The success of any business venture, whether online or traditional, hinges on the quality of its management. Here are five tools that every small business owner must have to take your entrepreneurial endeavors to the kind of success that you envision.
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1. Long-range Plan. Every entrepreneur starts out with a vision, and all objectives and goals must lead to the attainment of the vision. To help you flesh out your vision, you need to have a clear-cut, well-written business plan that provides the road map. Your business plan will tell you where you will go, how to get there, the tools you need and the strategies that you must implement. Thus, it should contain financial projections, a description of the operational system, production capabilities (if applicable), and a sales and marketing plan.

2. Realistic Budget. You need to have a comprehensive budget, in writing, that allows for anticipated expenses, salaries and other compensation; payables and receivables; and all other financial obligations. Budgeting on a monthly basis is standard practice. No budget period should be longer than a fiscal quarter.

3. Job Descriptions. Having a clear listing of the tasks and responsibilities of your employees is essential to ensure productivity and harmonious office interaction. If you are a solo operator and does not have any employees, work descriptions could also be prepared if you use part-time help, professional services, commercial services and consultants. Clarify what you expect from all the external assistance that you get.

4. Workplan. A detailed calendar is essential to give you timetables for reaching specific goals. When do you expect to secure funding and launch the business? Or how long do you estimate your research and product development to be completed? A workplan is also critical in fulfilling production or distribution schedules. In addition to operational schedules, the calendar must also highlight dates relating to various activities financial or obligations to be met.

5. Priority List. Every entrepreneur must have a clear idea of what to accomplish each day, arranged according to the tasks' importance and priorities. This is especially essential to home business workers, who do not have bosses to push them to action.