Twelve Step Action Plan Small Business Owners Need To Know for Success
In the article, The Rise and Fall of Small Business Enterprises, it discusses, twelve planning and action-related prerequisites for small business success (Alsaaty & Makhlouf, 2020). Here is the list of twelve steps small business owners need to take for success:
1) Crafting a detailed and well-researched business plan to guide in future decisions and actions.
2) Having enough capital to ensure liquidity.
3) Maintaining good customer relations at all costs.
4) Avoiding freezing in place through innovations and periodic updating of policies and procedures.
5) Reacting appropriately to internal and external changes.
6) Building a team and encouraging a team spirit.
7) Instituting a good cost control system.
8) Knowing the competitors and adopting a good competitive strategy.
9) Instituting a good inventory management system.
10) Managers lead by example.
11) Instituting a cost-effective Management Information System to help in decision-making and control.
12) Choosing the right location.
(Alsaaty & Makhlouf, 2020)
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Nadine Muhammad has a Master of Science in Economic Development and Entrepreneurship. She is the owner of an online bookstore Nation's Products and NLM Economic Development Services. For a consultation with business plan writing or developing an economic development strategic plan for your community send an email to nlmeconomicdevelopmentservices@gmail.com
Reference
Alsaaty, F. M., & Makhlouf, H. H. (2020). The rise and fall of small business enterprises. Open Journal of Business and Management, 8(4), 1908-1916. https://www.scirp.org/journal/paperinformation?paperid=101924
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