Here I would like to introduce some basic steps to improve their Operations.. These are the classic steps mentioned in every expensive MBA.. How to improve? This is just an outline and will try to write detailed in oncoming days..
- Reduce Costs: Small businesses must start to reduce their costs in order to compete in nowadays risky market structure. For example, eliminating non value adding costs will give a fresh impetus to invest in more profitable areas to small biz owners.
- Better Supply Chain: Supply chain management is the key issue in making business. A business without an efficient supply chain have no chance to continue its financial life.. Just try to implement CPFR and enjoy it..
- Better Products and Services: Understand the actual needs of customers and design your products or services according to your customer needs.. And more important you must decrease your response times to customer needs.
- Understand Market: You must really know every detail about market structure, competitors.. No one would like to go into darkness without any light. That will not only help you where market is going but also show you where are the opportunuties..
- Learning Businesses: A flexible, learning small business is always able to stay alive in risky market structure.. Invest in learning and continual learning. Reduce other costs and invest in information. Information ROI is always faster and bigger than any investment.
- Hire Talents: Can hear that it is expensive and hard to do.. No one said it is easy.. But you are not able to do every work fantastic and actually you need some help. Talents love “career” word more than anything (do not know why). Give them careers and enough money and see the difference between you and your competitors..
End of Part 1