This business management checklist template has 6 pages and is a MS Word file type listed under our business plan kit documents.
Sample of our business management checklist template:
BUSINESS MANAGEMENT CHECKLIST A business management checklist provides direction on the steps involved in the organization, planning, and analysis of business ventures. When managing a business, start with a written plan to outline specific goals, strategies, and an efficient marketing plan. Every business plan should be flexible and adjustable in case there's a need for a change. Once the business starts, keep track of every aspect of it and manage your venture by the numbers. Here's a business management checklist to help your business grow: Checklist: Plans A business plan should reflect how your business will obtain financing, including amounts assigned to lease space, licenses, or permits. For new firms, financing may include initial employee salaries, benefits, and business operations to yield profit. When creating a valid business plan, it's imperative to consider the different financing options. Major methods of obtaining financing include invoice financing, online loans, equipment financing, SBA loans, merchant cash advance, or business line of credit. For startups, the traditional format for creating a business plan includes: Writing an executive summary Creating a company description Proper market analysis Business structure Services or products offered Sales and marketing strategy Funding requests Legal Documents The availability of an operating agreement, articles of organization, articles of incorporation, licenses, and permits are imperative for a business. For most startups, valid permits, federal employer identification numbers, and state business tax identification numbers are all necessary legal documents. With the necessary documents, the business owner is protecting both the interests of the business and the business owners for the venture's lifespan. Other imperative documents for small and large-scale businesses include: Insurance bond: This document is more suitable for investors in estate planning or individuals interested in long-term investing. It helps guarantee a payment amount if certain standards are met in a signed contract. Shareholder agreement or partnership agreement: With a shareholder agreement, the business enjoys proper funding, structure, and management. The document shows the obligations of the business owners. Employment contract: The purpose of the employment contract is to allocate responsibilities between an "employee" and an "employer" in your business. It offers flexibility, skill development, and financial benefits to employees. Imperative Business Accounts Every business should have bank, merchant, and vendor accounts. For startups, a business checking account is imperative to pay and receive accounts payable and accounts receivable. The purpose of a merchant account is to help verify checks and accept debit and credit cards for your venture. Vendor accounts are also helpful in making payments for supplies, raw materials, and inventory. With the presence of business accounts, accounting becomes vital. Proper accounting helps in tracking income and expenditure. It also helps your business ensure statutory compliance and provides investors, management, and government with qualitative financial details to make vital business decisions. Social Media and Review Management Three out of four individuals expect businesses to respond to customers within 24 hours on social media. The same principle applies to online reviews placed on search engines like Google. Due to customers' demands, it's imperative to employ an expert for handling social media and online review platforms. For small business owners, it may be essential for them to manage their social media platforms themselves. However, bigger businesses need to monitor social profiles by encouraging a weekly recap and reviewing challenging comments. Operating Space Most businesses require commercial lease space for operation. Hence, a startup must pay attention to the requirements to provide a suitable commercial lease space. Note that purchasing commercial property is typically expensive because the process requires a down payment ranging from 20 to 50%. Due to the unaffordability of commercial lease space, businesses typically opt for leasing space per square foot
