Small Business Management An Entrepreneurial Emphasis (with CD-ROM and InfoTrac),9780324226126

Small Business Management An Entrepreneurial Emphasis (with CD-ROM and InfoTrac)

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Edition: 13th
ISBN13: 9780324226126
ISBN10: 0324226128
Format: Hardcover
Pub. Date: 2005-01-06
Publisher(s): South-Western College Pub
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Summary

Small Business Management, with its loyal following and great package, is far and away the market leading text in small business and has been for many years. It is a proven text, comprehensive in its approach, with the best fully integrated content, graphics, and resources devoted to business plan development. SBM has always been a step ahead of the competition (first to cover family businesses and first to integrate computer technology for small business) and continues to provide innovative coverage in each new edition. Increasingly adopted in hybrid courses that combine small business management and entrepreneurship and in standalone entrepreneurship courses, SBM shows aspiring business owners not only how to start a business but how to grow one.

Table of Contents

Preface xiv
About the Authors xx
Part 1 Entrepreneurship: A World of Opportunity
1(46)
The Entrepreneurial Life
2(22)
In the Video Spotlight: Cafe Pilon
2(1)
Entrepreneurial Opportunities
3(3)
Three Success Stories
3(2)
Evidence of Opportunities
5(1)
Entrepreneurship and Small Business
6(1)
Who Are the Entrepreneurs?
6(1)
What Is Small Business?
6(1)
The Payoff of Entrepreneurship
7(3)
Make Money (Profit)
8(1)
Be Your Own Boss (Independence)
8(1)
Escape a Bad Situation (Freedom)
8(1)
Living the Dream: Engineers Become Entrepreneurs
9(1)
Enjoy a Satisfying Life (Personal Satisfaction)
9(1)
Contribute to the Community (Personal Fulfillment)
9(1)
The Many Varieties of Entrepreneurship
10(3)
Founder Entrepreneurs Versus Other Business Owners and Franchisees
10(1)
High-Potential Ventures Versus Attractive Small Firms and Microbusinesses
10(1)
Entrepreneurial Teams
11(1)
Artisan Versus Opportunistic Entrepreneurs
11(1)
Living the Dream: The Guitar Man
11(1)
Women Entrepreneurs
12(1)
The Winning Hand of Entrepreneurship
13(2)
Customer Focus
13(1)
Quality Performance
13(1)
Living the Dream: A Customer-Oriented Body Shop
14(1)
Integrity and Responsibility
14(1)
Innovation
14(1)
Special Niche
15(1)
Getting Started
15(2)
Age and Entrepreneurial Opportunity
15(1)
Living the Dream: A Teenage Entrepreneur
15(1)
Characteristics of Successful Entrepreneurs
16(1)
Taking the Plunge
16(1)
Growing and Managing the Business
17(1)
Success in Business and Success in Life
17(7)
Looking Back at an Entrepreneurial Career
17(1)
Evaluating Accomplishments
17(1)
Winning the Wrong Game
17(1)
Crafting a Worthy Legacy
18(1)
Beginning with the End in Mind
19(5)
Entrepreneurial Integrity: A Gateway to Small Business Opportunity
24(23)
In the Video Spotlight: Diversified Chemical
24(1)
Integrity and Entrepreneurship
25(2)
What Is Integrity?
25(2)
Doing the Right Thing
27(1)
A Framework for Integrity
27(7)
Promoting the Owners' Interests
29(1)
Respecting Customers
30(1)
Living the Dream: The Best Leader Is a Great Servant
31(1)
Valuing Employees
32(1)
Social Responsibility and Small Business
33(1)
Governmental Laws and Regulations
34(1)
The Challenges and Benefits of Acting Ethically
34(2)
The Vulnerability of Small Companies
34(1)
The Integrity Edge
35(1)
Integrity in an Expanding Economy
36(2)
Integrity and the Internet
36(1)
International Issues of Integrity
37(1)
Building a Business with Integrity
38(4)
A Strong Foundation
38(1)
Living the Dream: A Healthy Diet of VeggieTales
39(1)
Leading with Integrity
39(1)
A Supportive Organizational Culture
40(1)
Better Business Bureaus
41(1)
Environmentalism---Cost or Opportunity?
