Small business management is nothing but a specific business running individually on its own with fewer employees, say for about 10 – 15 employees minimum.
How to develop a small business management plan?
First and foremost is making certain that, all the way through the course of creating a small business management plan, you absolutely need to take care of prime objectives of the plan. And it’s very simple to do this, provided you should ask many questions top yourself as such why you are in need of a plan? Is it to manage and maintain the business? Or is it simply to raise money and reputation? Etc.
Always great annual/yearly plans are generally used to run a business. Although every business plan honestly are mainly used to attract assets and capital. But there are many exceptions, and usually the dissimilarity stuck between business plans and annual plans becomes messed up. For instance, banks and other investors or lenders might need a copy/print of every year’s annual plan. And on the hand, a small business management may perhaps use the start-up business plan as a foundation for operating and maintaining the business.
However, only keeping a clear dissimilarity between business plans and annual plans is not important. What is more important is keeping the original/primary/initial aim of and the original/primary/initial audience for the plan apparent. And as a rule of thumb, if the small business management plan is utilized to attract lenders or investors, this is the chief objective/aim and outsiders or strangers are the primary audience. On the other hand, if the plan will assist in managing the business, this is in turn will be the primary objective and its insiders will be the primary audience.
Here are various elements that should be the part of the small business management, which can be executed depending on the objectives of the business.
First – Summary – make summaries short, brief and concise, maximally one page summary is very much sufficient for small business management.
Second – Strategy overview – begin with a brief outline of your business policy/strategy. If the small business management is based initially, on a specific product or service, explain it in the opening paragraph.
Third – Strategy logic – include a paragraph about distinguishing your company with that of your competitors.
Fourth – Business development – describe the present status of your business.
Fifth – Financial objectives – planning beforehand about the financial requirements of your business.
Sixth – Business organization – describe briefly your the type of business organization you will accept and where the company is to be situated.
Seventh – Concept – explain very clearly about your business strategy.
Eight – Product description – here give a brief info about the kind of product and services that you deal with.
Ninth – Impact factors – always make sure to describe other alternative aspects of your business that is basic to your strategy.
Tenth – Market – focus more on market segments and strategies.
Finally there are many other aspects such as, consumer analysis, product features and benefits, competitive analysis, positioning, advertising and promotion, sales, research and development, operations, payback and exit plan, etc should be taken care in planning a small business management.