2ND GRADING: M1 Flashcards
principles that can be use in the management of a business
- HAVE A UALITY PRODUCT
- KNOW YOUR INDUSTRY AND COMPETITORS
- PROMOTE YOUR PRODUCT AND SERVICE
- BUILD GREAT STAFF
- UNDESTAND ORGANIZATIONAL STRUCTURE AND DESIGN
- USE CAPITAL AND CASH FLOW WISELY
- UNDERSTAND FUNDAMENTAL PRINCIPLES OF ACCOUNTING AND FINANCE
- RESPECT YOUR CUSTOMERS
considered the pride of the business.
quality of service and product
(have a quality of product)
one of the fundamental principle that help for easily differentiate and build customer satisfaction
have a quality of a product
know what the people want to buy
know your industry and competitors
study the fundamental of marketing through traditional, digital and media
promote your product and service
the most important asset to be in the business organization
employees
may contribute to the success and downfall of the business. There is a need to hire the right people and train these people in order to attain the mission and goal of the business.
build great staff
One should understand the basic knowledge of running the business effectively
understand organizational structure and design
look into the initial structure of the organization, the personnel and how activities, projects are being managed.
understand organizational structure and design
These factors may contribute on how to manage the business effectively and efficiently
understand organizational structure and design
the first requirement for a business to operate
capital
it is also important that there should be a positive cash flow in order to grow and develop.
use capital and cash flow wisely
There should be sufficient funds to pay the employees and expenses so products will be produced.
use capital and cash flow wisely
one must adhere to the regulations and laws that affect the business. Obtain the necessary permit and pay the tax.
understand the fundamental principles of accounting and finance
Customers may not be always right, but it is always a need to do whatever is right to keep them by providing quality product and services
respect your customers
According to __________ (2015) Here are some business principles used by small business in order to flourish
melinda emerson
what year melinda emerson published business principles used by small business
2015
what are the business principle use by small business according to melinda emerson
- have an entrepreneurial mindset
- strict fiscal discipline
- a kitchen cabinet advisors
- a defined brand
- a niche market
- excellent customer service
- cash position and good banking relationship
To develop a mindset for success, you must realize how your business and your life determines your reality.
have an entrepreneurial mindset
Entrepreneurs are not born but they are developed through determination and constant study and training.
have an entrepreneurial mindset
Business owners should always have an ________
entrepreneurial mindset
Successful businesspeople used budgets and realistic sales projection to run their business.
strict fiscal discipline
Businesspeople do not spend their money on activities if not budgeted.
strict fiscal discipline
They always monitor their sales.
strict fiscal discipline
practice in managing finance
strict fiscal discipline
Develop relationships with people who are entrepreneurs or businesspeople with positions to give great insight that help in the success of the business
a kitchen cabinet advisors
It is also helpful to include potential client in your conversations. Keep the company of smart people.
a kitchen cabinet advisors
our company, product and service is what makes a great brand
a defined brand
Protect your brand with necessary trademarks, patents, copyrights, logo, colors, design and packaging of your product.
a defined brand
enhances the performance, innovation, transparency of your company and it has the power to project a sense of social responsibility outside the company.
brand
the most important assets that a business can own.
- melinda emerson
brands
Successful small businesses owners understand that only a limited number of people will buy their product or service.
niche market
They only pursue marketing efforts toward the exact people they are targeting as customers. Having a narrowly defined group of customers is how they’ve built their business.
niche market
will keep customers coming back
excellent customer service
In today’s customer-oriented business environment, “people skills” are critical for small business success.
excellent customer service
On a day-to-day basis, successful entrepreneurs understand what their cash position is in terms of accounts receivable and accounts payable.
cash position and good banking relationship
