Small Business Management Flashcards
Empowerment
Increasing employees’ authority to take action on their own or make decisions
Management Functions
The activities of planning, leading, organizing, and controlling
Standard Operating Procedures
An established method of conducting a business activity
Budget
A document that expresses future plans in monetary terms
Job Description
A written summary of duties required by a specific job
Profit Sharing Plans
A percentage of profits is distributed to employees
Bricks and Mortar Location
The traditional physical store or location from which businesses have historically operated
Business Incubator
A facility that provides shared space, services, and management assistance to new businesses
Home-Based Business
A business that maintains its primary facility in the residence of its owner
E-Commerce
the paperless exchange of business information via the internet
Benchmarking
The process of studying the products, services and practices of other firms, and using the insights gained to improve quality internally
Productivity
The efficiency with which inputs are transformed into outputs
Reengineering
A fundamental restructuring to improve the operations process
