When you decide to expand your business, which of the following activities should not be delegated:
Writing checks Signing checks Training employees Profit center responsibility
If you are using a commission plan to motivate an employee, you should be sure that:
The employee controls the pricing. The employer (you) controls the pricing.
The best place to find the most appropriate bonus (profit sharing) plan for your growing business is:
Your accountant McDonald's Your most successful competitor The library
One of the most important skills in managing your own business is knowing what to do when you get into trouble. When your business experiences an unexpected drop in sales, what is the FIRST step to take:
Reduce your prices to regain sales volume. Review and improve on the quality of your service or product. Look for ways to begin trimming expenses now.
If you find yourself in the position of not being able to pay your rent on time, you should:
Rather than writing a check that isn't good, postdate it to when you think it will clear. Wait until you have the funds and then send in the check even though it is late. Call your landlord and explain that you will be late and why. Tell him when the check can be expected and keep to this promise.
You plan to start a chain of convenience markets. The best way to find out how this business controls shrinkage and employee theft is to:
Join the Convenience Market Association. Take graduate courses in marketing management. Go to work for your most successful competitor. Create business systems to control these losses, based on your personal experience in the business.
The "cookie cutter" approach to expansion refers to:
Following the marketing method of your favorite cookie competitor. Working out all the problems of a pilot operation until it is profitable and then expand it by "cookie cutter" duplication. Trying different shapes and sizes of "cookie" concepts to produce a variety of expansion formats.
If your cash flow projection indicates a negative cash flow six months down the line, the FIRST remedy would be to:
Attempt to sell the business. Begin looking for alterative business opportunities. Bring your cash flow projection back into "positive" by increasing sales, cutting costs and obtaining financing.
If you open a second store (you are now a chain!) and sign a five year lease for $3,000 per month, you will create an obligation to pay:
$3,000 per month $180,000 $130,000
Good managers are most motivated by:
Incentive compensation based on the company earnings. Promotion to officer and vice president of the company. Incentive compensation based on the results of their own efforts.
