Manage your Small Business yourself.
“There have been instances in many countries when small business owners were manhandled when they tried to make their prices lower than the prevailing prices. ”
In case of a small business, it is you, the entrepreneur who is at the helm of affairs and the master of everything. You have to plan your business, set the goals and raise capital for it.
Many a time it would happen that you would not get any kind of funding. It’s simply because of the reason that funding agencies don’t trust the future of small businesses. In such a scenario, you would have to depend upon your own family/personal income and assets.
After getting the required capital, you would have to play the role of a fund evaluator and auditor on your own. It’s because your limited resources won’t allow you to rope in the services of an accountant neither on part-time nor on regular basis.
The very idea of setting up a small business is a very crucial one. For it to materialize you would have to scrutinize your local area as regards the needs of people. Then, you should choose between those options that suit your interest and experience.
It happens often that you would be left with only one choice and have to develop your business on those lines only, whether you like it or not. At such a juncture, it is advised to develop your interest and acumen in that particular field lest you should see the face of defeat.
Another thing that is to be judiciously managed in a small business is the pricing of things. You should price your product in such a way as not to annoy the people as well as other traders in your area. If for example, initially you keep your price too low you may have to face the ire of other small enterprises in your area. It’s because many businesses and products are interconnected at a local level and an abrupt change in one is bound to affect the others.
There have been instances in many countries when small business owners were manhandled when they tried to make their prices lower than the prevailing prices. Even more, case of thefts were reported at the premises of such entrepreneurs. These thefts were evidently the brainchild of those local traders who were not happy with the pricing policy of a particular business.
In a nutshell, it can be said that managing a small business is a task that requires more of manipulation than pure capability and intelligence.
Author - DeeKay
Tags - Finance, Economy
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