As with any company or business a strategic plan is always being used and updated throughout the life of the business. Keeping in mind the strategic goals that the company or business is trying to achieve. In writing a business plan shows if the business plan is viable enough to keep the business afloat or put in place. Sometimes when you think and write out a business plan you find that it is not a feasible business to start up but by using some strategic planning there may be another way to do things. By implementing a SWOT analysis the owners of the business are able to see whether their business is meeting the changes within the environment, and looking at the opportunities or threats that may surround their business. This also allows the business owner to see the capabilities of the business which in turn will bring strengths that allow the business to grow and maintain their business. This will allow them to focus on the areas that may be weak for the business to increase the strength of those areas by upgrading the strategic plans for those specific areas. Every business has to keep their strategic plan updated to keep up with the changes in technology, and customer’s interests.
There are many changes going on in the world today for small business’s. One of the changes that comes to my mind is the Jobs Act that President Obama has signed. Within the Act there are tax breaks for the small business and also allows them access to better credit. So that business owners can rest assured that their business will survive. This is good news to anyone who is interested in starting a small business and for the small business owners. Larger business’s will suffer because they are not getting the tax breaks because they are larger business’s. When you stop and think about a small company that has less than 30 employees against a company that has over 200 or more employee’s there is a big difference in the tax bracket. But the larger company will get the higher taxes but what they will do is raise the price on their products and tax the consumer. When a company’s taxes increase so do the prices of their products. I would only want a small business and I would like to see it grow into something bigger but for right now starting out with a small business is the best idea with the way that the economy is going right now. Now I will tell you the location of the business is also something that will affect the business and how much business it will receive.
Small businesses should focus on one particular advantage because that would be the better way to go especially depending on the area and what is around. Building the business on one advantage at a time will allow the business to become stronger and can go through the other advantages when the business is well established in the ground. Having all the advantages mastered is one of the important things for the business to balance the way the business grows, and increases sales. By focusing on one advantage at a time the small business will achieve the goals and objectives that they have set in place. My family and I are planning to use some space this spring and summer for an every weekend yard-sale. There are openings on either side of the barn that we have and all we have to do is put some tables up and we are ready to go. But while we are doing the yard-sale we are building up the inside for an antique shop by building it little by little and putting the money that we make from the yard-sale back into more tables, and fixing up the inside of the barn to resemble a shop. Being flexible in the services that are offered to the customer’s. We are also planning to sell some fresh produce as well and introduce new things as we go along.
How does the advantage of speed affect small businesses? List two ways rapid response may be incorporated into an organization’s workflow and provide one example.
When researching about the advantage of speed which, can be looked at in many different ways. The advantage of speed affects small businesses compared to larger businesses because the larger business can deliver on the contract faster than a small business would be able to. The larger companies have the advantage of speed because they can deliver to customer’s at a faster pace than a smaller business would be able to. If this were to happen on a frequently basis then the smaller business would lose much of the business that they had within that community. This could affect small business to the point of closing their doors because they do not have enough business to stay open. I have seen some small businesses fail because of the larger companies that offer the same types of services. Here, in my hometown there is one place I can think of that has been several different things and they did not do that well in the area that they established their business. This is a small town and there are small businesses all around but some of them do not make it in this small town because they do not have enough business. Furthermore, if the small business has the advantage of speed within the establishment this would increase the amount of business that the company has within the community. The small business needs to assure the consumer’s that they can produce and provide their services to the consumer’s faster than the competitor’s for a better price. Increasing the sales revenue is on every business to keep that business and increasing the sales of the small business. By incorporating rapid response into the organizations work flow can be done by providing flexibility and differentiation. When a small business incorporates flexibility the small business can ultimately respond rapidly to the changing needs of those customer’s that come into their establishment. If I were a small business owner I would want to be ready for the customer’s and want to have what they needed so that I can keep that business from those customer’s. By listening to what the customer wants the small business is able to provide what the customer needs.
When I think about a mission statement concerning the business, or organization that I am doing business with it needs to state their position and what their ultimate goal is within the success of the business. I have been in the restaraunt business for quite some time now and I have learned a variety of things over those years. However, most of the business’s that I have worked for do not stand behind the mission statement that they have put in place. Furthermore, keeping track of the things that the mission statement provides like guidelines for the employee’s to follow, and guidelines for the management to follow as well. If the management is not setting the right example for the employee’s this would fall on the profits, and business the company has. Keeping the employee’s informed and interested in what the company is all about which will increase motivation within the company. Business’s develop mission statements will allow the business to create or avoid any unforseen problems that might occur now or in the future of the business.
In my opinion the mission statement is the pride of the company the goals and objectives that the business has set in place to assure them of success in the business world. Standing by the company’s mission statement and taking pride in the work that you do requires hard work and dedication to the company.