42(5)
The Burden of Environmentalism
42(1)
The Potential of Environmentalism
42(1)
Living the Dream: Going Green Can Cost You Greenbacks
43(4)
Part 2 Starting from Scratch or Joining an Existing Business
47(68)
Getting Started
48(24)
In the Spotlight: Recycline, Inc.
48(1)
Identifying Startup Ideas
49(1)
Creating a New Business from Scratch
50(2)
Finding Startup Ideas
52(4)
Types of Startup Ideas
52(1)
Sources of Startup Ideas
52(1)
Living the Dream: Reflective Technology Saves Dog
53(3)
Using Internal and External Analyses to Evaluate an Opportunity
56(5)
Outside-In Analysis
56(3)
Inside-Out Analysis
59(1)
Integrating Internal and External Analyses
60(1)
Selecting Strategies That Capture Opportunities
61(5)
Broad-Based Strategy Options
61(1)
Living the Dream: Frenchman Serves Italian Pizza in China
62(1)
Focus Strategies
63(2)
Living the Dream: A Bad Case of Puppy Love
65(1)
Putting It All Together
66(6)
Franchises and Buyouts
72(22)
In the Video Spotlight: Auntie Anne's
72(1)
The Pros and Cons of Franchising
73(5)
Advantages of Franchising
73(1)
Living the Dream: Got Junk?
74(2)
Living the Dream: Are You Ready to Work?
76(1)
Limitations of Franchising
76(2)
Franchising Options and the Structure of the Franchising Industry
78(2)
Franchising Options
78(1)
The Structure of the Franchising Industry
79(1)
Evaluating Franchise Opportunities
80(5)
Selecting a Franchise
80(1)
Investigating the Potential Franchise
80(1)
Living the Dream: College Brothers Are Smoothies
80(1)
Living the Dream: A ``Diamond'' of a Franchise
81(3)
Finding Global Franchising Opportunities
84(1)
Considering Legal Issues in Franchising
84(1)
Buying an Existing Business
85(9)
Reasons for Buying an Existing Business
85(1)
Finding a Business to Buy
86(1)
Investigating and Evaluating Available Businesses
87(1)
Valuing the Business
88(1)
Nonquantitative Factors In Valuing a Business
88(1)
Negotiating and Closing the Deal
89(5)
The Family Business
94(21)
In the Spotlight: Aquascape Designs Inc.
94(1)
The Family Business: A Unique Institution
95(4)
What Is a Family Business?
95(1)
Family and Business Overlap
96(1)
Competition Between Business and Family
96(2)
Living the Dream: Family First and Business Second---in a Way That Works
98(1)
Advantages of a Family Business
98(1)
The Culture of a Family Business
99(3)
The Founder's Imprint on the Culture
100(1)
Cultural Patterns
100(1)
Culture and Leadership Succession
101(1)
Family Roles and Relationships
102(3)
Mom or Dad, the Founder
102(1)
Husband--Wife Teams
102(1)
Sons and Daughters
103(1)
Living the Dream: Kids Will Be Kids---but Not Always Employees
103(1)
Sibling Cooperation, Sibling Rivalry
104(1)
In-Laws In and Out of the Business
104(1)
The Entrepreneur's Spouse
104(1)
Professional Management of the Family Firm
105(3)
The Need for Good Management
105(1)
Nonfamily Employees in a Family Firm
106(1)
Family Retreats
106(1)
Family Councils
107(1)
Family Business Constitutions
107(1)
The Process of Leadership Succession
108(7)
Available Family Talent
108(1)
Living the Dream: A Formal Wear Feud
108(1)
Stages in the Process of Succession
109(2)
Reluctant Parents and Ambitious Children
111(1)
Transfer of Ownership
111(4)
Part 3 Developing the New Venture Business Plan
115(170)
The Business Plan: Visualizing the Dream
116(24)
In the Video Spotlight: Jagged Edge
116(1)
An Overview of the Business Plan
117(4)
What Is a Business Plan?
