Small Business Management is important for any business to succeed, There are management software which could help you a lot and change your way of thinking.
Business project management needs to be managed the same as a large business but in my opinion, a small business is harder to manage because you will have limited resources and budget.
I will guide you on this topic and I will tell you the effective methods, steps, and project management software to have a successful business.
I will not tell you complicated theories of small business management but I will try to be practical and give you ideas, solutions, and free template management software to start or enhance your own business. Mainly to have a successful business project management you need to plan before you start.
Before you start your small business:
Before starting your business you should do a very simple feasibility study to check if your small business will result in a profit and what is the capital amount of money you need to invest.
See the free business project management template I prepared for you. Feasibility Study Template for Small Business Management (see figure below) I divided the project into two phases, the construction phase in which you will be preparing the office and decoration and so or and mainly this phase without any income to you then the project running phase which will include some income and profit.
We need to spend 1500 $ in the first month of our project, 1750 $ in the second month, and 4850 $ in the third month without any income. This means you need to have in your pocket 8100$ as capital money ready to be invested to start this project.
The project will not result in a profit until month no. 6 . In month number 7 you will start getting profit as per our feasibility study the project will reach a 19,200 $ profit by month no. 10 after deducting all out cash and this statement is called cash flow.
Download the Small Business Feasibility Study Excel Template
Ready to start what is next:
The most important thing in my opinion to commence a small business is to choose something you like, not necessarily the most potential income business is the most successful one. Just try to be different and produce a product for the market that you feel you are proud of.
Start searching for your potential competitors before you start and make your plan to be different. Maybe in very simple things like small gifts or free home delivery or establishing a website showing all your products.
Choose carefully your employers and give them the spirit of teamwork and sharing profits, Remember Small business management relies on employers’ performance and is considered a very important factor in your success.
Keep improving your small business and evaluate your business from the customer’s point of view. Best ways of marketing when a customer recommends you to another.
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