Business Operations and Implementation Flashcards

Flashcards on Business Operations and Implementation

The fund directly acquired in exchange for delivered goods and services.

Business Revenue

Monthly to yearly based contracts for a service and/or product.

Long Term Sales Contracts

Different sources of business income that support each other.

Multiple Revenue Streams

Important because of its impact on productivity and efficiency.

Process (Business Operations)

Depends on the processes made.

Staffing (Business Operations)

Varies in importance depending on the type of business.

Location (Business Operations)

Often has an impact on location and efficiency.

Equipment/Technology in Business Operations

Periodic assessments to ensure maximized operations.

Business Operations Analysis

Sustained delivery of goods/services at a cost less than the funds acquired.

Consolidating Recurring Income

Business Profitability (Income for Assets)

How much income it generates for assets business operations employ its business returns.

How much income it generates for revenue it realizes its business margin.

Business Profitability (Income for Revenue)

Offer product/service to a wider group or target demographic.

Expand Market (Growth Strategy)

Develop Brand (Growth Strategy)

A recognized, respected, and developed brand is highly commendable.

Management Systems: Show Growth Potential

Demonstrate potential for business growth.

Preserve and value intangible assets.

Management Systems: Maintain Intangible Assets

Safeguard and maintain physical business assets.

Management Systems: Protect Physical Assets

Involves desirability of goods/services, customer ability to pay, and control over production processes.

Securing Income and Assets

A document (hard copy or digital) that records business dealings.

Business Record

Generate recurring income, increase asset value, secure income and value.

Fundamental Management Imperatives

Monitors progress, prepares financial statements, identifies income sources, tracks expenses, prepares tax returns, etc.

Importance of Keeping Good Records

Balance sheet, income statement, statement of cash flow, statement of changes in equity.

Financial Statements

Valuable to decision of extension of credits and to make accurate billing

Account Receivables Record

Used to control the inventory items

Inventory Records

A liability record of the firm

Accounting Payable Record

Used in analysis of advertising effectiveness, market coverage, and profitability.

Sales Records

Basis for product costing and detecting lost profits/costs.

Production Records

Show the total payments pay to employees

Payroll Records

Show all receipts and disbursements made by the firm

Cash Records

Company’s individual trade with customers (accounts)

Accounts Receivable Ledgers

Contain company’s individual accounts with creditors

Accounts Payable Ledgers

Contain company’s list of all fixed assets.

Plant Ledgers

A person who records the day-to-day financial transactions of a business.

Bookkeeper

Primarily records the financial effects of transactions.

Bookkeeping

Records company’s sales.

Sales Journal (Sales Book)

Purchase Journal (Purchase Book)

Records company’s purchase.

Records company’s cash receipts.

Cash Receipts Journal (Cash Receipts Book)

Records company’s payments in cash.

Cash Payments Journal (Cash Payments Book/Cash Disbursement Book)

Records company’s transaction.

General Journal

A book of accounts.

Ledgers

Descriptive and chronological (diary-like) record of day-to-day financial transactions.

Daybook

A record of small value purchases before they are later transferred to the ledger and final accounts.

Petty Cash Book

A basic bookkeeping system.

Single-Entry System

A more complex bookkeeping system.

Double-Entry System

Journals

Chronological record of financial transactions before posting as debits and credits in the general ledger

Permanent summary of all amounts entered in supporting journal which list individual transactions by date

Ledgers

Deals mostly with accounts receivable account

Sales Ledger

Record of purchasing transactions

Purchase Ledger

The process of executing a plan into practice.

Business Implementation

A vital stage in business planning

Business Implementation

Involves establishing structures and activities needed to introduce a business into the marketplace

Business Implementation

Refers to the implementation of changes within the business.

Change (Importance of Business Implementation)

Focuses on improving the organization's effectiveness.

Organizational Development (Importance of Business Implementation)

Promotes collaboration among staff and management.

Increased Cooperation (Importance of Business Implementation)

Ensures that the business objectives are well-defined.

Clear Priorities (Importance of Business Implementation)

Facilitates progress and growth of the business.

Moving Forward (Importance of Business Implementation)

Get staff and management involved, invest in training, consider outside factors, open communication

Business Implementation Strategies

Establishing the business objectives, Defining and assigning the task needed to attain the set objectives, Setting out timeframe, Monitoring activities and progress

Activities in Implementing Business

Enumerate preparatory activities before actual operation, List steps in the preparatory stage of the project in a Gantt chart

Projected Timetable

An important part of the organization plan

Gantt Chart

A written document describing the business' objectives and how to achieve them.

Business Plan

Securing funding to support the business operations.

Negotiation for Financing

Legally registering the business entity.

Registration of Business

Building or renovating the business location.

Construction/Renovation

Purchasing necessary equipment and machinery.

Acquisition of Equipment

Obtaining furniture and fixtures for the business.

Acquisition of Furniture

Marketing and advertising efforts to create awareness.

Promotional Activities

Purchase of Raw Materials

Acquiring raw materials or merchandise.

Recruiting and hiring employees.

Hiring of Personnel

The beginning of business activities.

Start of Operation

Costs incurred in running a business.

Business Expenses

Goods or merchandise available for sale.

Inventory

Revenue generated from selling goods or services.

Sales

Earnings after expenses.

Income

Records of insurance policies.

Insurance Registers

Documents related to leased properties.

Leasehold Records

Records of business investments.

Investment Records

The more recurring income an asset generates, the more ______ it becomes.

valuable

The more valuable a product becomes the more ________ it generates.

recurring income

“The art of effective listening is essential to clear communication; clear communication is necessary to management success.”

James Cash Penney

“Leaders are made, they are not born. They are made by hard effort.”

Vince Lombardi