117(1)
Do You Really Need a Plan?
118(1)
Two Types of Business Plan
119(1)
Living the Dream: A Lesson from the Internet: Under-Promise and Over-Deliver
119(1)
Living the Dream: Business Planning on the College Campus
120(1)
Telling the Story to Others
121(3)
Attracting Investors
121(1)
Living the Dream: An Effective Presentation Makes the Difference
122(1)
Understanding the Investor's Perspective
122(2)
Preparing a Business Plan
124(8)
Formatting and Writing a Business Plan
124(1)
Deciding on the Content of a Business Plan
125(6)
What Not to Do
131(1)
Resources for Business Plan Preparation
132(1)
Computer-Aided Business Planning
132(1)
Professional Assistance in Business Planning
132(1)
Keeping the Right Perspective
133(7)
The Marketing Plan
140(22)
In the Spotlight: Harvest Ventures
140(1)
What Is Small Business Marketing?
141(2)
Marketing Philosophies Make a Difference
142(1)
A Consumer Orientation---The Right Choice
142(1)
The Formal Marketing Plan
143(3)
Market Analysis
143(1)
The Competition
144(1)
Marketing Strategy
144(2)
Living the Dream: Be Flexible
146(1)
Marketing Research for the New Venture
146(5)
The Nature of Marketing Research
147(1)
Living the Dream: Launching Lashpro
147(1)
Steps in the Marketing Research Process
148(3)
Understanding Potential Target Markets
151(3)
Market Segmentation and Its Variables
151(1)
Marketing Strategies Based on Segmentation Considerations
152(2)
Living the Dream: Solving the Puzzle
154(1)
Estimating Market Potential
154(8)
The Sales Forecast
154(1)
Limitations to Forecasting
155(1)
The Forecasting Process
156(6)
The Human Resource Plan: Managers, Owners, Allies, and Directors
162(24)
In the Video Spotlight: Tires Plus
162(1)
Building a Management Team
163(2)
Living the Dream: Two Heads Are Better Than One
164(1)
Achieving Balance
165(1)
Specifying Structure
165(1)
Choosing a Legal Form of Organization
165(11)
The Sole Proprietorship Option
165(1)
The Partnership Option
166(3)
Living the Dream: When Doing Less Is Worth More
169(1)
The C Corporation Option
170(1)
Criteria for Choosing an Organizational Form
171(1)
Living the Dream: Simplicity Can Be Costly
172(2)
Specialized Forms of Organization
174(2)
Forming Strategic Alliances
176(2)
Strategic Alliances with Larger Companies
176(1)
Strategic Alliances with Small Companies
176(1)
Setting Up and Maintaining Successful Strategic Alliances
177(1)
Living the Dream: Monks Close to Death
177(1)
Making the Most of the Board of Directors
178(8)
Contributions of Directors
179(1)
Selection of Directors
179(1)
Compensation of Directors
180(1)
An Alternative: An Advisory Council
180(6)
The Location Plan
186(18)
In the Video Spotlight: Nicole Miller Company
186(1)
Locating the Brick-and-Mortar Startup
187(5)
The Importance of the Location Decision
187(1)
Key Factors in Selecting a Good Location
187(3)
Living the Dream: Staying Home
190(2)
Living the Dream: From High Tech to Low Tech
192(1)
Designing and Equipping Physical Facilities
192(1)
Challenges in Designing the Physical Facilities
192(1)
Challenges in Equipping the Physical Facilities
192(1)
Building Image
193(1)
Locating the Startup in the Entrepreneur's Home
193(3)
The Attraction of Home-Based Businesses
194(1)
The Challenges of Home-Based Businesses
195(1)
Technology and Home-Based Businesses
196(1)
Locating the Startup on the Internet
196(8)
What Is E-Commerce?
