Management
Personal History
I have been working in the floral industry for over eight years, gaining personal knowledge and experience in all phases of the industry from horticulture to wholesale to retail. Prior to working in the floral industry, I worked in party stores gaining experience in running small businesses.
I have had college course work in business administration, banking and finance, investments, and commercial credit management. I have also attended several FED management seminars.
Reasons for entering the business include the personal challenge.
Duties and Responsibilities: Currently, I handle all aspects of planning, purchasing, sales, personnel, promotion, and production. As the company grows, a more formal management hierarchy will be developed.
Financial growth is monitored by myself and by an accountant who completes monthly statements used to make sound management decisions. A "check and balance" system is in place and entails the cross-checking of daily receipts against the cash register tape and the accountant's review of bookkeeping for errors.
Salaries
I draw an annual salary of $60,000 from the business although most of this goes to repay loans to finance Designs by Linda, Inc.'s start-up costs. These loans will be paid-in-full by March of 1993. One additional fringe benefit is membership in The Phoenix Club, which is a business tool used to maintain a good working relationship with the Club (one of our larger clients) and its members.
Resources Available to the Business
- Accountant
S.L. Schornack, P.C.
26847 Grand River
Redford, OH - Attorney
LJ. Bowden, P.C.
2115 Livernois
Troy, OH - Insurance Broker
D.C.Davis
Florists' Mutual
500 St Aidan St.
Edwards ville, IL
Additional Assistance
Floral wire services, such as FTD and AFS, and wholesale suppliers offer assistance in marketing, design, accounting, and management practices. In addition to FTD and AFS advice, Designs by Linda, Inc. is currently a member of the American Floral Marketing Council, the Ohio Floral Association, the Society of American Florists, and the National Association of the Self-Employed, all of which are professional associations designed to assist small businesses.
Application and Effect of Loan
