Introduction

To manage means to plan, to direct, and to control. To manage a successful small business you need to combine reliable information, sound approaches, good business instincts, and previous experience in order to effectively direct and control your business.

You need to start with a clear understanding of all areas of your business operations. In the final analysis, only you can ensure that all tasks are carried out and that areas of strength and weakness are noted. This will enable you to exploit strengths and to reduce or eliminate weaknesses.

Once your small business reaches a certain size, you will benefit by delegating responsibilities and authority and by working with the suggestions of your management team and employees. You will also have to decide what management functions, such as bookkeeping or marketing, will be contracted to outside resources.

Your management approach will depend on your personal style and the current needs of the business. There are many management books, articles, and training materials available in libraries and bookstores. These can help you assess your own management skills and increase your awareness of successful approaches to managing a small business.

In this business guide, we will cover many important aspects of operating and managing a small business. The guide also includes information on how to stay in business through both good and difficult times. (See Appendix A)
In most cases, management considerations are the same for small retail, service, and manufacturing businesses. Where there are unique differences, these are outlined in separate chapters.

This publication should not be read in isolation. Key management areas of marketing, recordkeeping, and financial planning are covered in separate guides for small business which are also published and distributed by ED&T.