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One element of the location decision common to all businesses is the need to locate
where customers want to do business.
The ideal strategic planning process for a small company should start with setting
objectives.
Small companies that take the plunge into global business can extend their products' life
cycles, raise their quality levels, and increase sales and profits.
The intent of a situational interview is to make the interviewee as uncomfortable as
possible without violating legal or ethical standards.
Most dissatisfied customers complain about rude or discourteous service to the owner
or the manager.
According to one study, 23 percent of small business owners lack financial literacy to
identify the cost that has the greatest impact on their companies.
When pricing any new product, the owner should try to accomplish three objectives: 1)
get the product accepted; 2) maintain market share; and 3) earn a profit.
The right brain takes care of the body's emotional, intuitive, and spatial functions.
In designing customer surveys it is a good idea to keep them short.
Creativity is not only an important source for building a competitive advantage, but it
also is necessary for survival.
A common denominator in many partnership disputes is the lack of a written agreement
clearly spelling out the roles, rights, and responsibilities of each partner.
A location that has housed several businesses that have failed within the past few years
is likely to have a bad reputation and a negative image.
Retailers should be careful not to locate near anyone in direct competition with them.
Franchisees in fast-growing systems reap the benefits of the franchisor's expanding
reach, but they also may encounter the downside of a franchisor's aggressive growth
strategy € market saturation.
