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Q: describe three ways that small business owners could improve operations at their business.
A: Regardless of why it was initially founded, the goal of any small company is to generate more money. [ But once our businesses are off and running, most of us become too preoccupied with running them to make the constant improvements necessary for increased efficiency, increased sales, and ultimately more money in our pockets. But there are some operational ways we can make an immediate impact
on our companies? bottom lines?if we take a few minutes to actually implement them. Improvement #1: Research the Rest of the Industry I understand most of you already have a pretty good handle on what your company is doing . . . but do you know what your competitors are up to? What are they doing to be successful under current business conditions? Why are they doing it? And most importantly, is it working? Also, be sure to take a good hard look at businesses in your industry that have recently failed. Do you understand why failure occurred? Were there any red flags or strategic moves that lead to failure? Does what the company did prior to failure match in any way what your company is doing now? A little strategic introspection can go a very long way. Improvement #2: Re-evaluate Your Original Intentions Back when you first started your small company, there were very likely a few things you wanted to accomplish. Looking back now, are those goals still in place, or has your motivation or reason for running this business changed? Taking the time to revisit your original business plan can be extremely helpful in trying to figure out which circumstances have changed, what you can do to improve, what is working, and what parts of your original plan need to be discontinued. Being willing to make adjustments and improve your business on the fly is the sign of a real entrepreneur?as long as the changes you make have a legitimate reason behind them The fact is, after a period as short as six months, small businesses can look markedly different than what you intended . . . ]
chumz|Points 140|
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Asked 6/24/2013 3:07:42 PM
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