Small Business Annotated Bibliography Sample

Published: 2021-06-21 23:37:28
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Category: Management, Business, Workplace, Employee

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A small business is a partnership corporation that is privately owned or a sole proprietorship. The factors that govern a small business that may involve tax policies and the government support systems may differ between different countries. According to the definition of a small business in Australia, it should comprise of not more than 15 employees. Small businesses can also be identified according to the business net profit, the amount of assets and the amount of sales that the business makes. Many countries in the globe have different types of small businesses, which are commonly determined by the economic system and the economic operations that are involved in a country (Carter 12).

There are several challenges that are faced by smaller businesses, which are commonly related to the size of this business. One of the major challenges includes frequent bankruptcy. Bankruptcy usually results from poor planning by the business management team, and it is not mainly caused by economic fluctuations. When setting small businesses, the entrepreneurs should set a substantial amount that can run the business for an entire year and that, which is equal to the projected revenue during the year in which the business in started (Cohen 18).

If the owners of the small business cannot meet these requirements, the business can leave the owner liable to the court if he is declared bankrupt by a court where this lies under the undercapitalization theory. In order to ensure that the business starts with sufficient capital, the business proprietor should also consider the margin of contribution that is made by the business. The business must be capable of achieving a sales level where fixed cost is equal to the contribution margin. Many small businesses usually face underpricing problem. This problem can be resolved through the use of cost control mechanisms (Carter22).

In the course of running a small business, ethical issues may arise. A good knowledge concerning the different types of ethical issues, and the social responsibilities can help the proprietor of a business handle and resolve the issues. This ethic is usually responsible for maintaining the business values and the social responsibilities that are a business owes the society. In businesses, most of the ethical issues emerge from the management in areas such as hiring, dismissal and management of the employees in a business organization (Knowles 25).

The business owner and the departments in charge of these duties should appoint individuals according to their applications and qualifications. The business owners should also fulfill their obligation to the society such as producing goods and services that are of the required standards, maintaining the environment and giving back to the community through the improvement of the region's infrastructure (Kyle 33).

This will benefit the business by improving the relationship that will exist between the business and the surrounding society. Providing good working environment for the employees and improving their safety while working will help in improving the business ethics. A small business should follow the standards of ethics when providing the financial reports to the shareholders and when accounting for the business financial report (Sandler 41).
Online services and the internet play a key role in the marketing and improving the marketing strategies in small businesses. The internet helps the small businesses in marketing their products globally. The internet and online service have eased the selling and purchasing of goods from the producers of goods in one locality in the region of the business. The major challenge faced by small business owners is online fraud. Fraud has increased with the increases in of online services (Tyson 48).

Some of the health reforms such as the government creating laws and acts that requires every employer to give every employee an insurance cover. This seems to be a burden to the employers, as they have to increase the employee’s salary. Health reforms may also create challenges for the employers as they may not have the intention to give permanent employment to the employees. As a result of these reforms the businesses expenses will increase as the business owner will be required to employee the employee’s permanent, and give them some medical cover (Spiers 43).

The name of a company is a key determinant in determining the market position of the company’s products. The name of a company determines the type of reputation that a company holds. Good name, place the company in a good place to market its products. Small businesses may enter into an umbrella in order to increase the company’s level of sale (Storey 51).

In order for companies to utilize the available media communications, the company should advertise the services and goods through this media. This will enable the businesses in creating awareness about their goods to a large number of people with this media channel. The companies can also use the online media communications to enhance online transactions, as this will play a key role in improving business sales revenue. The use of photos and links gives an understanding of the product to the consumers. Good packaging and good photos can be used to increase the market of the business as good photos increases the preference and captures the consumer’s attention (Spiers 55).

The business management can reduce stress in the business by maintaining a good communication channel between the business management and the employees. Providing a conducive working environment will also help in reducing stress in the organization. Lower stress level in a business helps in increasing the productivity level, thus, increasing the company’s level of output.

Works Cited

Carter, Sara, and Dylan Jones-Evans. Enterprise and Small Business: Principles, Practice and
Policy. Harlow: Financial Times/Prentice Hall, 2006. Print.
Chow Michael J., and William C. Dunkelberg. The Small Business Sector in Recent.
Cohen, William A. Entrepreneur and Small Business Problem Solver. Hoboken: John Wiley &
Sons, 2005. Internet resource.
Knowles Ronald A. and Chris Castillo. Small Business: An Entrepreneur's Plan. Toronto:
Nelson Education, 2011. Print.
Kyle, Terry. 400 Latest & Greatest Small Business Ideas from Around the World.
Borehamwood, United Kingdom: WorldsBiggestBooks.com, 2008. Print.
Recoveries. Business Economics. 46.4 (2011): 214-228. OmniFile Full Text Mega H.W.
Sandler, Corey, and Janice Keefe. 101 Small Business Ideas for Under $5000. Hoboken, N.J:
John Wiley, 2005. Internet resource.
Spiers, John W. How Small Business Trades Worldwide: Your Guide to Starting or Expanding a
Small Business International Trade Company Now. Seattle, Wa: Seattle Teachers College Press, 2001. Print.
Storey, David J. Understanding the Small Business Sector. London: Thomson Learning, 2002
Print.
Tyson Eric and Jim Schell. Small Business for Dummies. Hoboken, N.J. : Wiley Pub, 2008.
Internet resource.

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