Managing a Business

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How Stuff Works explains that a payroll system is a financial system that a company establishes to calculate employee wages, keep track of working hours, withhold taxes and other deductions, and pay taxes to federal, state and local governments. The process begins with the first employee hired.

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  • What is the meaning of "organizational strategy?"

    Q: What is the meaning of "organizational strategy?"

    A: Organizational strategy refers to the actions and benchmarks a company puts in place to ensure that long-term goals are achieved. These plans list the necessary steps in a sequence that must be completed in order to make an idea into a reality. This process requires extreme oversight into every aspect of corporate operations and a grasp of the company's main audiences.
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  • What are the advantages of a flat organizational structure?

    Q: What are the advantages of a flat organizational structure?

    A: The primary advantages of a flat organizational structure in business include direct involvement of workers in the decision-making process, better communication flow, faster response times to business challenges, and an open, collaborative environment that promotes idea generation and innovation. A flat organizational structure is characterized by few or no levels of middle management between workers and a company's top executive according to Forbes.
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  • What are advantages and disadvantages of motivating employees with money?

    Q: What are advantages and disadvantages of motivating employees with money?

    A: Money is a useful tool for motivating employees, but results can be mixed and unexpected, including the advantage of boosting production and the disadvantage of encouraging possibly unethical behavior. It is wise to research all the possible results for a particular policy before implementing it.
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  • What is the purpose of an organization chart?

    Q: What is the purpose of an organization chart?

    A: The main purpose of an organization chart is to show the hierarchical structure, or chain of command, within an organization. It is a useful management tool that helps organize the workplace. In general, the charts place the top official or department at the head of the chart, with others following below in levels.
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  • What is the importance of project risk management?

    Q: What is the importance of project risk management?

    A: Risk management is an approach in which an organization explores identifies, analyzes and mitigates the risks that can affect a project, according to project-management.com. The purpose of risk management is to protect the project from financial, social, cultural, environmental and other related risks.
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  • What was the purpose of the "Open Door Policy"?

    Q: What was the purpose of the "Open Door Policy"?

    A: The purpose of the Open Door Policy was to give all nations equal rights when trading with China, according to the Encyclopaedia Britannica. It was initiated by the United States and aimed to both enhance global trade and to promote China's welfare and sovereignty.
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  • Why is quality control necessary?

    Q: Why is quality control necessary?

    A: Quality control is necessary to ensure that all products sold to customers are of the highest possible quality, according to Six Sigma Online from the Aveta Business Institute. During quality inspections, workers check for malfunctions, discolorations, potential hazards and other defects that can compromise the quality of the merchandise.
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  • What is administration?

    Q: What is administration?

    A: According to the Merriam-Webster Dictionary, administration refers to the activities that are related to operating an organization such as a company or a school; the collection of individuals who run an organization; or the part of a government that is identifiable with that government's leader. The medical definition of administration refers to executing something directly or doling out medication. The word was first used in the 14th century.
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  • What is a payroll system?

    Q: What is a payroll system?

    A: How Stuff Works explains that a payroll system is a financial system that a company establishes to calculate employee wages, keep track of working hours, withhold taxes and other deductions, and pay taxes to federal, state and local governments. The process begins with the first employee hired.
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  • What is an organogram?

    Q: What is an organogram?

    A: According to Cambridge Dictionaries Online, an organogram is a diagram that explains the relationship between different people in an organization. An organogram describes the jobs of each establishment at different levels and describes their relationships. A common name for organogram is organizational chart.
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  • What is the purpose of MIS?

    Q: What is the purpose of MIS?

    A: The primary purpose of a management information system, or MIS, is to assist managers in making strategic, tactical and operational decisions in an efficient and productive manner. It provides managers with essential information that is gathered from a variety of sources, pooled into a single database and compiled in a readable format.
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  • What does a managing director do?

    Q: What does a managing director do?

    A: A managing director is in charge of developing new business for the firm, ensuring customer satisfaction, employing and retaining workers and briefing the board of directors on the development of the firm. He wins and maintains new clients and also creates harmonious working conditions for all employees within the firm. A managing director runs the business on behalf of the board of directors.
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  • What does the administrative department do?

    Q: What does the administrative department do?

    A: An administration department is responsible for providing administrative aid in five areas of a business: information management systems, human resources, payroll, acquisition and communication. The goal of the administration department is to keep all departments within a business operating at maximum capacity.
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  • Why is stock control important?

    Q: Why is stock control important?

    A: Stock control is important because it prevents retailers from running out of products, according to the Houston Chronicle. Stock control also helps retailers keep track of goods that may have been lost or stolen.
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  • How are officers installed?

    Q: How are officers installed?

    A: Officers of corporations are appointed by the directors sitting on the board. The directors decide how many officers to install and the role each officer performs for the company. There are no specific requirements for being a corporate officer. Officers can also serve as company shareholders or directors.
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  • What is the formula for profit?

    Q: What is the formula for profit?

    A: The formula for profit is total revenue minus total expenses, resulting in net profit, according to Accounting Tools. Company finance officials review net income often to determine the viability of the company.
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  • What is a gemba walk?

    Q: What is a gemba walk?

    A: In business, a gemba walk is when a manager visits the site where the work is actually taking place. This is helpful for managers or supervisors to understand exactly where problems may exist in a location such as the manufacturing floor.
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  • Why is entrepreneurship important?

    Q: Why is entrepreneurship important?

    A: Entrepreneurship is important because it helps bring new products and ideas to the market. Some of the most important inventions only came to market because entrepreneurs took significant risks.
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  • How do you write a business plan format?

    Q: How do you write a business plan format?

    A: Writing a business plan format involves describing your company, analyzing the market you hope to serve, and describing your company structure. Include the products you plan to sell and financial projections for up to two years.
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  • What is the importance of business research?

    Q: What is the importance of business research?

    A: Business research helps business managers find new markets and make the most of their resources. They are important for start-ups and investors. Established businesses often use it to find new areas for growth.
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  • How do you write a staffing plan?

    Q: How do you write a staffing plan?

    A: A comprehensive staffing plan is essential for the successful running of a business, as finding the right staff levels in an organization is accompanied by the risks of over staffing and under staffing. In cases where an organization is under staffed, the employees feel stressed and overworked and productivity suffers, and the best producers may leave. When an organization is over staffed, many workers are idle and there is wastage.
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