The owner of your own business in today’s world can be troubled simply by so many concerns as well as can be encountered by many opportunities every day. When one has to run a business, no matter how small or big it might be, one needs to have the potential of seeking outside the business for the solutions with the problems, intended for better ideas and for the very best practices intended for the growth, expansion and success of the business. non-etheless, some of the ideas which have been given in the written text books or maybe the best practices for that matter should be researched carefully and critically before applying them to one’s very own business (Zahorsky, 2013).
This paper is dependent on an interview that I conducted using a 38-year-old female who started her own small company back in the season 2011. The lady lives in Lahore, Pakistan and styles and makes ladies dresses about order. Seeing that there is a tendency of using clothes with heavy adornments on them in the region where the lady lives, this lady has been able to produce a decent amount of profit. It can not be said that her business is flourishing, however it won’t be incorrect to say that it is progressing for a reasonable pace. Since it is actually not long as she has started the business, we cannot really claim whether or not she was a total success or maybe a total failing. She has established a small workshop at her house, in which she helps her staff design and stitch garments. In this paper, we shall assess the good and bad methods that your woman adopted on her small business to see what the girl did very well and what she should have done according to the theories of business.
Defining Small Businesses
The meaning of a small company is a trial and often controversial as well. A number of terms arrive under this term and has been used by lots of writers who have explained just how these firms work. A number of the writers have defined this term being a business that is certainly operated and owned on their own and the one which does not dominate the discipline of operation that it falls into (D’AlmoiseMuldowney, 1988). On the other hand, other interested parties that include the researchers make use of particular criteria to operationalize the little business as the one that contains many characteristic including worth of assets, value added, gross annual sales plus the number of staff. This category is usually, however , mostly delimited by the number of workers and twelve-monthly sales. In line with the standard definition of a small business, it may not make annual product sales of more than 20 million us dollars and should have zero more than 500 employees. Therefore , according to this theory, the business run at this time lady is a small business. This cannot be considered a micro-business, even though the number of people employed in this kind of business will be way too much less, because a micro-business is the one that functions and owned or operated by only one single person. Without the workers that she gets employed, her business is not going to function. Therefore , the theories and techniques of business would connect with this business.
First and foremost method for making a small company work is usually to make sure that the time are being used exactly where they are best utilized and where they may produce the ideal profit (Attolini, 2012). Accuracy is very important in making a small business effective. Of course , knowledge and practice is what professors a person how to deal with issues, but in your small business, one does not have a lot of perimeter to lose the time that have been put in. Therefore , speculate if this trade to think and analyze items very critically before starting a small business and when considering the expense of the assets. Since this girl had to begin the business since she was facing a few financial difficulties, she began to start the workshop in her personal house. Your woman did not possibly construct a separate place pertaining to the workshop, but rather converted her drawing room for this specific purpose. This kept her a good deal of resources. Firstly, she would not have to rent or purchase a workshop where the girl could make her workers perform their duties. Secondly, that saved her the time and fuel that might otherwise be taken if the workshop was at a few other place exactly where she would need to travel to watch over every single day. The financial resources that she kept here, your woman used these kinds of to buy the most up-to-date embroidery machines. This was a good practice adopted by her, the best use of limited methods.
It is important to get the owners and providers of a small enterprise to make sure that they satisfy their clients by delivering all of them the best solutions on the right time. It was incredibly smart with this lady to start out her organization with acquiring limited volume of orders so that she is able to make a identity for their self. Moreover, if the dress will be done fifty percent way through, she would question the customer to come and see if they such as the embroidery or perhaps not. In the event that they loved it, the lady continued with it, if they did not like it, she ceased it presently there and then and started all this over again how the customer wished it to become. This helped establish a trust relationship between herself and her buyer so that they could come back to her again. Client satisfaction has always been regarded as a key in success of any business, be it big or small (Kuah, 2002).
Nothing constitutes a business even more profitable and a bigger achievement than inexpensive price points of the merchandise. When your woman started her business, the girl kept her profit margin very much less. However , the lady made sure that she will not compromise the caliber of the dresses that the lady was producing in quest for low cost. The girl discovered the retail marketplaces in the metropolis where she would get the newest variety in very reasonable prices that the lady passed on to her customers.
Needless, nothing in this world is perfect. Not any small business and no mass business of totally free of flaws. The thing that matters the most is that these flaws must not be more than the advantages and good strategies of any business or firm so that the business does not use loss. Just as in any other business, there were a lot of flaws in the business that was run at this time lady. First of all, she did not do very much about the advertising campaign of her small firm. Your woman only received a few hundred brochures imprinted in a town with a population of 80 million persons. She would not make use of the social networking, like Facebook . com to advertise her dress creating and standalone. If the lady had put in a little more upon advertising, she would have been capable of attract a lot more customers than she did.
Whenever a client orders something, he or she often wants to observe what the buy would like when it is done. In this, it is important for almost any firm or perhaps company to acquire samples of what they have to offer. To slice the initial expense of the business and to make sure that she keeps within just her economical limits, she did not generate any trials before starting this business. Some of the customers that came in did not have any idea what they can order because they were not supplied with any test. This was an important flaw in her organization.
Another thing that may be important for not merely starting, although also expanding and creating a business may be the devising a concrete business plan. She would not come up with a solid business plan and just thought that she would go with a flow. Based on the theories of business administration, it is not recommended to take this sort of risks. This is because when businesses are started without any plans, they more often than not end up in failures. Even if the owner manages to adopt the business to a certain level, he or she does not understand where she has to head the business enterprise now when ever that certain level is obtained. Moreover, if the owner as well as the operator looks out for sponsors and agents, they want to know very well what the owner plans regarding the business in the future. If they are not satisfied with a appropriate business plan, they are going to most likely not support and expand their sponsorship to that particular organization.
Though it has not been extended since the starting of this business, we can nonetheless make an idea about the excellent and poor practices which were adopted with this lady. Concerning the good techniques, they need to be kept and really should be converted into the best procedures, and as pertaining to the bad kinds, she needs to work on these people so that her business can easily do well on the market. Moreover, she also needs to keep a keen eye on