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Sample essay topic, essay writing: Small Business Setup - 1415 words

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.. l depend on the type of contract you are competing for and your market. In the construction business competing for the jobs in your market area is done with bids. The two different types of contracts are public bids, or negotiated bids. For public competitive bids pricing is the primary marketing emphasis, and for negotiated bids contacts are most important.

Getting to know other contractors in the area is very important for your business. The relationships developed will enhance opportunities for networking which allows small firms to increase their capabilities by pooling knowledge and other resources together. It also allows one to specialize, and limit the size and scope of the business investments required. For the construction business, placing the 'product'; consist of finishing the project on time in accordance with the estimate. The better your construction firm places the product, the better your reputation

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This effort is very much dependent on both the skills of the estimator, and skills of the employees and quality / clarity of the contract, and also the management skill of the firm, and will have a strong impact on your ability to obtain contracts in the future. A good business plan that is updated periodically makes the most powerful financing proposal a small business can have. A logically arranged and reasonably complete business plan is essential for operating and growing a business in well controlled way. A good plan serves your needs for business analysis, provides a financial forecast based on your rational assumptions about the future. Budgeting guidelines, including a working capital budget and a break-even analysis, help determine the amount and kinds of financing most appropriate for your business.

A good plan also helps you present your needs to financing sources. Useful and persuasive information about your business is what lenders and investors need to make swift, accurate and helpful decisions. There are many suggested outlines accessible available. The best are flexible and can be tailored to your own needs. The following is a good example:Outline of a Business Plan Cover sheet: Name of business, names of principals, address and phone numbers Statement of purpose Table of contentsSection One: The business A. Description of Business B. Product/Service C. Market D. Location of Business E.

Competition F. Management G. personnel H. Application and Expected Effect of Loan (if needed) I. SummarySection Two: Financial Data A. Source and Applications of Funding B. Capital Equipment List C.

Balance Sheet D. Break-Even Analysis E. Income Projections (Profit and Loss Statements) 1. Three-year summery 2. Detail by month for first year 3. Detail by quarter for first and third years 4.

Notes of explanations F. Cash Flow Projection 1. Detail by month for first year 2. Detail by quarter for second and third years 3. notes of explanation D. Deviation Analysis H. Historical Financial Reports for Existing Business 1. Balance sheets for past three years 2.

Income statements for past three years 3. Tax returnsSection Three: Supporting Documents A. Personal resume B. Personal balance sheets C. Cost of living budget D. Credit reports E.

Letters of reference F. Job descriptions G. Letters of intent H. Copies of leases, contracts, legal documents To summarize there are three key reasons that a begging business owner should go though the trouble of writing a business plan. The first one, is the process of putting a business plan together, including the thought you put in before beginning to write it.

This forces you to take an objective, critical, unemotional look at your business project in its entirety. Also your finished business plan is good operating tool which, if used properly will help you manage your business and work effectively towards its success. Furthermore the completed business plan communicates your ideas to others and provides the basis for your financing proposal. As you can see a well thought out business plan can be a very useful tool for your new company. Let's now look at the issue of location.Location is a key to help your business to make money. When you first start your business, first try to locate the ideal site, the figure out how close you can come to it.

The business owner can get information about specific areas from a local Chamber of Commerce, industrial development commission (they can give you information about tax breaks and financing incentives for business which will employ substantial numbers of people in towns under their commissions), trade sources such as magazines and associations, planning commissions, bankers, and lawyers. For a construction company, the better the owner know the area, the better knowledge he/she will have of where the work is. Also the better that they know the local community people, the more popular they will be when it comes time for work to be done. If you have a good reputation as a competent and courteous professional, the better your potential of being chosen to do the required work. One should not establish a business in a given location simply because the price is low.

Rent and purchase price, are fixed by market forces, and a low price usually reflects desirability. For a construction business this might not be a problem due to the large equipment that the industry requires and the potentially ugly material that sometimes get stored at the business center. The bottom line is that the three most important success factors are said to be location, location and location. Now lets cut to the heart of success.Poor management has been identified as the number one killer of small businesses. The key role of management is that it provides leadership and guidance.

After establishing goals and objectives for the firm, it then becomes necessary to formulate policies, which are in keeping with those goals, and to communicate those policies to all members of the company. Organization and management planning consists of an operating structure for the company with firm lines of authority, responsibility, and accountability clearly stated. One good way to clearly state this is by distributing organizational charts and job descriptions to all the employee's. A clear outline of a particular employees responsibilities is even more fundamental for the small business because the individual will be forced to assume several functions with correspondingly large demands on their time. The ability to delegate becomes a critical step in management.

The first step in preparing the organizational chart is performing work analysis. A work analysis is the organization and understanding of all the jobs that need to be done within your company. After understanding the vital activities that need to be accomplished, staffing considerations become very important. Being able to hire the best person for the job will help your business grow and become successful. As mentioned earlier, the estimator can be the key person that gets the contracts or not, so letting him/her understand the importance of their position can help you out. The chart is not static, but should be continually updated to reflect growth and change within the company.

A principal management role is to keep the companies energy and efforts focused on the long-term goals and objectives. Performance of the company should be evaluated in relation to these goals. Some of the other smaller but still important details that have to be taken into consideration are a business checking account, business telephone line, and announcements. It is very important to have you business account separate from your personal account. The bank will require a stamped and certified DBA certification or a copy of your corporation papers with your corporate seals affixed.

Also it is important to have a business telephone line installed. This will require approximately a $200 deposit to have the line installed. By having a business telephone line you are entitled to a business listing in the yellow pages. Also consider an answering machine or answering service for calls that come in during you absence. It is also helpful to send announcements of your business start-up to the media, potential customers and friends.

Starting a business is an extremely complex process that is crucial to its success.Most of the aspects have been covered in the above, but there are many more little things that may need to be considered depending on the uniqueness of the business. There are many helpful sources, which will help an individual obtain information on how he/she should start their own business plans. The better organized an individual goes into a business start up the better prepared they will be for the many complicated decisions that will arise in the future.

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