Foundations Chapters 9&10 Flashcards
What is an executive summary?
A summary of your plan and list of your objectives.
A long term picture of what the business is to become and what it will look like when it gets there is a….
Vision Statement.
What is a mission statement?
A formal summary of the aims and values of a company, organization or individual.
An organizational plan is..
An outline of employee and management levels and a description of how the business will run administratively.
A detailed plan outlining a business’s strategy to promote and sell its products or services.
Marketing Plan
What are financial documents?
Projected financial statements and current statements.
What are supporting documents?
The owner’s resume, personal financial information, legal contracts, and any other agreements.
Policies that a business should adhere to and that ensure that all clients and employees are treated fairly and consistently.
Business Policies
Type of business ownership where a sole proprietor is the individual owner and manager of the business , who determines policies and has the last say in decision making, as well as assumes expenses, receives profits, and bears all losses.
Individual Ownership.
Define a business partnership.
Two or more people share ownership, not necessarily equally. Going into partnership increases capital or money to invest in a business and/or to have help running your operation.
What is a corporation?
An ownership structure controlled by one or more shareholders. Corporate business structures saves you money in taxes, provides greater business flexibility, and makes raising capital easier.
A _________ is a form of business organization in which a firm that is already successful enters into a continuing contractual relationship with other businesses operating under the ___________ trade name in exchange for a fee.
Franchise and Franchisor’s
What are 5 guidelines for meeting clients’ needs?
- Put others first 2. Be true to your word 3. Be punctual 4. Be a problem solver 5. Be a lifelong learner
What are 3 principles of selling products and services?
- Be self-confident when recommending products for sale 2. Generate interest and desire by asking questions that determine a need 3. Never misrepresent your services or products
How should you use social media to build your reputation and attract new clients?
Make your business account a place to share beauty and wellness tips, trends, and shop information and promotions. Showcase your work by posting before and after photos and allow clients to recommend you by your account.
How would you build clientele with a business card referral system?
Make your business cards with a place for your client to put their name. If a client is very satisfied with their services, give them multiple cards to write their name on and ask them to refer their friends or associates to you. When you receive back a card with that clients name on it, offer them 10% off their next service or a free add on.
What are 4 general decisions made before opening a shop?
What products to use and carry? What types of marketing and promotions will you employ? What’s the best method and philosophy for running the business and creating a culture? Whom will you hire if you need additional staff?
What should you consider when choosing a location for a business?
Select a location with good visibility, high traffic, easy access, sufficient parking, and handicap access.