196(1)
Benefits of E-Commerce to Startups
196(1)
E-Commerce Business Models
197(2)
Living the Dream: Student Entrepreneur Turns to ``Blogging''
199(5)
The Financial Plan, Part 1: Projecting Financial Requirements
204(32)
In the Spotlight: DailyCandy
204(1)
Understanding Financial Statements
205(12)
The Income Statement
205(3)
The Balance Sheet
208(2)
Living the Dream: Are Your Employee Meetings Like This One?
210(2)
The Cash Flow Statement
212(3)
Living the Dream: Want to Succeed? Then Understand Your Financial Statements
215(1)
Living the Dream: Profits Are Good, but Cash Is Essential
216(1)
Interpreting the Cash Flow Statement
216(1)
Financial Forecasting
217(10)
Forecasting Profitability
218(1)
Living the Dream: Advice for the Starry-Eyed Entrepreneur: Do Your Homework
218(1)
Forecasting Asset and Financing Requirements and Cash Flows
219(3)
Living the Dream: Think About Personal Finances, Too
222(5)
Good Forecasting Requires Good Judgment
227(5)
Appendix 10A: Computing Cash Flows for Petri & Associates, Inc.
232(3)
Appendix 10B: Cash Flow Statements for Cameron Products, Inc.
235(1)
The Financial Plan, Part 2: Finding Sources of Funds
236(28)
In the Video Spotlight: We'll Show You the Money
236(1)
The Nature of a Firm and Its Financing Sources
237(2)
A Firm's Economic Potential
237(1)
Company Size and Maturity
237(1)
Types of Assets
237(1)
Living the Dream: Can't Get It Done the Traditional Way? Try Bootstrapping
238(1)
Owner Preferences for Debt or Equity
239(1)
Debt or Equity Financing?
239(4)
Potential Profitability
239(3)
Financial Risk
242(1)
Voting Control
242(1)
Living the Dream: Debt or Equity? You Have to Choose
243(1)
Sources of Financing
243(21)
Sources Close to Home
244(1)
Living the Dream: To Raise Money, Invest Money---and Time
245(2)
Living the Dream: A Risky Source of Financing, but Sometimes Necessary
247(1)
Bank Financing
247(1)
Living the Dream: Plastic Can Be Very Expensive
248(2)
Living the Dream: Buy or Build?
250(3)
Living the Dream: Beware of Loan Covenants
253(1)
Business Suppliers and Asset-Based Lenders
253(1)
Private Equity Investors
254(2)
The Government
256(1)
Living the Dream: Mezzanine Financing
256(2)
Where Else to Look
258(6)
The Harvest Plan
264(21)
In the Spotlight: Type A Multimedia Network
264(1)
The Importance of the Harvest
265(1)
Methods of Harvesting a Business
266(7)
Selling the Firm
266(1)
Living the Dream: Success Means Making a Difference
266(2)
Living the Dream: A Close Look at an LBO
268(1)
Releasing the Firm's Cash Flows
269(1)
Living the Dream: The Employee Learning Curve in an ESOP
269(1)
Going Public
270(1)
Living the Dream: Success Means Balancing Work and Family
270(2)
Using Private Equity
272(1)
Living the Dream: The Harvest: Easier Said Than Done
272(1)
Firm Valuation and the Harvest
273(3)
The Harvest Value
273(1)
Living the Dream: Success Means Independence
274(1)
The Method of Payment
275(1)
Living the Dream: Accepting Stock for Payment Can Be Risky
275(1)
Developing an Effective Harvest Plan
276(5)
Manage for the Harvest
276(1)
Living the Dream: Good Accounting Contributes to a Good Harvest
277(1)
Expect Conflict---Emotional and Cultural
277(1)
Living the Dream: Success Means Making Money
278(1)
Get Good Advice
278(1)
Understand What You Want
279(1)
Living the Dream: Harvesting Is About More Than Money
279(1)
Living the Dream: Success Means Loving Your Work
280(1)
What's Next?
