Operations Management

He is responsible for for planning, organizing, staffing, implementing, and controlling operations of a business.

• CEO

• Manager

• Board of Directors

• Employees

It includes all activities involved in obtaining, training, and compensating the employees of a business.

• Staffing

• Planning

• Organizing

• Implementing

This contains all of the rules, policies, and procedures that a business should follow to function effectively.

• Management

• Organizing

• Operations Management

• Operations Manual

It also called stock control, is the process of managing a company's inventory levels

• Purchasing Plan

• Inventory

• Inventory Control

• Inventory Needs

This method keeps track of inventory levels on a daily basis.

• Perpetual Inventory Method

• Periodic Inventory Method

• Cost of Being Out of Stock

• Cost of Carrying Inventory

It involves taking a physical count of your merchandise at regular intervals

• Perpetual Invetory Method

• Periodic Invetory Method

• Cost of Being Out of Stock

• Cost of Carrying Inventory

It is the rate at which the inventory of a product is sold and replaced with new inventory.

• Cost of Being Out of Stock

• Cost of Carrying Inventory

• Stock Turnover Rate

• Analyze Sales

It is how to use the information in your financial statements to determine the level of sales you need to achieve to earn a profit.

• COST OF BEING OUT OF STOCK

• COST OF CARRYING INVENTORY

• STOCK TURNOVER RATE

• ANALYZE SALES

It is an important skill of every small business owner or manager

• Financial Management

• Managing Cash Flow

• Improving Cash Flow

• Cash Budget

Way to improve your cash receipts is to decrease by getting customer who owe you money to pay more quickly.

• Prepare Financial Statement

• Purchasing Plan

• Increase Cash Receipts

• Decrease Cash Disbursements