Small Business Startup Checklist Establishment of a small business and successfully running it is definitely by no means a small achievement. It is a commendable achievement as entrepreneurs are the backbones of a country’s economy and its growth. Proper planning and understanding the significance of critical factors and determinants affecting a small business paves way for the smooth functioning of your enterprise. What are the prerequisites for running a small business? Any plan or idea to be transformed into a product or a service needs to be categorically put into experimentation and subject to inquiries. Prepare a detailed project report With the help of an external expert consultant get it appraised Let the product be innovative which has hitherto not hit the market, for instance flying cars Plan your geographical area of operations Go for a detailed market survey through questionnaires and giving out free samples Try to gauge the pulse of your target customers Launch your product at the right time Plan your marketing strategy regarding price and promotions Fix up proper capitalization that would meet your financial requirements. Definitely you have to bring in initial working capital of your own and don’t rely solely on bankers for the entire funding. Asset management, fixed capital and working capital management must be absolutely preplanned. Man power requirements -Right person for the right job and the appropriate number of persons needed to complete a job has to be planned. Their recruitment, selection, training and development forms part of the package. Location and Layout Most important criterion is the location and layout of your manufacturing facility. It should facilitate easy movement of materials to bring the product out to the market in the shortest possible time. Avoid bottlenecks or try to resolve them for smooth production. As we all know technology feeds on itself and more the delay, more competitors and better products throng the market. Keep in mind the end product should always reach the buyer or the consumer at the right time. Plan your re order level, delivery schedule and lead times in accordance with the orders in hand.   Picture Courtesy : Yourcityenterprise.com   Production Inputs Smooth supply of production inputs, uninterrupted supply of power, copious water supply, the nature of the soil( if your product is agro based), proximity to the market and transportation facilities have to be given due importance. Your product has to be compliant in such a way that it should not pollute the environment. So a proper waste disposal management system should be designed right at the start of your operations. Book-Keeping Proper book keeping and maintaining your accounts will please the tax authorities by which you create goodwill for your company and also keep your credit management under controllable limits. Any product centered around the consumer will be a hit and that is “marketing”. If you plan your success formula from your product that is “selling” that might not always be successful. Your distribution channels should be continuous with unbroken links and strong. The kind of self confidence that you exuberate makes you a reliable person and in the long run you become iconic. Technology Updates Businessmen have trained the customers to expect something new everyday, because such is the power of technology and the competitor force. So it is better to keep yourself updated with the latest technology available in the market. Take your product to your customers in a convincing manner by which it proves to be a win-win situation for both sides; profit making and customer satisfaction for the entrepreneur and buying products the money’s worth and the real benefits of the product for the...

MAN POWER PLANNING What is the meaning of man power development? This involves an accurate determination of the present and future man power needs of the enterprise. Also the assessment of the right kind of organization structure both present and projected which determines the number and kinds of managers and workers required, is called for.     ELEMENTS OF MAN POWER PLANNING:     1. Present Man Power Position Analysis: An assessment and evaluation of present man power position is the first step in the process which involves  data collection pertaining to name, age, educational qualification, training experience, specialized skills of the employees. This is done with the help of a man power inventory chart.   2. Man Power Inventory Chart: a) An overview of the present staffing situation of the company is known b) Prospective persons for promotion can be identified c) Future internal supply of human resource can be found out d) Lack of performance is pin pointed and either people can be replaced or trained suitably e) People on the verge of retirement are identified and plans are made to recruit suitable people to replace them f) People whose promotion is overdue but not implemented due  to internal politics can be identified and justice can be done by the management.     Pic Courtesy: SuccessFactors   3. Job Evaluation and Job Analysis: Job evaluation is a process to rate a job in the order of hierarchy and laying down specifications needed to carry out that job. This would high light the following information a) The nature of work done by the work force b) The method employed by them to do it c) The skills, education and training required to do it d) How a particular job is related to other jobs e) What are the physical environmental conditions to accomplish the task effectively After careful analysis a neat job description can be prepared for each job which would cover the following details.   4. Job Description: a) Name or title of the job b) Nature of duties and operations to be performed c) Authority, responsibilities and accountability d) Necessary qualification i.e., education, skills, training, experience etc.     Pic Courtesy: Indiamart   5. Assessment of Long term and Short term Goals: The goals whether short term or long term is decided by the market demand, and sales forecasts. Determining these goals gives the company a clear picture as to where it is headed for in the future and the kind of man power requirement to satisfy the enterprise objectives.   6. Demand of Supply of Personnel: The demand for Labor is very high as we all know and it is  inevitable for the organization to keep track in terms of man power inventory and requirement of present and future. You cannot hire any X, Y OR Z for a particular job. Inter departmental transfers can provide a temporary solution if a void is created for a specific position but it will not work out in the long run.   “The ultimate objective of man power planning is to fill the demand and supply...