: reduce costs restructure outsource Can occur based on the organizational

structure of the business can preserve the organizations intellectual investments 47 Organizational Structures Define the various roles of company employees Set limits on employee work behavior Create rules and regulations Vary widely from organization to organization

Adapt to the environment of an organization 48 Organizational Structures Arrange and group jobs based on specific tasks in order to enhance efficiency Increase the effectiveness of internal communication and reporting Help with conflict management

Establish a chain of command Can be written or generally understood 49 Organizational Structures Divide organizations into: 50 Types of Business Operations

Internet businesses Service businesses Home-based businesses 51 Internet Businesses Are businesses which conduct business by means of the Internet Have the potential to attract a huge number of customers due to the ease of accessibility

May not have a physical store Include: Amazon, Google, Yahoo, etc. 52 Service Businesses Dominate the American economy Offer intangible items to customers which enhance a customers well-being Include a variety of industries, such as: insurance companies

tourism sports and entertainment banking education Intangible: without physical accounting presence; unable to be held or touched 53 Home-Based Businesses

Are businesses conducted from the owners home Are rapidly increasing due to new technology Include scrapbooking stores, salesmen, writers, graphic artists, etc. 54 Business Types Should always reflect the product or

service offered Should enhance the success of your product or service Should fit your needs and the needs of your customers Should have management styles which fit the business and its products 55 Service Operations Are how a company carries out its

business with customers Involve transforming a consumer into a satisfied customer Should: focus on the customers needs reflect the management styles of the business assist customers efficiently 56 Service Quality Standards Work to satisfy the customers

Involve customer satisfaction surveys, including: SERVQUAL 57 SERVQUAL Is a service quality model which measures the gap between customer expectations and experience Measures: reliability

assurance tangibles empathy responsiveness 58 Tips for Successful Business Owners

Have a plan Provide effective leadership Reduce business risk Evaluate constantly Supply adequate customer service Train and motivate employees 59 Tips for Successful Business Owners

Adapt to change Seek new opportunities Control budgets and expenses Recommend and make changes based on evaluations Establish company policies, rules and regulations

60 The Business Environment Is impacted most by competition Changes with the impact of political, social and technological changes Affects the number of available jobs, wages, demand for a product and consumer spending Can change for one industry segment at a time

or all businesses 61 Political Changes Energize or depress a sector of business Through legislation can alter business practices such as working hours Shape future outlooks in an industry for example: the regulations for more energy efficient vehicles is increasing the demand for research in the automobile industry

62 Social Change Is based upon consumer behavior Promotes companies to adapt to their target market sometimes change their focus market May affect how company ethic policies are formed and implemented

63 Technological Changes Increase productivity Promote creative solutions to solve issues Impact every business operation Possibly eliminate the need for human workers for example, robots assembling vehicles 64

Resources Retrieved October 3, 2008, from U.S. Small Business Administration: www.sba.gov (1999 - 2008). Retrieved October 3, 2008, from www.allbusiness.com: www.allbusiness.com Small Business Ideas, Advice and Resources. (1999-2008). Retrieved October 3, 2008, from Business Know-How: www.businessknowhow.com Tutor2u. (2010). Introduction to the External Business Environment . Retrieved August 17, 2010, from http://tutor2u.net/business/gcse/external_environment_intro

duction.htm 65 Acknowledgements Production Coordinators Amy Hogan Megan OQuinn Maggie Bigham Brand Manager Megan OQuinn Graphic Designer

Melody Rowell Technical Writer Jessica Odom V.P. of Brand Management Clayton Franklin MMXIV CEV Multimedia, Ltd. Executive Producer Gordon W. Davis, Ph.D.

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