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Small business management : an entrepreneur's guidebook / Mary Jane Byrd, Leon C. Megginson

Author
Byrd, Mary Jane
Published
New York, NY : McGraw-Hill, [2013]
Copyright Date
©2013
Edition
7th ed.
Physical Description
xx, 524 pages : illustrations ; 26 cm
Additional Creators
Megginson, Leon C.

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Contents
Machine generated contents note: ch. 1 Starting Your Small Business -- Profile -- It's an Interesting Time to Be Studying Small Business -- The Number of Small Businesses Is Growing Rapidly -- The Public Favors Small Business -- Interest Is Increasing at High Schools, Colleges, and Universities -- Trend Is toward Self-Employment -- Entrepreneurship Is Attractive to All Ages -- Defining Small Business-No Easy Task -- What Is Small? -- Distinguishing between Entrepreneurial Ventures and Small Businesses -- Some Unique Contributions of Small Business -- Encourage Innovation and Flexibility -- Maintain Close Relationship with Customers and Community -- Keep Larger Firms Competitive -- Provide Employees with Comprehensive Learning Experience -- Develop Risk Takers -- Generate New Employment -- Provide Greater Job Satisfaction -- Some Current Problems Facing Small Businesses -- Inadequate Financing -- Inadequate Management -- Burdensome Government Regulations and Paperwork -- Some Current Trends Challenging Small Business Owners -- Exploding Technology -- Occupational and Industry Shifts -- Global Challenges -- Why People Start Small Businesses -- Satisfy Personal Objectives -- Achieve Business Objectives -- Need to Mesh Objectives -- Characteristics of Successful Entrepreneurs -- Desire Independence -- Have a Strong Sense of Initiative -- Are Motivated by Personal and Family Considerations -- Expect Quick and Concrete Results -- Are Able to React Quickly -- Are Dedicated to Their Businesses -- Enter Business as Much by Chance as by Design -- What Leads to Success in Managing a Small Business? -- Doing an Introspective Personal Analysis -- Where are the Opportunities for Small Business? -- What Are the Fastest-Growing Industries? -- Factors Affecting the Future of an Industry or a Business -- Some Practical Ideas for Small Businesses -- Some Areas of Concern for Small Business Owners -- Poorly Planned Growth -- Threat of Failure -- Case 1.1 The Big Wash -- Case 1.2 The American Dream -- ch. 2 Family-Owned Businesses -- Profile: Farris-Feuerborn Memorial Chapel -- Role of the Family-Owned Business -- The Family and the Business -- Family Interactions -- Family Limitations -- Culture and the Family Business -- Family Resources -- Preparing the Next Generation -- Preparing for Management Succession -- Why Succession Is a Problem -- An Overlooked Problem -- Plan Ahead! -- Sudden Departure -- Planned Departure -- Selling to Family Members -- Selling to Outsiders -- Making the Transition Easier -- Tax and Estate Planning -- Tax Planning -- Estate Planning -- Estate Planning to Minimize Taxes -- Estate Planning Issues -- Estate Planning Techniques -- Case 2.1: Tire Rack -- ch. 3 Forms of Ownership of Small Businesses -- Profile: Spring Hill Kitchens, LLC -- Selecting the Right Legal Form -- Factors to Consider -- Relative Importance of Each Form -- Why Form a Proprietorship? -- Why Form a Partnership? -- How a Partnership Operates -- Types of Partnerships -- Rights of Partners -- Why Form a Corporation? -- How to Form a Corporation -- How a Corporation Is Governed -- The S Corporation -- Other Forms of Business -- The Limited-Liability Company (LLC) -- The Limited Liability Partnership (LLP) -- The Family Limited Partnership (FLP) -- The Professional Service Corporation (PSC) -- Nonprofit Corporations -- The Cooperative -- The Joint Venture -- Fractional Ownership -- How to Evaluate the Legal Form of Organization -- Case 3.1 The Martin Family Grows a Business -- Case 3.2 DB Bikes -- ch. 4 Maintaining Good Government Relations and Business Ethics -- Profile: BSI: Thirty Years and Still Going -- Understanding the Legal