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Lecture 19

GEB4113 Lecture Notes - Lecture 19: Accounts Receivable, Formal Methods, Contingency Plan

General Business
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Entrepreneurship: Operating and Control System Plans
Operating and control system plans
o Contains three major areas
Controlling operations
Administrative policies, procedures and controls
o Receiving orders, billing customers, paying suppliers, reporting
to management, inventory control, returns and customer
complaints and monitor company budget
o Receiving orders
Explain how orders are processed upon being received
Database to keep track of customer information
o Billing customers
How billing procedure sets up, format and billing period
o Collecting accounts receivable
How frequently invoice
Use a collection agency
o Reporting to management
Communication process to report incidents
Format and schedule for management meetings
List types of reports to be used
o Staff Development
Provisions for employee training, promotions and
Who will conduct training?
Bonus systems to motivate staff
o Inventory Control
System used
Use of technology
o Handling returns and customer complaints
How do you handle returns?
How do you handle customer complaints?
How to use feedback from customers for
o Monitoring the company's budgets
How often will budget information be updated for
Set up budgetary controls
o Security Systems
How to protect trade secrets and customer list
Security available for the building and employees
Procedures for protecting the company files and
backing up customer information
List accounting and bookkeeping controls needed
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