How to Run a Company
- Introduction to business management self-paced course
- Learn how to run a business.
- Establish a business or grow an existing one
- Learn from instructors with decades of accomplishment in the business world.
The abilities required for managing a small firm or a division within a bigger business are developed in this course. It was created by experts with many years of experience and covers a variety of topics to provide a solid basis for your management career.
You should only select one of these modules because it overlaps with the ones on business operations and starting your own business. Which one is best for you can be determined with our assistance.
Lesson Structure
There are 8 lessons in this course:
- Establishment Procedures
- The Business World
- Ways to Begin a Business
- Buying or Starting Up New
- Market, Location, Regulations
- Risks; emotional, financial
- Common Reasons for Business Failure
- Developing a 12 Month Plan
- Creating a Business Plan
- Motivation, Planning, Customers, Competitors, Promotion, Sales and Pricing, Employees, Premisis, Tax, Cashflow, Your Skills, etc
- Legislation and Business Law
- Legal Obligations
- Partnerships
- Contracts
- Types of Business
- Management Procedures
- Management Theory
- Economic View, Behavioural View, Stakeholder Theory
- Policies
- Management Influences
- Government Intervention
- Classical School of Management Theory
- Humanistic Management Theory
- Scientific or Contingency Approach to Management
- Systems Management
- Neo Human Relations Management
- Organisational Structures
- “Functional”, “Product/Market” and “Matrix” Structures
- Coordination
- Office Work
- Quality Systems
- Communication in Business
- Scope of Office Work
- Business Letters
- Customer Service
- Writing Procedures
- Clarity in Writing
- Causes of Confusion
- Concise Wording
- Examples of Quality Assurance
- Problem Solving
- Problem Solving Approaches
- Non Complience Procedures
- Staff Management
- Introduction
- Interviewing, Recruitment and Staff Induction
- Advertising
- Potential Candidates
- Interviews
- Job Specifications
- Management Styles
- Supervision
- Communicating with Employees
- Giving Orders
- Delegating
- Motivating Employees
- Security, ethics, gratitude, belief systems, etc
- Negative Motivators
- Space Management
- Time Management
- Viscious and Virtuous Cycles
- Staff Training
- Dealing with Complaints
- Workplace Health and Safety
- Work Sceduling
- Productivity
- Introduction
- Total and Partial Productivity Ratios
- Foundation Economics
- Goods, Resources, Performance Criteria
- Economic Laws
- Improving Results in Business
- Profitability Ratios
- Financial Management
- Introduction
- Liquidity
- Financial Records
- Steps in the Bookkeeping Process
- Basic Bookkeeping; Double Entry System, Ledger, Entrries resulting from Transactions, etc.
- Cash Flow
- Taxation
- Financial Assistance
- Insurance and Types of Insurance
- Financial Terminology
- Budgeting
- Costing
- Cost of Employing Labour
- Marketing Techniques
- Scope and Nature of Marketing
- Supply and Demand
- Market ResearchMaking Contact and Communicating with Potential Customers
- Convincing a Customer
- Developing an Advertizement or Promotional Message
Each lesson culminates in an assignment which is submitted to the school, marked by the school’s tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.
Aims
- Choose the right methods for the launch of a small business.
- Choose proper management practises for a small firm.
- Create protocols for small company suppliers and customers to follow while communicating.
- Create protocols for handling issues in a small business.
- Plan your small business’s personnel management strategy.
- Create plans for controlling output at a small business or division of a larger corporation.
- carry out many financial management duties utilised in departments of larger organisations or small businesses.
- Analyze the business marketing strategies employed.
How You Plan to Act
- Learn about the requirements for salary and working conditions for a list of jobs.
- Learn the steps and fees involved in registering a business name in your state.
- Learn the steps involved in forming a firm.
- Outline the legal prerequisites for establishing each business on the list.
- What are the contractual obligations and legal rights of the supplier and the client?
- Visit a workplace office, and take note of how the design of the office affects how well people execute their jobs there.
- Sketch up the configuration of personnel, furnishings, and equipment for an office.
- To learn more about quality assurance, get in touch with the standards organisation in your nation or the relevant government agency.
- Create a resource library of articles on office supplies.
- Interview a person who works for a company that sells.
- Examine three distinct workplaces to assess the issues facing small firms.
- observing the surroundings and conversing with some employees at two separate small business offices,
- Examine the function of unions in the workplace.
- Make contact with at least one workplace where employees’ working conditions have been established through business negotiation.
- Study productivity in two distinct small business settings that are part of the same sector and offer related or identical services or goods.
- Look into any alterations in the company environment that might have an impact on output or business goals.
- Research a company and write a management report on it.
- Examine investment alternatives with a financial advisor.
- Look into a reputable company. Consider the three distinct ways in which this company markets a product.
