Encyclopedia

Small Business Encyclopedia
Management

Family Businesses

A business actively owned and/or managed by more than one member of the same family

Advisory Boards

A group of individuals who've been selected to help advise a business owner regarding any number of business issues, including marketing, sales, financing, expansion and so on; a body that advises the board of directors and management of a corporation but does not have authority to vote on corporate matters

Corporate Culture

A blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time

Government Contracts

Agreements that outline business transactions between companies and government entities

Benchmark

A standard or point of reference in measuring or judging the current value or success of your company in order to determine your future business plans

Delegation

The assignment to others of the authority for particular functions, tasks and decisions

Exit Strategy

The planned exit of an owner from their business

Mission Statement

A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies

Trade Association

An organization that represents the interests of the member firms of an industry

Owner's Salary

The wages a business owner pays himself for work done for the business

Selling Your Business

The process of putting your business up for sale by an individual or other company

Social Responsibility

Acting with concern and sensitivity, aware of the impact of your actions on others, particularly the disadvantaged

Succession Plan

The process of planning for the day a business owner decides to step down from their leadership role

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