Small Business Management Essay Example | Topics and Well Written Essays - 750 words - 1

Small Business Management - Essay Example Virtual Transport is a small business which offers transporting and haulage services and functions with a staff of eight employees and the entrepreneur. Having undergone a financial crisis during its first year of inception, the company has just managed to turn around the company. However the business had to seek additional funding support from its bankers and have given them an undertaking to provide financial information to keep them informed of the progress the business is making. The following proposal of management and monitoring strategy for Virtual Transport which takes in to account the information requirements of various business stakeholders such as the government authorities to meet the statutory requirements; the bankers; business accountants as well as the internal staff and the entrepreneur himself. The strategy takes in to account the need for regular monitoring of business performance in order to assess the actual performance against the initial business plan, through calculation of performance ratios, variance analysis etc. The information required in filing the quarterly tax returns, and annual profitability statements to meet the legal requirements are born in mind. Capturing of all income and expense data on a daily basis to facilitate the business accountant in drawing up the monthly accounts has been a key consideration is developing the information strategy and the proposed information systems. In addition the role which information sharin g plays in building and maintaining employee moral and commitment has also been considered. The information requirements have been identified under main categories of Legal & Taxation Requirements; Internal Business Management; Financial Administration and Financial Monitoring. The information will be in the form of quarterly and annual profit and loss statements; Business Activity