451449 Professional and Business Studies

1
451-449Professional and Business Studies

• Lecture 1
• Business management
• Ian Williamson

2
Overview of lecture

• Components of business management
• Cost of running a small business
• Feasibility of starting a business
• What makes a team successful

3
References

• Business Management Workshop CSV and ISV, 19-20
  April, 2001. Presented by Brent Gregory, Armidale
  and District BEC
• Small business www sites

4
Components of business management

• Strategic planning
• Business planning and budgets
• Personnel management including recruitment and
  training
• Financial management
• Technology and computing strategy including
  supplier strategy
• Marketing

5
Components of business management (cont)

• Total quality management and QA
• Research and development
• Professional associations and unions
• Risk management personnel, professional and
  insurance
• Health and safety
• Regulations and legal issues

6
Cost of running a small business

• If you wanted to earn 70,000pa how much would
  you need to charge as an hourly rate?
• Consider
• Salary on-costs
• Staff costs
• Equipment and motor vehicle
• Running costs
• Rent
• Cost of borrowing capital or cost of overdraft
• Fees billed and paid

7
Feasibility of starting a business

• Financial assessment
• Market assessment
• Production processes
• Personal checklist

8
Make a successful team

• A plan
• Do you know where you are going?
• Is that where everyone else is going?
• The right people
• Excellent communication
• Skill development
• Leadership

9
Remember successful business management is a
learned skill. Consider postgraduate education
and training if you wish to be a successful
manager.