281(4)
Part 4 Focusing on the Customer: Marketing Growth Strategies
285(112)
Customer Relationships: The Key Ingredient
286(20)
In the Video Spotlight: Texas Jet
286(1)
What Is Customer Relationship Management?
287(2)
The Importance of CRM to the Small Firm
288(1)
Essential Materials for a CRM Program
288(1)
Creating Transactional Relationships Through Extraordinary Service
289(5)
Components of Customer Satisfaction
289(1)
Living the Dream: Gifts Are Good for Business
290(1)
Evaluating a Firm's Customer Service Health
290(2)
Handling Customer Complaints
292(1)
Living the Dream: Outsourcing the Help Desk---Help!
293(1)
Using Technology to Support Customer Relationship Management
294(1)
Living the Dream: A Bare-Bones CRM Strategy
294(1)
Building Customer Profiles for a CRM Program
295(1)
Customers as Decision Makers
296(2)
Problem Recognition
297(1)
Information Search and Evaluation
297(1)
The Purchase Decision
297(1)
Post-Purchase Evaluation
297(1)
Understanding Psychological Influences on Customers
298(2)
Needs
298(1)
Perceptions
298(1)
Living the Dream: A Recipe for Service
299(1)
Motivations
300(1)
Attitudes
300(1)
Understanding Sociological Influences on Customers
300(6)
Culture
300(1)
Living the Dream: Customers Love Taco Talk
301(1)
Social Class
301(1)
Reference Groups
302(1)
Opinion Leaders
302(4)
Product and Supply Chain Management
306(24)
In the Video Spotlight: Fluker Cricket Farms
306(1)
To Grow or Not to Grow
307(1)
Innovation: A Path to Growth
308(4)
Competitive Advantage and Innovation
308(2)
Sustainability and Innovation
310(1)
Living the Dream: Making a Sweet Connection
310(2)
The Product Life Cycle and New Product Development
312(2)
The Product Life Cycle
312(1)
The New Product Development Process
312(2)
Building the Total Product
314(4)
Branding
314(2)
Living the Dream: Developing a Clean Brand
316(1)
Packaging
316(1)
Labeling
316(1)
Living the Dream: Packaging the Right Look
317(1)
Making Warranties
317(1)
Product Strategy
318(4)
Product Marketing Versus Service Marketing
318(1)
Product Strategy Options
319(1)
The Legal Environment
320(2)
Supply Chain Management
322(8)
Intermediaries
323(1)
Channels of Distribution
323(1)
Living the Dream: Boosting a Small Player's Sales with Big Player Distribution
324(1)
The Scope of Physical Distribution
325(1)
Living the Dream: Keeping a Promise
325(5)
Pricing and Credit Decisions
330(22)
In the Video Spotlight: Calise & Sons Bakery
330(1)
Setting a Price
331(3)
Living the Dream: Let's Talk
332(1)
Cost Determination for Pricing
332(1)
How Customer Demand Affects Pricing
333(1)
Applying a Pricing System
334(3)
Break-Even Analysis
335(1)
Living the Dream: Pricing by Software
336(1)
Markup Pricing
336(1)
Selecting a Pricing Strategy
337(3)
Penetration Pricing
338(1)
Skimming Pricing
338(1)
Follow-the-Leader Pricing
338(1)
Variable Pricing
338(1)
Price Lining
339(1)
What the Market Will Bear
339(1)
A Final Note on Pricing Strategies
339(1)
Living the Dream: Value Pricing
339(1)
Offering Credit
