An Example of Business Failure
Commerce is an old school discipline in which business people buy and sell goods and services on a scale akin to the ancient Romans. The plethora of enterprises includes retail tycoons like Walmart and Target and wholesalers and grocers alike. Business activities range from assembling a product to cleaning a factory. A small business might have employees that manage operations as well as sales and customer service departments. These people do their jobs with a smile.
There are a few things that are likely to go wrong. One of the most notable is the ill-mannered customer. For starters, consumers might not realize the store is open. Secondly, the store might be in an inconvenient location or have a poor WiFi connection. This might be a sign that it is time to rethink the business model.
A good start would be to make sure they are well-versed in the ins and outs of the industry. In addition, a bit of management savvy will go a long way. It might be a good idea to establish a formal operating budget. You might also consider hiring a consultant. Not only will this allow you to make sure you are on the right track, it will likely improve your bottom line.
Lastly, it is a good idea to do a little research and find out what others are doing. For example, if you are in the business of selling software, you might want to rethink your pricing strategies.
