| 
  • If you are citizen of an European Union member nation, you may not use this service unless you are at least 16 years old.

View
 

Operations section

Page history last edited by Kim Brand 8 years, 11 months ago

 

FrontPage 

 

Operations - Everything else, all of it working together :)

Kim Brand, 317-833-3000

Business Ownership Initiative

May 24, 2011

 

(Loosely based on the Core Four Business Planning Course Workbook)

 

Roughly speaking: Income Statement Stuff

 

  • Production/Manufacturing - Delivery of whatever it is you make or do: product or service - Widgets
  • Employees: paying people to work for you, managing people - this changes everything;
    • Interviewing, Assessment/Testing, On-BoardingEmployment Application, Culture
    • Independent contractors: great deal?, Reporting: 1099
    • Unemployment Insurance (Dept of Workforce Development) & Workman's Compensation Insurance
    • Training, Employee Manuals, Job Descriptions, Organization Charts, Acceptable Use Policies, Confidentiality, Assignments of Intellectual Property
    • Policies: Vacation, Holidays, Uniforms, Personal/Sick Days, Mileage reimbursement, Discipline, Retirement (401K,) Education & Health Benefits, etc.
    • Record Keeping: hours worked, performance reviews, raises
    • Withholding obligations: Income Tax (Municipal, County, State & Federal), FICA (Social Security,) Medicare, FUTA (Federal Unemployment)
    • Regulations: Wage & Hour, (Minimum Wage rules - note: family member exemption, overtime, etc.) EEOC, OSHA, Posters (see links here.)
    • Immigration, Discrimination, ADA (Americans with Disabilities Act,) FMLA (Family and Medical Leave Act), etc.
    • Retention issues, turnover 
  • Supply Chain, Logistics, Vendors, Inventory management
  • Bookkeeping
    • Sales, Billing, Deposits, Point of Sale Software
    • Cost of Goods Sold, Expenses 
    • Budgets, Dashboards: Ratios, Trends, Stupid Stuff
    • Sales/Use & Excise Taxes, Credit Card Fees
    • Withholding (Employer matching, Self Employment Taxes)
    • Distributions, Dividends 
    • Franchise Fees, License Fees 
  • Quality Control, Process Improvement, Customer feedback, Suggestion boxes
  • Banking (checking & savings,) Credit Cards, Financing (your customers)
  • Occupancy Issues, Rent, Facilities, Utilities, Information Technology
  • Advertising, Sales channel challenges
  • Industry affiliations, franchises, continuing education
  • Waste, Fraud, Mistakes, Force Majeure, Acts of God, Theft, Law suits, "When bad things happen to good people..." 

 

Roughly speaking: Balance Sheet Stuff

 

  • Form of Business: Proprietorship, Partnership, Corporation (Sub-S and C Corp,) Non-Profit, Limited Liability Company (LLC)
    • Assumed Business Name (for persons and/or general partnership)
    • Individual vs Shared ownership & risk, Creating another 'person' (entity) to do business
    • Dodging FICA (Social Security Tax,) Medicare, etc
    • Self Employment Tax
    • Unemployment Insurance 
  • Corporate Governance & Sustenance: Boards, Advisors, Shareholders, Maintenance, Dividends; Registered Agents
  • Compliance: Licensing, Zoning Requirements, Environmental, Labor Laws, Signs, Parking, Entity Reporting, 
  • Accounting: Bookkeeping Software
    • Accounts Receivable, Accounts Payable
    • Debt Service (again)
    • Inventory (again)
    • Profit or Loss,
    • Audits
    • Policies: Customer Service, A/R, etc.
  • Insurance Protection & Risk Management (Courtesy of Steve Wells, City Securities Corp.)
  • Banking (again:) Loans, Financing (your business,) 
  • Taxes: Income, Property, Gross Income, Use
  • Intellectual Property (Secret Sauce,) Trade Marks, Patents, Copyrights, Assignments
  • Marketing: websites, business cards, branding, blogging, e-mail, Customer Relationship Management (CRM)
  • Professional Advice: Attorneys & Accountants & Management Consultants of various kinds
  • Disaster Recovery, Business Continuity Planning, Procedures, Documentation & Archives (Pictures, Recordings, Videos, Documents)

 

 

Big Take-Away Messages:

 

  • Become a student of your market & industry, love it
  • Work *on* your business, not just *in* it
  • It's a business, not a child - your goal is to sell it
  • Feedback! - Feedback! - Feedback! (Employ a creative process of discovery.)

 

Miscellaneous Links

 

Indiana State Small Business Resources

Federal Small Business Resources

Accounting & Bookkeeping Resources

Employer Resources

Center for Entrepreneurship and Innovation, Oxford University, Free iTunes Lecture Series on Building a Business

Michael Gerber's E-Myth

Free Annual Credit Report

Zoho Books inexpensive ($24/mo) on-line accounting system

Microsoft Excel Templates: Statements of all kinds

Excel Balance Sheet Template and PDF

Excel Income Statement Template and PDF

10 Common Mistakes that Startup and Small Companies Make

10 Suggestions for Creating a Successful Startup 

My Five Mistakes seminar delivered to the Madison County Main Street Project

 

From the developers of the CoreFour Business Planning Course workbook:

 

Sample Business Plans

Lending Worksheet, includes the 5 Cs of Credit

Lending Case Study, includes a prototype lending request loan officer writeup - for the Case Study on Slide 10 of the Powerpoint Presentation

Sample Cash Disbursement Journal

Operations Powerpoint Presentation

From the Googleplex: Peter Sims, Little Bets: How Breakthrough Ideas Emerge from Small Discoveries

 

More Operations related topics you might not have thought about.

 

  • Training, Culture, On-Boarding
  • Productivity
  • Team building, uniforms
  • Security & Safety, Emergency Planning
  • Franchise Mentality: Measure everything, document everything
  • Liability insurance
  • Dashboard - Quality
  • Policies and Procedures, Employee Handbook
  • Banking relationships
  • Hiring - the disaster that bad/suboptimal employees can be 

 

 

Comments (0)

You don't have permission to comment on this page.