340(3)
Benefits of Credit
340(1)
Factors That Affect Selling on Credit
340(1)
Living the Dream: Give Me Credit
341(1)
Types of Credit
342(1)
Managing the Credit Process
343(9)
Evaluation of Credit Applicants
343(1)
Living the Dream: It's Collection Time
344(1)
Sources of Credit Information
345(1)
Aging of Accounts Receivable
345(1)
Billing and Collection Procedures
346(1)
Credit Regulation
347(1)
Living the Dream: Stick to a Friendly Reminder
347(5)
Promotional Planning
352(20)
In the Spotlight: Highland Park Curves
352(1)
The Communication Process in Promotion
353(2)
Determining the Promotional Budget
355(1)
Allocating a Percentage of Sales
355(1)
Deciding How Much Can Be Spared
355(1)
Spending as Much as the Competition Does
355(1)
Determining What It Will Take to Do the Job
355(1)
Personal Selling in the Small Firm
355(4)
The Importance of Product Knowledge
356(1)
The Sales Presentation
356(1)
Living the Dream: Owner Ties Sales Force to Product
357(1)
Customer Goodwill and Relationship Selling
358(1)
Cost Control in Personal Selling
358(1)
The Compensation Program for Salespeople
358(1)
Advertising Practices for Small Firms
359(7)
Advertising Objectives
359(1)
Types of Advertising
359(1)
Obtaining Assistance with Advertising
359(1)
Frequency of Advertising
360(1)
Where to Advertise
360(1)
Web Advertising
361(1)
Living the Dream: The Audience Can Bear to Listen
362(1)
Living the Dream: You Can't Eat Technology
363(3)
Sales Promotional Tools
366(6)
Specialties
367(1)
Trade Show Exhibits
367(1)
Living the Dream: If the Shoe Fits, Wear It
367(1)
Publicity
368(1)
When to Use Sales Promotion
368(1)
Strategic Alliances and Sales Promotion
369(3)
Global Marketing
372(25)
In the Spotlight: Ice Age Ice
372(1)
Small Businesses as Global Enterprises
373(2)
The Forces Driving Global Businesses
375(7)
Expanding the Market
376(2)
Living the Dream: Brightstar Shines in the Cell Phone Universe
378(1)
Gaining Access to Resources
379(1)
Living the Dream: Opportunity Knocks, but Not Necessarily at Home
380(1)
Cutting Costs
381(1)
Capitalizing on Special Features of Location
381(1)
Strategy Options for Global Firms
382(4)
Exporting
382(1)
Importing
383(1)
Living the Dream: The Internet Can Make a World of Difference
384(1)
Foreign Licensing
384(1)
International Franchising
385(1)
International Strategic Alliances
385(1)
Locating Facilities Abroad
386(1)
Challenges to Global Businesses
386(3)
Political Risk
386(1)
Economic Risk
387(1)
Managerial Limitations
388(1)
Living the Dream: Currencies Can Cut Both Ways
388(1)
Assistance for Global Enterprises
389(8)
Analyzing Markets and Planning Strategy
389(1)
Connecting with International Customers
390(2)
Financing
392(5)
Part 5 Managing Growth in the Small Business
397(82)
Professional Management in the Entrepreneurial Firm
398(22)
In the Spotlight: Online Business Services, Inc.
398(1)
Entrepreneurial Leadership
399(2)
What Is Leadership?
399(1)
Leadership Qualities of Founders
399(1)
What Makes an Effective Leader?