Environment -- Some Basic Laws Affecting Small Business -- The Uniform Commercial Code -- Torts -- Bankruptcy -- Government Help for Small Businesses -- Small Business Administration (SBA) -- Small Business Development Centers (SBDC's) -- U.S. Department of Commerce -- Other Government Agencies -- Handling Government Regulations and Paperwork -- Dealing with Regulatory Agencies -- Some Benefits of Government Regulation -- Some Problems with Government Regulation -- How Owners of Small Finns Can Cope with Government Regulations -- Dealing with Private Regulators -- Choosing and Using a Lawyer -- Choosing the Lawyer -- Maintaining Relationships with Lawyers -- Socially and Ethically Responsible Behavior -- Social Responsibility -- Business Ethics -- Case 4.1: "Hannadowns" -- Case 4.2: What to Do? -- ch. 5 Becoming the Owner of a Small Business -- Profile: Brynn Albretsen, Chick-Fil-A Franchise Owner -- How to Go into Business for Yourself: Steps in Starting a Business -- Finding Your Niche by Identifying a Needed Product -- How to Decide on a Product -- Choosing the Business to Enter -- Studying the Market for the Product -- Methods of Obtaining Information about the Market -- Methods used to Study the Market -- Deciding Whether to Start a New Business, Buy an Existing One, or Buy a Franchise -- To Start a New Business? -- To Buy an Existing Business? -- To Buy a Franchise! -- Growing Opportunities in Franchising -- What Is Franchising? -- Extent of Franchising -- Types of Franchising Systems -- Why Franchising Is Growing in Importance -- Recent Rapid Growth -- Causes of Rapid Growth -- How to Tell Whether a Franchise Is Right for You -- See What the Franchise Can Do for You -- Investigate the Franchise -- Obtain Professional Advice -- Know Your Legal and Ethical Rights -- The Future of Franchising -- Expected Areas of Growth -- Other Areas of Expected Development -- Global Franchising -- Turning Your Dream into a Reality -- Case 5.1: Tim Lewis Fills a Niche -- Case 5.2: Failed Franchise -- ch. 6 Planning, Organizing, and Managing a Small Business -- Profile: Sam and Teresa Davis Do Their Homework before Launch -- Why Is Planning So Important to Small Businesses? -- Why Small Business Owners Need to Plan -- Why Small Business Owners Neglect Planning -- The Role of Strategic Planning -- SWOT Analysis -- Mission and Objectives -- Strategies -- The Role of Operational Planning -- Setting Up Policies, Methods, Procedures, and Budgets -- Planning to Operate the Business -- The Role of Financial Planning -- Estimating Income and Expenses -- Estimating initial Investment -- Locating Sources of Funds -- The Role of the Business Plan in Strategic and Operational Planning -- Purposes of the Plan -- What the Plan Should Include -- Preparing the Plan -- Who Should Prepare the Plan? -- Developing Actium Steps -- Components of the Plain -- Cover Sheet -- Executive Summary -- Table of Content -- History of the (Proposed) Business -- Descriptium of the Business -- Dejinitam of the Market -- Description of the Product(s) -- Management Structure -- Objectives and Goals -- Financial Data -- Appendixes -- Presenting the Plan -- Writing the Plan -- The Written/Oral Presentation -- Implementing the Plan -- Sample Business Plan -- Appendix: A Sample Business Plan: The Business Center -- ch. 7 How to Obtain the Right Financing for Your Business -- Profile: Meet Sarah Coxwell of Davis Coxwell Si Co LLC -- Estimating Financial Needs -- Principles to Follow -- Using Cash Budgets -- Reasons for Using Equity and Debt Financing -- Role of Equity Financing -- Role of Debt Financing -- Types of Debt and Equity Securities -- Equity Securities -- Debt Securities -- Sources of Equity Financing -- Self -- Small Business Investment Companies (SBICs) -- Venture Capitalists -- Angel Capitalists -- Other Sources -- Sources of Debt Financing -- Trade Credit -- Commercial and Other Financial Institutions -- Small Business Administration (SBA) -- Small Business Investment Companies (SBICs) -- U.S. Department of Agriculture (USDA) -- What Lenders Look For -- Case 