Start Business

Session: 13
A growing business needs to have appropriate expansion policies in place, plans to motivate key employees and know-how in handling common business problems. Here's the advice from been-there-done-that experts.

* Rules to Follow Before Expanding

* Starting with a Pilot Operation First

* Problems in Expanded Business not Present in a Start-up
o Delegation of responsibility and authority
o Monetary incentive plans

* Ways to Motivate Key Employees
o Leveraged profit sharing plan
o Unleveraged profit sharing plan
o Commission plan

* Key Elements for Profit Centers
o Overall considerations
o Long-range financial planning

* Common Business Problems
o Uncontrolled cash flow
o Drop in sales or insufficient sales
o Higher costs
o New competition
o Business recessions
o Incompetent managers or employees
o Dishonesty, theft
o Basic rules for handling serious business problems