Managing a Business

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Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies.

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  • What is the importance of employee benefits?

    Q: What is the importance of employee benefits?

    A: Employee benefits are offered in order to meet state and federal compliance. Various kinds of benefits also serve to lure the best applicants to an organization and to retain existing workforce. It is important to maintain employee benefits as a means of loyalty and talent management.
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  • What is the meaning of "professional standards"?

    Q: What is the meaning of "professional standards"?

    A: According to the International Organization for Standardization, professional standards are specifications designed to make a specific industry more efficient and effective. The ISO 9000 for quality management is an example of a professional standard.
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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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  • What are the limitations of an e-business?

    Q: What are the limitations of an e-business?

    A: Some of the limitations of an e-business include technological dependence and minimal consumer interaction. Many consumers enjoy the thrill of shopping inside a store and being able to touch, see, smell and taste items of their choice, but an e-business blocks sensory consumer interactions. An e-business’s heavy dependence on technology poses the threat of sudden technical difficulties that can hinder business flow at any time.
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  • What are the advantages and disadvantages of a seminar?

    Q: What are the advantages and disadvantages of a seminar?

    A: Seminars can be advantageous because they provide an environment where participation is encouraged and group learning can take place. On the other hand, the organization of a seminar may not be conducive to some learning styles, and some participants' expectations may not be met adequately.
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  • What is employee motivation?

    Q: What is employee motivation?

    A: Employee motivation refers to the forces and reasons that inspire employees to engage in their work. Research shows that motivated and productive employees contribute to the company's profitability. Employers work to increase employee motivation because research indicates that motivated employees lead to increased work quality and improved attendance.
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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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  • 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 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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  • How do you manage a supermarket?

    Q: How do you manage a supermarket?

    A: Managing a supermarket is a challenging responsibility that requires thoroughness, keenness and professionalism on the part of management and the entire workforce of the business. Supermarket resources must be of standard quality, and the management must ensure they are used to profit the entity. A well-managed supermarket must have a smooth flow to its operations and a well-coordinated workforce.
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  • How does socio-cultural environment impact a small business?

    Q: How does socio-cultural environment impact a small business?

    A: According to the Houston Chronicle, the socio-cultural environment has an effect on a business' advertising and internal decision-making process. Businesses need to pay constant attention to changes in the socio-cultural environment in order to stay relevant in the minds of their consumers and gain competitive advantage.
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  • Why is strategic management important?

    Q: Why is strategic management important?

    A: Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies.
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  • What does management do?

    Q: What does management do?

    A: Managers typically function as the top supervisors in a specific department of an organization and carry out a variety of duties. Management directs and delegates tasks to employees, plans and organizes the scope of work for the department they oversee, and monitors the progress of assignments and projects. Managers also work as intermediaries between their reporting staff and the company's executive-level leadership.
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  • What is the best way to justify hiring additional staff?

    Q: What is the best way to justify hiring additional staff?

    A: The best way to justify hiring additional staff is to point out how important employees are for growth and customer service. Companies depend on employees to create, handle and sell products and service, and new employees are necessary for a company to meet its growth goals.
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  • What is the difference between staff and line agencies?

    Q: What is the difference between staff and line agencies?

    A: Line agencies, whether in public administration, the military or various businesses, are those departments within an organization which focus on the primary function and work of the organization, whose staff agencies are those departments which provide support to the line agencies. In business, production, sales and marketing are the key line agencies or departments. Staff agencies can include administrative support, human resources and legal departments.
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  • How can you start your own business?

    Q: How can you start your own business?

    A: To start a business, create a business concept, then develop a work space and a workforce. Research how to sell your product. Obtain the necessary funding, fulfill all legal requirements, and plan the path of your business for the coming year.
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  • What is recurrent expenditure?

    Q: What is recurrent expenditure?

    A: Recurrent expenditure refers to payments made by governments or organizations for all purposes except capital costs. Recurrent expenditure includes payments made on goods and services as well as interest and subsidies.
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  • How do you write a strategic plan?

    Q: How do you write a strategic plan?

    A: To write a strategic plan, write an organizational overview, and a mission and vision statement. Analyze the company's internal and external situation, and develop business growth goals. Explain performance metrics, and summarize the plan.
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  • What is the best small business to start during a recession?

    Q: What is the best small business to start during a recession?

    A: Three good small business ideas to start during a recession are a household cleaning service, dog poop cleaning service and neighborhood street curb address painting. All three of these businesses can be started with an investment of under $100. Cleaning homes, garages and yards is an evergreen business regardless of the economy. Hauling away unwanted junk is another option.
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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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  • How does one pick the employee of the month?

    Q: How does one pick the employee of the month?

    A: Choosing an employee for an Employee of the Month program is sometimes a challenging task. To aid in selecting the best candidate, one can put together a team of fellow employees, including managers and staff, to serve in an Employee of the Month committee. Strict monthly deadlines are required in order to plan a special presentation in honor of the winner.
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