7.1 Ella Williams: Making It on Her Own -- Case 7.2 Karen & Co. -- ch. 8 Developing Marketing Strategies -- Profile: Advanced Control Solutions -- The Marketing Concept -- Meeting Customers' Needs -- Implementing the Marketing Concept -- Seeking a Competitive Edge -- Using Marketing Research to Implement the Marketing Concept -- How Does Marketing Research Aid Marketing? -- How to Do Marketing Research -- Gathering Information on the Web -- Using Computerized Databases -- Developing a Marketing Strategy -- Setting Objectives -- Choosing Target Markets -- Developing an Effective Marketing Mix -- The Product Life Cycle -- Stages of the Product Life Cycle -- Need for a Wide Product Mix -- Packaging -- Pricing Your Product -- Establishing Pricing Policies -- How Prices Are Set by Small Businesses -- Other Aspects of Pricing -- Strategy for Marketing Services -- Nature of Service Businesses -- How Services Differ -- Developing Service Marketing Strategies -- Implementing Your Marketing Strategy -- The Introductory Stage -- The Growth Stage -- Case 8.1: Parkview Drug Store: Adding the "Personal Touch" -- Case 8.2: Buying Diamonds Online -- ch. 9 Promoting and Distributing -- Profile: Springdale Travel Inc. -- Advertising -- Types of Advertising -- Developing the Advertising Program -- Setting the Budget -- Selecting Advertising Media -- Developing the Message -- When and How to Use an Advertising Agency -- Measuring the Results of Advertising -- Merchandising, Sales Promotion, and Publicity -- Merchandising -- Sales Promotion -- Publicity -- Considering Ethnic Differences -- Opportunities for Small Firms in Global Marketing -- Importing by Small Firms -- Exporting by Small Firms -- Distribution -- Storing -- Order Processing -- Transportation -- Choosing a Distribution Channel -- Factors to Consider in Choosing a Distribution Channel -- Distribution Channels for Consumer Goods -- Distribution Channels for Industrial Goods -- Selling through Intermediaries -- Brokers -- Agents -- Wholesalers -- Retailers -- Selling with Your Own Sales Force -- Need for Personal Selling -- Steps in the Creative Selling Process -- Attributes of a Creative Salesperson -- and Contents note continued: Case 9.1: Taking Your Store to Your Customers -- Case 9.2: Clark Copy International Corporation's China Experience -- ch. 10 How to Obtain and Manage Human Resources and Diversity in Small Companies -- Profile: Mary H. Partridge and Michael Levy: Even Small Companies Merge! -- Planning for Human Resource Needs -- Determining Types of Employees Needed -- Developing Sources from Which to Recruit Potential Employees -- Recruiting and Selecting Employees -- Methods of Recruiting Employees -- Methods of Selecting the Right Person for the Job -- Training and Developing Employees -- Ways of Training Nonmanagerial Employees -- Outside Help with Training -- Selecting and Developing Managers -- Selecting Managers -- Developing Managers -- Complying with Equal Employment Opportunity (EEO) Laws -- Laws Providing for Equal Employment Opportunity -- Enforcing EEO Laws -- Compensating Employees -- Legal Influences -- Setting Rates of Pay -- Using Money to Motivate -- Compensating Managerial and Professional Personnel -- Providing Employee Benefits -- Legally Required Benefits -- Some Other Popular Benefits -- Flexible Approach to Benefits -- Protecting Employees' Health and Safety -- Factors Influencing Workers' Health and Safety -- The Role of the Occupational Safety and Health Act -- Environmental Protection -- Case 10.1: The Case of Sam Sawyer -- ch. 11 How to Maintain Relationships with Your Employees and Their Representatives -- Profile: Cathy Anderson-Giles: Master Motivator -- Good Human Relations Is Needed in Small Firms -- Exercising Effective Leadership -- Communicating with Employees and Others -- What Happens When You Communicate? -- Barriers to Effective Communication -- How to Improve Communication -- Motivating Employees -- What Is Motivation? -- Why Motivate Employees? -- How to Motivate Employees -- Some Practical Ways to Improve Motivation -- Motivation Is More than Mere Technique -- Appraising and Evaluating Employees' Performance -- Counseling Troubled Employees -- Job-Related Areas Needing Counseling -- Personal Problems Needing Counseling -- Handling Employee Complaints -- Imposing Discipline -- Encouraging Self-Discipline -- Using Positive Discipline -- How to Discipline Employees Legally -- Dealing with Unions -- Laws Governing Union-Management Relations -- What Happens When the Union Enters -- Negotiating the Agreement -- Living with the Agreement -- Terminating Employees -- Setting Up the Organizational Structure -- Some Basic Organizational Concepts -- Some Organizational Problems in Small Firms -- Some Ways of Organizing a Small Business -- Preparing an Organization Chart -- Using Team Management to Improve Performance -- Case 11.1: Personnel Policies Help Intermatic Grow -- Case 11.2: Visiting Angels -- ch. 12 Obtaining and Laying Out Operating Facilities -- Profile: Koi and Lilies -- Developing Operating Systems -- What Are Operating Systems? -- How Operating Systems Work -- How to Begin Operations -- Choosing the Right Location -- Why Choosing the Right Location Is So Important -- Some Important Factors Affecting Location Choice -- Locating Retail Stores -- Types of Stores -- Types of Locations -- Locating Manufacturing Plants -- Planning Physical Facilities -- Determine Product to Be Produced -- Identify Operations and Activities to Be Performed -- Determine Space Requirements -- How Telecommuting Affects Physical Facility Needs -- Decide on the Best Layout -- Implement Your Plans -- How to Improve Operations -- State the Problem -- Collect and Record Information -- Develop and Analyze Alternatives -- Select, Install, and Follow Up on New Methods -- Setting and Using Performance Standards -- Case 12.1: Telecommuting in the Rockies -- Case 12.2: Nell Hill's: An Adventure in Shopping -- ch. 13 Purchasing, Inventory, and Quality Control -- Profile: Anders Book Stores: Dealing with Hundreds of Suppliers -- The Importance of Purchasing -- What Purchasing Involves -- Why Purchasing Is So Important -- Assign Responsibility for Purchasing to One Person -- Selecting the Right Supplier -- Types of Suppliers -- Use Few or Many Suppliers? -- Investigating Potential Suppliers -- Evaluating Supplier Performance -- Establishing an Effective Purchasing Procedure -- Requisitioning Goods or Services -- Making and Placing the Purchase Order -- Paying a Satisfactory Price -- Receiving the Items -- Using Computers to Aid Purchasing and Inventory Control -- Controlling Inventory -- The Role Played by Inventory -- Types of Inventory -- Inventory Mix -- Costs of Carrying Inventory -- Determining When to Place an Order -- Determining How Much to Order -- Operations Planning and Control -- Handling Variations in Demand -- Scheduling Operations -- Controlling Operations -- Quality and Its Control -- What Is Quality? -- Improving and Controlling Quality -- Case 13.1: Eddie & Company: Exceeding the Relevant Range -- ch. 14 Basic Financial Planning -- Profile: Carpe Diem -- What Is Profit Planning? -- How a Business's Financial Position Changes -- Tracing Changes in a Company's Financial Position -- Importance of Accounting -- What Is the Financial Structure of a Business? -- Assets -- Liabilities -- Owners' Equity -- Profit-Making Activities -- Revenue and Expenses -- Profit -- How to Plan for Profit in a Small Business -- Need for Profit Planning -- Steps in Profit Planning -- Need for Realism in Profit Planning -- Profit Planning Applied in a Typical Small Business -- Step 1: Establish the Profit Goal -- Step 2: Determine the Planned Sales Volume -- Step 3: Estimate Expenses for Planned Sales volume -- Step 4: Determine the Estimated Profit -- Step 5: Compare Estimated Profit with Profit Goal -- Step 6: List Possible Alternatives to Improve Profits -- Step 7: Determine How Expenses Vary with Changes in Sales Volume -- Step 8: Determine How Profits Vary with Changes Sales Volume -- Step 9: Analyze Alternatives from a Profit Standpoint -- Step 10: Select and