Paper: An Engineering Approach to the Management of a Small Business

The science of business management has progressed as rapidly in recent years as the science of engineering. However, much of this knowledge has been utilized by only the larger businesses with professionally trained managers. The manager of a small business has frequently come from another profession, such as engineering, and was not exposed to management training during his formal education; and since going into business for himself, he has had neither the time nor the financial resources to m-educate himself in the field of business management. Fortunately, many of these managers by experience, observation, or perhaps native intelligence have acquired and put to use much of this new knowledge. Because this knowledge is essential to survive in competition with larger and better-financed competitors, the more successful small companies have acquired the knowledge through some source. The purpose of this paper is to present some of these new management practices and show how they apply to a small business. Since many of the readers are from the consumer side of the oil industry, I shall also point out some recognition symbols of a well-managed company. This will assist the buyer of goods and services in identifying the well-managed companies to use, because good management results in fair prices, good service, and a quality product.