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For your business...

The Many Functions of a Small Business Owner

Product & Service Management —Choose or develop products and services for the chosen market. Define ways that set your products/services apart from your competitors. Continuously update the products/services based on customers’interests and needs.

Marketing Management —Research your competitors, prospective customers, and possible locations for the business. Decide on the customer base to pursue and how best to reach them. Select a name for the business that is descriptive, distinctive and will give the image you want to project. Determine the image for all promotional work: a logo, professional stationery, signage, and advertising plans.

Sales Management —Determine a range of sales that is likely to be attained during the first year of operation, and a range goal for the next year. Research the market to determine what profits would be in line with the industry. Decide on prices that will not be too low, that will coincide with the market, and will make some kind of profit. Do a sales forecast and project cash flow for three years. Make the sale of the company’s products and/or services. Review the sales made and updated cash flow reports on a monthly basis.

Operations Management —Establish the day-to-day operations within the company, study the processes, and make improvements as needed.

Personnel Management —Determine the employee needs and what you can afford to pay, as well as what is competitive with the market. Hire and train necessary employees. Learn management techniques that will improve relations within the company or with customers.

Financial Management —Determine how much cash is needed to start the business and keep it functioning for at least two months before money comes in from customers. Stay on top of the company’s financial situation, making sure adequate funds are available to meet current bills and for future growth of the business.

General Management —Plan all facets of the business: what it will be, the organizational structure, goals and timetables, and monitoring all areas of management. Select the business form and make sure proper compliance is maintained with all regulatory entities: the IRS, the state, and localities. Decide on a bank and make any necessary loan arrangements. Obtain any necessary or desired investors. Obtain insurance coverage: Social Security, worker’s compensation, health and life (optional), and business liability. Choose a bookkeeping and accounting system. Determine any office equipment and basic office supply needs. Keep an inventory list updated with new equipment purchases, and a list of supplies needed.

Services We Offer

Steps in Starting a Small Business

Deciding on a Business Form

 


 

9415 E. Harry, Suite 603
Wichita, KS 67207
316.685.1040, 316.687.5590 fax

For additional services, visit:

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Criser, Gough & Parrish, LLC

Full-service tax, accounting and consulting services personalized to your needs.