How Will a Degree Help You Run Your Business?
If you’re a small business owner, you know that you get pulled in many different directions. When you can’t afford to hire a big staff, it’s you who needs to keep track of finances, market your products and services, purchase equipment, manage inventory, and provide great customer service. It’s a lot to handle, especially if one or more areas isn’t a strength. But they are all skills you can learn and develop over time, especially if you have a business degree. And an Associate Degree in Small Business Management is a great place to begin.
Here’s some of what you will learn in a business degree program that can have an immediate impact on how you run your business:
It doesn’t matter if you already started your business, a class in Entrepreneurship will teach you the right way to proceed. It should cover components like market research, feasibility, competitor analysis, incorporation, and how to develop new products and services that meet the needs of future customers. Maybe you’re already doing a lot right, but there’s always room for improvement.
Business Plan Development
In a perfect world, you would have an idea, develop a plan, maybe get financing, and start your business. But most successful entrepreneurs actually write their business plans six to 12 months after starting their businesses. A business plan is your roadmap to success. It spells out in detail your revenue and expense projections for the next five years or more. A good business plan will describe how you plan to meet these revenue projections through your marketing and new product development programs. It’s an important tool if you expect to prosper and expand, especially if you need the help of lenders and investors.
Accounting for Your Small Business
Managing your finances will be the most important task in running your business. A course in accounting will teach you about pricing, payroll, bookkeeping, taxes, inventory control, and how to track your revenue and expenses. You’ll also be introduced to accounting software for small businesses that can increase efficiencies, cut down on errors, and save you money.
Small Business Management
Especially at the start, you’re probably the jack of all trades for your business. Small business management will teach you the basics of how to:
- Choose a good location
- Hire and train the right people
- Manage your finances
- Purchase equipment and materials at the best price
- Control your inventory
- Deliver finished products on time at the lowest possible cost
Did you know that small businesses generate 44% of the U.S. economy? A course in economics will give you the big picture on the U.S. and global economies and how you and your business fit in. You’ll get the vocabulary you need to understand the ins-and-outs of micro and macroeconomics, how they might impact your business, and how to develop strategies to succeed. You’ll learn about supply and demand, market share, monopolies, what causes a recession and how to prepare for and survive one.
Marketing Your Small Business
A key to revenue generation for any small business will be to develop effective marketing programs. Marketing and advertising initiatives help you spread the word about your great products or services, with an emphasis on utilizing social media. A good program will teach you how to highlight the features and benefits of what you offer and how to communicate why what you have is superior to your competitors.
Customer Service Relations
You can offer the greatest products and services in the world, but if you don’t treat your customers well, they won’t come back. In these days of online reviews, it is more important than ever to meet your customers’ needs and to treat them like you would want to be treated. A class that addresses customer relations will help you develop sales and return policies and teach you how to handle people who might be dissatisfied with your product or service.
At National American University, we offer business degrees that will give you the skills you need to run your own business or become a successful business manager. Call 800-209-0182 to speak to learn more now.