400(1)
Leadership Styles
400(1)
Distinctive Characteristics of Small Firm Management
401(3)
Professional-Level Management
401(1)
Limitations of Founders as Managers
401(1)
Managerial Weakness in Small Firms
402(1)
Constraints That Hamper Management
402(1)
Firm Growth and Managerial Practices
402(1)
Living the Dream: Finding People Who Can Manage
403(1)
Managerial Tasks of Entrepreneurs
404(5)
Planning Activities
404(1)
Creating an Organizational Structure
405(1)
Understanding Informal Groups
406(1)
Delegating Authority
407(1)
Controlling Operations
407(1)
Living the Dream: Delegating Difficulty
407(1)
Communicating
408(1)
Negotiating
409(1)
Personal Time Management
409(2)
The Problem of Time Pressure
409(1)
Time Savers for Busy Managers
410(1)
Outside Management Assistance
411(9)
The Need for Outside Assistance
411(1)
Sources of Management Assistance
411(3)
Living the Dream: Networking and Incubators
414(6)
Managing Human Resources
420(18)
In the Video Spotlight: Orange Tree Imports
420(1)
Recruiting Personnel
421(4)
The Need for Quality Employees
421(1)
The Lure of Entrepreneurial Firms
422(1)
Sources of Employees
422(1)
Living the Dream: Luring Employees to an Entrepreneurial Firm
422(2)
Living the Dream: Searching for Seasonal Applicants
424(1)
Diversity in the Workforce
424(1)
Job Descriptions
424(1)
Evaluating Prospects and Selecting Employees
425(2)
Step 1: Using Application Forms
425(1)
Step 2: Interviewing the Applicant
425(1)
Step 3: Checking References and Other Background Information
426(1)
Step 4: Testing the Applicant
426(1)
Living the Dream: Testing a Promising Candidate
426(1)
Step 5: Requiring Physical Examinations
427(1)
Training and Developing Employees
427(3)
Purposes of Training and Development
427(1)
Orientation for New Personnel
427(1)
Training to Improve Quality
428(1)
Training of Nonmanagerial Employees
428(1)
Development of Managerial and Professional Employees
428(2)
Compensation and Incentives for Employees
430(2)
Wage and Salary Levels
430(1)
Financial Incentives
430(1)
Living the Dream: More Than Minimal Wages
430(1)
Fringe Benefits
431(1)
Employee Stock Ownership Plans
432(1)
Special Issues in Human Resource Management
432(6)
Employee Leasing
432(1)
Legal Protection of Employees
432(1)
Labor Unions
433(1)
Formalizing of Employer-Employee Relationships
433(1)
The Need for a Human Resource Manager
434(1)
Living the Dream: Using Employee Committees
434(4)
Managing Operations
438(24)
In the Video Spotlight: Wahoo's Fish Taco
438(1)
Quality Goals of Operations Management
439(6)
Quality as a Competitive Tool
439(1)
The Customer Focus of Quality Management
440(1)
Living the Dream: Great Quality Leads to Cult Status
441(1)
Organizational Culture and Total Quality Management
442(1)
Tools and Techniques of Total Quality Management
442(2)
International Certification for Quality Management
444(1)
Living the Dream: Quality and Social Responsibility
444(1)
Quality Management in Service Businesses
445(1)
The Operations Process
445(4)
The Nature of the Operations Process
445(1)
Managing Operations in a Service Business
445(2)
Living the Dream: Getting the Details Right Makes for Happy Customers
447(1)
Types of Manufacturing Operations
447(1)
Operations Planning and Scheduling
448(1)
Plant Maintenance
448(1)
Competitive Strength Through Improved Productivity
449(2)
The Importance of Improving Productivity
449(1)
Reengineering for Improved Productivity
449(1)
Upgrading Information Systems
450(1)
Operations Analysis
450(1)
Living the Dream: Improved Productivity in Trucking
450(1)
Purchasing Policies and Practices
451(4)
The Importance of Purchasing
451(1)
Purchasing Practices and Profitability
451(2)
Living the Dream: Outsourcing the Production Process
453(1)
Relationships with Suppliers
454(1)
Inventory Management and Operations
455(7)
Objectives of Inventory Management
455(1)
Inventory Cost Control
456(1)
Inventory Record-Keeping Systems
457(5)
Managing Risk
462(17)
In the Spotlight: RD Systems
462(1)
What Is Risk?
