Small business owners are the proverbial ‘Jack of all trades’ forced to become skilled in all aspects of business from recruiting to compensation, marketing to public relations, budgeting to financial analysis, sales generation to sales management, and all aspects of administering a business every day. Unfortunately, there are no easy answers or quick solutions for this ‘jack of all trades’ when it comes to making decisions about financing the business or investing in various tools and resources to help increase revenue and grow the business. But with a dedicated focus and some basic planning and measurement tools, the small business owner can develop the appropriate solutions, aligned with their business direction and goals.
‘Coaching for Action’ is a framework for small and medium-sized business owners to make the appropriate decisions regarding their expense decisions. This framework lays out the key components of a sound business decision-making model that is easy to apply, if the owner is prepared to do their homework. Application of this framework will result in a good, solid understanding of the business, the marketplace, competitors and customers businessmantalk.com. Once the owner completes this research and confirmed where it is they want to take their business, they will be much better positioned to figure out which resources they need to continue to grow their business, where they need to invest, and what revenue they should target to realize their business dreams.
‘Coaching for Action’ is a four-step process integrating a number of components necessary to decision-making associated with business growth.
Step One: Assessment: This step requires the most effort as most business owners generally do not make the time or expend the effort to conduct an assessment of their current business – how it is delivering on the goals the owner wants to achieve. This step requires reflection, which requires setting aside time away from the business to review what is working, what is not working, and, ultimately, what needs to change to achieve the next level of performance.
Too many business people are caught up in the daily grind, taking action, without a definitive direction or plan. They have not conducted the appropriate research and find they are working more and more hours but their lifestyle doesn’t seem to be improving. Taking a good look at their current lifestyle- and how it has changed or not over the past few years is a strong indicator of whether or not, their business is actually growing. As part of this step, business owners should ask themselves the following questions, document their answers, and reflect on what they discover.
There are several aspects of E-Business where besides purchase and vending of products, there are other areas pertaining to the conservative business. When a vendor sells a product to a customer, he is also required to provide after sales customer support which is one of the salient parts of a business. The usage of the chat facility on the internet unfolds a vast area of online conversation thereby dispensing with the use of the telephone which saves valuable time of both the vendor as well as the customer. It is one of the most convenient methods of communication with customers, especially when it comes to technical support.
One of the facets of conducting E-Business is using the internet for procurement of goods and merchandize in wholesale or for raw material for internal production usage. This part of the business is known as e-procurement and offers vast chances to drastically cut down costs. E-procurement is an integral part of E-Business and several E-Businesses are using the E-procurement method without any physical storefront. This has proved to be a far better method of managing and tracking the purchases made by the entrepreneur. During the past few years, it has been observed that practically all kinds of businesses have transformed into E-Businesses. There is an increasing trend in E-Businesses which could be attributed to the rising popularity of the Internet technology which has proved to be the window to the world. The internet coupled with the ready made solutions through software along with the repetitive portrayal of the advantages of the growing technologies has paved the path for E-Business. In the present scenario, there is a growing belief among people to reduce paperwork and maintain a paper-free office without maintaining any files physically. The extensive use of the internet in the modernized techniques of e-mail or electronic mail, personalized websites and chat actually eliminates the use of letters and memos which were at one time the archaic form of conducting business. An email listing or a central server can prove to be a far more efficient system for dissemination of critical information to all employees rather than distributing paper sheets as copies for each person thus reducing valuable time. One of the most significant features of E-Business lies in the area of faster distribution of information which has become its forte besides elevating businesses to an international level at the bare minimum cost and in a reasonably short time.
It would be pertinent to mention that Internet as a separate entity provides the maximum efficacy through convenience and maximum speeds. In the present market conditions, a customer always demands reliability products and precise information in a manner that is fast and easy. E-Business using the internet at the center of all business dealings assists a company to become more customer-friendly besides bringing in a far more efficient interchanging of information on both merchandize and support services.