Implement the Plan -- Case 14.1: Eillen Dorsey and Walter Hill, Jr., Use Financial Planning -- Case 14.2: The Need for a Cash Budget -- ch. 15 Budgeting and Controlling Operations and Taxes -- Profile: Allen Smith: eGo -- What Is Involved in Control? -- The Role of Control -- Steps in Control -- Setting Performance Standards -- Characteristics of Effective Control Systems -- Using Budgets to Communicate Standards -- Types of Budgets -- Preparing the Operating Budget -- Preparing the Cash Flow Budget -- Procedure for Planning Cash Needs -- Using Budgetary Control -- Controlling Credit, Collections and Accounts Receivable -- Other Types of Budgetary Control -- Using Audits to Control the Budget -- Obtaining and Using Performance for Control Purposes -- Obtaining the Information -- Comparing Actual Performance with Performance Standards -- Determining Causes of Poor Performance -- Evaluating the Finn's Financial Condition -- Some Important Ratios and Their Meanings -- Are Profits Satisfactory? -- Are Assets Productive? -- Can the Business Pay Its Debts? -- How Good Are the Business's Assets? -- Is Your Equity in the Business Satisfactory? -- Ratios Are Interrelated -- The U.S. Tax System -- Who Pays the Taxes? -- How Taxes Affect Small Businesses -- Get Professional Help! -- Types of Taxes -- Taxes Imposed on the Business -- Taxes and Fees Paid to Operate the Business -- Excise and Intangible Property Taxes -- State and Local Sales and Use Taxes -- Federal, State, and Local Income Taxes -- How the Form of a Business Affects Its Taxes -- Treatment of Federal Corporate Income Taxes -- Employment-Related Taxes -- Income Tax Withholding -- Social Security/Medicare Taxes -- Unemployment Compensation Insurance -- Workers' Compensation -- Personal Taxes Paid by Owners -- Taxes on Amounts Withdrawn from the Business -- Taxes on Amounts Received from Sale of the business -- Recordkeeping and Tax Reporting -- Maintaining Tax Records -- Reporting Your Taxes -- Credit Management -- Methods of Payment -- Setting Credit Policies -- Carrying Out Credit Policies -- Classifying Credit Risks -- Investigating Customers' Creditworthiness -- Establishing Collection Procedures -- Case 15.1 Theme Restaurants -- Case 15.2 How to Deal with Cash Flow Problems -- ch. 16 Using Computer Technology in Small Businesses -- Profile: The Rose bud Flowers and Gifts -- The Role of Information in Small Business -- Elements of a Management Information System (MIS) -- What Information Is Needed? -- Timing of Information Flow(s) -- Choosing an MIS -- The Role of Technology in Business -- The Laptop and Other Electronic Devices -- RFID and Inventory Control -- Strengths and Weaknesses of Computers for Small Firms -- The Internet -- Some Potential Problems with Computer Technology -- Computers Require Added Security -- Antivirus Programs -- Reluctance of Some Owners to Use Computer Technology -- Choosing Software, Hardware, and Employee Training -- Small Business and E-Commerce -- Internet Marketing -- Web Design -- The Seven Design Elements of the Customer Interface -- Text Marketing -- Facebook and Twitter -- QR Codes -- Case 16.1 Herman Valentine: Customizing Computers for Military Use -- Case 16.2 Switchpod.com -- ch. 17 Risk Management, Insurance, and Crime Prevention -- Profile: Dr. Jeffrey F. Van Petten: A Unique Entrepreneur -- Risk and Its Management -- Types of Risk -- Ways of Coping with Risk -- Insurance for your Business -- Using Insurance to Minimize Loss Due to Risk -- Types of Insurance Coverage -- Guides to Choosing an Insurer -- Crime Prevention to Protect People and Assets -- Armed Robbery -- Theft -- White-Collar Crime -- Document Security -- Safeguarding Employees with Preventive Measures -- Case 17.1 Beware of "Softlifting" -- Case 17.2 When Inventory and Sales Don't Balance -- Workbook for Developing a Successful Business Plan.
Subject(s)
ISBN
9780078029097 (pbk. : acid-free paper)
0078029090 (pbk. : acid-free paper)
Bibliography Note
Includes bibliographical references and index.
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