463(1)
Risk Management
464(2)
The Process of Risk Management
464(1)
Risk Management and the Small Firm
465(1)
Classifying Business Risks
466(4)
Property Risks
466(1)
Liability Risks
467(1)
Living the Dream: A Quick Reaction to a Catastrophic Event
467(2)
Personnel Risks
469(1)
Insurance for the Small Business
470(9)
Living the Dream: Working Without Coverage
471(1)
Basic Principles of a Sound Insurance Program
471(1)
Common Types of Business Insurance
472(7)
Part 6 Understanding the Numbers
479(122)
Managing Assets
480(24)
In the Spotlight: House and Garden Party, Ltd.
480(1)
The Working-Capital Cycle
481(6)
The Timing and Size of Working-Capital Investments
482(1)
Examples of Working-Capital Management
483(4)
Managing Cash Flows
487(3)
The Nature of Cash Flows Revisited
487(1)
The Cash Budget
487(1)
Living the Dream: Batten Down the Hatches
488(2)
Managing Accounts Receivable
490(3)
How Accounts Receivable Affect Cash
490(1)
The Life Cycle of Accounts Receivable
491(1)
Living the Dream: How to Collect from Anyone (Even Enron)
491(1)
Accounts Receivable Financing
492(1)
Living the Dream: Factoring Can Make the Difference
492(1)
Managing Inventories
493(1)
Reducing Inventory to Free Cash
493(1)
Monitoring Inventory
493(1)
Controlling Stockpiles
493(1)
Managing Accounts Payable
493(2)
Negotiation
493(1)
Living the Dream: Just-In-Time Inventory: Good for Small Firms, Too
494(1)
Timing
494(1)
Capital Budgeting
495(9)
Capital Budgeting Techniques
496(2)
Capital Budgeting Analysis in Small Firms
498(6)
Evaluating Financial Performance
504(97)
In the Spotlight: Zingerman's Delicatessen
504(1)
Accounting Activities in Small Firms
505(4)
Basic Requirements for Accounting Systems
506(1)
Alternative Accounting Options
507(1)
Internal Accounting Controls
508(1)
Evaluating the Firm's Financial Performance
509(17)
Living the Dream: Using Internal Controls to Avoid a Costly Lesson
509(2)
Living the Dream: A Cheap CEO
511(1)
Can You Pay Your Bills?
511(2)
Are You Making a Good Return on Your Assets?
513(1)
Living the Dream: Facing the Music to Stay Profitable
513(4)
How Much Debt Are You Using?
517(1)
Living the Dream: Managing by the Numbers
517(1)
Are You Getting a Good Rate of Return on Your Investment?
518(8)
Cases
Boston Duck Tours
526(2)
Diversified Chemical Technologies
528(2)
Biolife LLC
530(1)
Auntie Anne's
531(1)
The Brown Family Business
532(2)
AdGrove.com, Inc.
534(2)
Specialty Cheese
536(1)
Silver Zephyr Restaurant
537(3)
The Chocolate Farm
540(1)
Stegmart
541(2)
Calvert Toyota
543(5)
Tires Plus
548(2)
Every Customer Counts
550(2)
Lotus Chips' Recipe for Success
552(2)
Waco Composites I, Ltd.
554(1)
Solid Gold Health Products for Pets
555(2)
Sunny Designs, Inc.
557(2)
Douglas Electrical Supply, Inc.
559(2)
Gibson Mortuary
561(2)
Texas Nameplate Company
563(2)
Fox Manufacturing Inc.
565(2)
Barton Sales and Service
567(3)
Artho, Inc.
570(3)
Appendixes
A Sample Business Plan
573(16)
B Valuing a Business
589(4)
C Useful URLs
593(8)
Endnotes 601(10)
Glossary 611(10)
Index 621

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