Course: Operations Management
Operations management is the administration of business practices to create the highest efficiency within an organization. Operations management converts materials and labor into goods and services to maximize the profit of an organization.
Building a Team
- How important is company culture?
- What are the most important attributes of a potential new hire?
- Is it a good idea to hire within the food and beverage industry or is it best to look to outside markets for new and fresh ideas?
- How did you handle the hiring process early on for your company?
- What’s a common mistake that you see in the beverage industry when it comes to operations?
- When’s the right time for termination of an employee?
- How do you attract top talent to be brand advocates behind the scenes as well as on the street? Where does your role fit into the brands needs?
- What jobs/positions make up a small beverage business?
- How do I build a sales team?
- I want more people to try my product? How do I build a sampling team?
- How do you attract and retain the right talent?
- How do I determine the right amount of people to hire? At what point should I hire more?
- What are the key factors I should consider when hiring my team?
- For an early-stage entrepreneur, should I focus on hiring employees who can perform in multiple positions or have a very specific expertise?
- What is a financial statement?
- Can you explain some of the key metrics in a P&L statement and how to use those metrics to analyze your business?
- Can you explain some of the key metrics in a balance sheet and how to use those metrics to analyze your business?
- Can you give me some examples of how a business can use their financial statements to come up with a course of action to improve profits/cash flow for the future?
- For a new entrepreneur that may not have all the numbers, how do you budget properly? Do I over-estimate on costs and expenses?
- What are some components in a business budget?
- What is in a working financial budget and what is that used for?
- What are some mistakes entrepreneurs tend to make in budgeting for your business?
- What do you do when the actual budget is different from the one you planned?
- Is it important to bring in an auditing firm and should you be doing it yearly?
- At its most basic level, what are the accounting tools/documents that a new business owner needs to be keeping track of?
- Businesses always start at a loss. At what point should this start being a concern?
- What are the differences between an asset or a liability?
- Are there any typical mistakes you see new businesses do in terms of accounting that could be detrimental for their company?
- What is a financial report and how often should a small business produce financial reports?
- What are some of the software/resources you recommend for entrepreneurs to keep track of their accounting and finances?
- In your opinion, at what stage of the business should a small business owner be outsourcing the financial responsibilities to a small business accountant?
- Does a small business accountant provide financial analysis and insight as well as keeping track of day-to-day operations?
- Generally, does a small business accountant charge by the hour or the task?
- Should a newer business be hiring an accountant on a full-time basis for day to day operations or just during certain periods of time?