Everything that happens within a business to keep it running and earning money is referred to collectively as operations. Business plans often include a section dedicated to operations so that company founders understand the systems, equipment, people, and processes need to make the business function.

Some important aspects you should think about include if you will need to hire employees and how to protect your protect your business from imitators especially if you have innovative products. Define a realistic timeline, determine your biggest expenses, define your plan to hire employees, determine if you will need to rent a location to house your store or products and decide if you want to create a trademark or copyright (also known as intellectual property). We have also identified some areas of knowledge that will be useful for you to successfully run your business operations.

  • Project Management: Think of your business as a project - there are key activities and steps you must take in order to start making a profit!

  • Time management: The goal of time management is to reduce the distractions which lower the number of tasks a business owner completes.

  • Communication management: The communications management plan describes the specific deliverables, purpose, audience, message, frequency, and channels and other relevant information.

  • Cost management: Cost management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget. It includes managing the costs of goods sold and overhead costs

  • Revenue management: To grow your revenue, you can expand your customer base, grow your average transaction size, increase purchase frequency and evaluate your pricing strategy.