Assignment 1: to Build or Buy Essay example
Business 402- Small Business Management
February 1, 2014
The small business that I chose to compete with is a barber shop that I frequently visit. This barber shop is located in the small town of Charles Town, WV. This Business is called Sharp Cutz Barber Shop. Sharp Cutz is surrounded by several different types of businesses such as schools, grocery, and retail stores. Sharp Cutz was owned by a different barber previously, but the owner moved to a different part of the State to resume his business. Sharp Cutz is owned and operated by a single individual and offers competitive prices when compared to similar businesses in the area.
Business at Sharp Cutz is …show more content…
4. Identify the key factors for success in the business- Key factors for success are marketing the business so that potential customers are aware of what services you are offering, and the menu of options. Also managing the profits and expenses appropriately will be a huge factor when operating the business.
5. Analyzing the competition – You must know your competition as well as you know your own company. Knowing your competitions strengths and weaknesses will put you at an advantage, making you successful, increasing profit, and expanding your customer base.
6. Create company goals and objectives- Goals are long range attributers that the firm seeks to accomplish. Objectives are quantifiable and more precise- they should be specific, measurable, assignable, realistic, timely, and written down. This can be tied into the vision and mission statements. My company’s goal is to satisfy the needs of the customers. My objectives will be to provide quality services to customers by greeting them when they walk through the door, maintaining a clean environment, and having a positive attitude.
7. Formulate strategic options and select the appropriate strategies – The next step is to evaluate strategic options and then prepare a game plan designed to