How Should a Company Be Organized?
One of the most important decisions you must make regarding your business is its legal structure. The most common types of business structure include:
- Sole proprietor/trader
- Partnerships
- Companies
- Trusts
To determine the most appropriate legal structure for your business will depend upon factors such as:
- The scale of the enterprise
- The quantity of participants
- which kind of business
- The price and complexity of starting a business
- Taxation-related factors
- financial factors, both now and in the future
- concerns for superannuation
- independence and management control
- Acceptability of meddling by the government
- the requirement for more knowledge
- Individuals’ risk/liability exposure
- What you personally prefer
What are the Options?
Solitary Traders
In the UK, there are a tonne of sole proprietorships operating. As the name implies, they can also be referred to as sole proprietors because just one person is the owner. Yet, since they would be workers rather than owners, the sole proprietor can still hire additional staff. There are a lot of benefits to starting your firm as a sole proprietor:
- Many different business types are suitable for this type of ownership.
- There is not a lot of paperwork to deal with, and it is simple and inexpensive to set up.
- Very minimal start-up cash is required if the type and location of the firm are well considered.
- The business is still completely under the owner’s control, and he or she is allowed to make choices alone.
- Unlike other business kinds that must file financial reports for public inspection, all business information is kept strictly confidential.
- The entire company’s profits are the owner’s to keep.
However, as with most things there are also disadvantages to setting up your business as a sole trader:
- perpetual responsibility This indicates that the sole proprietor is accountable for all debts made by the company. As a result, selling personal belongings would be necessary to pay off the business’s debts. Being a solo proprietor, there is no one else with whom to share the debts.
- capital shortage. Lack of finance makes it difficult for some lone proprietors to expand or simply maintain their businesses. Getting loans from banks and other financial institutions may be challenging since they pose a risk to lenders.
- Illness. There could not be anyone else to handle the business if the owner is ill or perhaps just wants to take a vacation, therefore sales and possibly profits are lost during this time.
- hours worked Long hours of effort are necessary to operate a profitable and effective business.
- Continuity. There could not be an interested buyer if the sole proprietor wants to sell his or her business. On a more macabre note, if the proprietor passes away, the company essentially vanishes.
- lack of expertise. The majority of business owners lack EVERY SKILL required to operate a company. As a result, it will be necessary to hire specialists, such as an accountant or business lawyer, which can be quite expensive.
- scale economies. Because sole proprietorships are frequently small, they are unable to benefit from economies of scale, such as bulk purchasing.
Partnerships
These business models are particularly prevalent in certain professions, including those of dentists, physicians, and solicitors, among others. Yet, as long as they meet the prerequisites, any business can establish a partnership. A partnership must have between 2 and 20 partners in order to be formed, while it is not required that each partner own an equal portion of the business. The majority decide to create a deed of partnership since a partnership is a more complex company structure than a sole proprietorship. The law stipulates that partners be always equal, regardless of the amount of capital they deposited, if the firm decides not to do this. So, having a deed of partnership is in everyone’s best interests.
Advantages of partnerships:
- The potential for more partners means that there is more capital available.
- A larger variety of abilities are readily available. The sample deed of partnership emphasises this above.
- Sharing the workload makes it simpler to cover sick days and vacations.
- Setup is simple and affordable.
- Financial details are kept private, just like with a lone proprietor.
- Other partners may join the effort if additional resources or talents are required. Some investors are content to contribute funds to the company without actively participating in its management. A sleeping buddy is the term for this kind of companion.
Disadvantages of partnerships:
- Each partner must receive a portion of the profits.
- Review the point mentioned in the lone proprietor disadvantages about unlimited liability.
- Disagreements. Conflicts are common and the partners may not always agree on crucial issues.
- a lack of capital Due to the infinite liability, raising capital through banks is challenging, much like with sole proprietorships. Although finding new partners can be difficult, they can be an additional source of funding. Each partner will likewise make less money as a result.
Companies
All businesses are required to disclose to their clients the legal name under which they conduct business, for example, Marks and Spencer PLC or Boots the Chemist Pty Ltd. This is frequently written on receipts and other official business papers.
Does Incorporation Occur?
Before a company may lawfully trade, it must go through a lengthy and expensive legal process. The Registrar of Companies will issue the firm with a Certificate of Incorporation if all the conditions of the procedure have been satisfied. A separate legal identity is created for the organisation by incorporation. The company and its owners are two entirely different entities in the eyes of the law. Hence, unlike sole proprietors and partnerships, the owners enjoy restricted responsibility. This means that the owners can only lose their initial investment and are not required to liquidate their personal assets in order to settle business obligations.
Launch a business or pursue a career in management
- What exactly does success entail?
- How do you make future plans?
- How can I earn money?
- Ways to enhance?
- How do you sell?
