Small Business Management

1. Understand the nature of small business
2. Evaluate business opportunities
3. Describe business plans
4. Explain small business operations management
5. Manage financial records

13 weeks, about 30 hours in total. Yours will differ.

1. Week 1Module 1:

   • Unit 1: The Nature of Small business · 2 hours

     Define small business. Identify small businesses in your environment. Discuss the role of small businesses in the Nigerian economy.

   • Unit 2: Advantages and disadvantages ofsmall business · 2 hours

     Analyze the advantages of low start-up capital and operational flexibility. Evaluate the disadvantages related to lack of capital and managerial skills. Discuss the reasons why people engage in small business.

2. Week 2Module 1:

   • Unit 3: Introduction to Opportunities analysis · 2 hours

     Discuss demographic trends and their impact on business opportunities. Analyze economic, political, and socio-cultural trends. Classify goods and services to identify potential business ventures.

   • Unit 4: Advanced Opportunities analysis · 2 hours

     Use statistical data to forecast emerging opportunities. Analyze transportation, communication, and education data. Apply the growth factor technique to forecast future demand.

3. Week 3Module 2:

   • Unit 1: Characteristics for success in small business · 2 hours

     Identify characteristics for success in small business such as technical competence and mental ability. Develop human relation skills including communication, motivation, and leadership. Foster creativity and high achievement drive.

4. Week 4Module 2:

   • Unit 2: The Technical plan · 2 hours

     Analyze factors affecting the location of a business. Develop a technical plan including land, buildings, machinery, and equipment. Create a production plan and manage utilities.

5. Week 5Module 2:

   • Unit 3: The Management plan · 2 hours

     Determine the legal form of a business (sole proprietorship, partnership, incorporated company). Design an organization structure. Understand the components of a management plan.

6. Week 6Module 2:

   • Unit 4: The Marketing plan · 2 hours

     Identify potential customers and define their characteristics. Evaluate the size of the market and forecast future demand. Develop a marketing plan including pricing and distribution policies.

7. Week 7Module 3:

   • Unit 1: The Financial plan · 2 hours

     Estimate project costs including land, buildings, and equipment. Develop a financing plan. Project income statements, cash flow statements, and balance sheets.

8. Week 8Module 3:

   • Unit 2: The Economic plan · 2 hours

     Compare economic and financial analysis. Analyze transfer payments, taxes, and subsidies. Evaluate the linkage effects of a project.

9. Week 9Module 3:

   • Unit 3: Managing Manufacturing Operations · 2 hours

     Understand the nature of manufacturing. Plan manufacturing facilities including land and factory layout. Manage raw materials and production processes.

10. Week 10Module 3:

    • Unit 4: Managing Service Based Operations · 2 hours

      Understand service-based operations. Design operations management systems. Apply total quality management (TQM) principles.

11. Week 11Module 4:

    • Unit 1: Monitoring Performance · 2 hours

      Implement controlling measures. Apply budgeting techniques. Monitor performance against set standards.

12. Week 12Module 4:

    • Unit 2: Accounting records for Small Business · 2 hours

      Maintain accounting records for small business. Prepare financial statements (balance sheet, income statement, cash flow statement). Manage the books effectively.

13. Week 13Module 4:

    • Unit 3: Sourcing Capital for Small Business · 2 hours

      Identify various sources of capital for small business. Explore personal savings, loans from friends, and bank loans. Investigate the Small and Medium Enterprises Equity Investment Scheme (SMEEIS).