MANAGING A BUSINESS

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Granting credit and collecting payments

A credit bureau is a company which collects and mantains credit history and sells information

Every person who has a credit, has a credit history

-choosing and hiring employees -training them -assigning them authorities and responsabilities -create organization charts -raw materials, machinary, equipment... -processes, activities and everyday operations

MANAGING A BUSINESS Management- Skillful use and coordination of all the business resources in a systematic and effective way to achieve particular goals

MANAGING EXPENSES, CREDIT & CASH FLOW

IMPROVING CASH FLOW

reduce cash paid out in salaries and wages. If practical, eliminate positions that are not needed and reduce the hours worked by part- time employees

make sure inventory is not lost, damaged

Not tie up cash in excess inventory

shorten the payment timie for customers using credit

Be insistent on collecting overdue payments

Not allow customers to buy on credit if they have overdue bills. Insist they pay in cash

offer discounts to people who pay by cash

collect payments as soon as possible

take advantage of trade credit offered by other businesses

FORECASTING CASH FLOW

3 Substract expected cash outflows from expected cash inflows

List and total expected outgoing cash payments for the next month

1 List and total any expected incoming cash payments over the next month

THE ROLE OF CREDIT

Credit terms

Creditor

MANAGING EXPENSES

Action

Knoledge

HOW TO MANAGE A BUSINESS

CONTROLLING

Ongoing process of setting performance standards, measuring actual performance, comparing it to standards

DIRECTING

Motivating employees for achieving goals. Interpersonal skill Team building

Delegating

Democratic

Authoritarian

ORGANIZING

Process of arranging and coordinating resources and tasks to achieve goals. It puts people and resources in the right place for maximize production and minimice costs.

PLANNING

OPERATIONAL PLAN

Everyday activities that will achieve the goals of the tecnical plan.

Usually done by low-level managers (supervisors)

TECTICAL PLAN

Specific major steps for carrying out the strategic plan. It includes target dates for acomplishing goals.

Usually done by mid-level managers

STRATEGIC PLAN

lays out a broad course of action for achieving an specific goal

Usually done by top-level managers