Small Business Encyclopedia
Category: ManagementFamily Businesses
A business actively owned and/or managed by more than one member of the same family
Advisory Boards
A group of individuals who've been selected to help advise a business owner regarding any number of business issues, including marketing, sales, financing, expansion and so on; a body that advises the board of directors and management of a corporation but does not have authority to vote on corporate matters
Corporate Culture
A blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time
Government Contracts
Agreements that outline business transactions between companies and government entities
Benchmark
A standard or point of reference in measuring or judging the current value or success of your company in order to determine your future business plans
Delegation
The assignment to others of the authority for particular functions, tasks and decisions
Exit Strategy
The planned exit of an owner from their business
Mission Statement
A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies
Trade Association
An organization that represents the interests of the member firms of an industry
Owner's Salary
The wages a business owner pays himself for work done for the business
Selling Your Business
The process of putting your business up for sale by an individual or other company
Social Responsibility
Acting with concern and sensitivity, aware of the impact of your actions on others, particularly the disadvantaged
Succession Plan
The process of planning for the day a business owner decides to step down from their leadership role
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