Managing and Developing a Small Business Essay
Managing and Developing a Small Business
A high demand for strategic business management and authentic expediency in managing a business is becoming a very vital aspect of business management from a corporate perspective. However management and growth of small enterprises have been dogged by various complexities which include lack of proper planning, strategic plans, worker management and also mismanagement of the venture capital. This has led to business owners to incur losses as well as losing their business ventures due to mismanagement. The need to identify major factors facilitating the downturn in the well being of a business is instrumental in understanding how to manage and consistently run a business. This also helps in the owner realizing profits as well as expanding the business.
This paper identifies major milestones in the inception, growth and management of an enterprise. The purpose of this context is to identify how this process of business management, nurturing the business, strategies, roles of both the employee and the owner, management of the venture capital, service provision and maintenance of records and establishing a growing company so as to initiate corporate growth. Besides we discuss and identify what are the causes of business storms, how to insulate
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As such, this paper is a complete guide to enlightening a business owner of modalities of managing, running and making the business a success.
Venture capital and launching a business are the onset of any start up. However, the onset of a business is marred by various complexities which surround the success of a company. Small businesses have become the backbone of both social economic growth and as well sustenance of many families. However, these small businesses have become successful over the years ending up into giant conglomerates and international brands and names. However, to reach these heights, the needs for various strategic plans and adherence to basic rules of corporate management have been seriously observed by the business owners leading to establishment of major corporations from scratch, small and then in medium sized companies and eventually a big company.
Empirical research on how to manage and identify business situations onsets with planning, market survey and then adherence to the venture capital budget to commence operating any start up. However the context of managing to adhere to these activities has indicated that those who do not adhere have experienced failures in their start-ups. There are confusions and complexities in managing a business. This is why the need for a strategic plan is very essential for any competitive and successful venture to succeed. According to Hill & Jones discipline and consistency in discipline is a key to the adherence to a strategic plan. Hill & Jones further claim that, identifying and evaluating a business situation is the onset to understanding the major problems facing the business and also how well one can manage the business through these impeding business storms.
In this paper we outline and explain how to identify business storms, how to make a strategic plan and make use of various important faculties of business management to achieve success in a small business.
Identifying a business situation
Hill & Jones explain that, there are various complexities which confuse a businessman when he tries to manage his small enterprise. These confusing factors are onset by lack of background information on how to manage the business, the nature of the business as well as how such kind of businesses is managed. The initial stages of identifying a business situations is by analyzing the relevant and most up-to-date data about the history and development of such a business. This information helps a business owner to have insight and knowledge on how previous and successful businesses of this nature have become what they are today. Also, this information arms the business owner with current strategies which assist in making this kind of a business successful.
In our expose, we are dealing with online content sales. Thousands of ventures have succeeded in offering quality content making themselves leading content providers. Names like JSTOR and Ingenta have transformed from mere academic resources to very reputable academic and general knowledge material databases. These companies are making millions of dollars and are listed as leading trusted content providers in major search engines like Google and Yahoo.
However the growth and development of these businesses has been turbulent due to changing consumer needs and shift in various global technologies that facilitate the operation of these businesses. The internet over the years has transformed the entire world economy and has propped itself as the new marketplace. As such any online content venture has to adhere to latest trends based on the online platform environment.
The second most essential business situation identification strategy is identifying the strengths and weaknesses of a business. This gives the business adequate insulation against impending business storms like off-peak seasons, customer dissonance due to some products or upgrades and even services. Identifying this gives the business owner an insight on the key areas of improvement and what could be pushing the company down. This analysis of major business functions, key strategies, polices and services aides in making the owner conceptualize what’s best for the company and how to go about implementing counter measures and strategies on failing ones.