Growth Factors And Range Affecting Small Businesses.

It is advisable to consider a range of factors before making a decision to start a business. Some important factors include the location and nature of your business, the number of people involved, your potential exposure to liability, taxation considerations, and the company’s financial requirements. You must understand the personal and business implications of your decisions.

Strategy

• Consulting an experienced legal professional and tax accountant is also important.
• Your professional advisors can help ensure that you are well informed on important matters like the legal and taxation issues that you may encounter.
• Small businesses are often a family-owned business and represent more than half the value of the owner’s estate.
• Consequently, if much of your net worth is tied up in the business, you may be less well diversified than those who have a more traditional retirement portfolio.
• Remember that unlike a salaried employee, it’s up to you to fund your own retirement.

• Strategize it well if you are relying on being able to sell your business for a sum that will enable you to enjoy a financially secure retirement.
• If you haven’t given further thought to that far-off day, consider that many business owners each year are unable to sell their businesses for a variety of reasons.
• These include difficulties finding a suitable buyer and obtaining financing for the successor, once they have been identified.

Staff

• Running a business is the ultimate apprenticeship; most of it is learned on the job with no set manual.
• There are two things that all business owners must be sure about – wanting to create a business that you would want to buy from and a workplace that you would want to work in.
• With these two points in mind, you are already half-way through to keeping your staff happy. Research shows that most employees genuinely care for their employer, unless faced by a bad situation that directly involves the employer.

• Also, genuine concern from their employer is at the top of every employee’s wishlist, and that the staff is up to 12% more productive if they’re happy.
• A happy environment means nurturing your staff to thrive professionally and personally.
• There are always challenges to face- bad tempers, office politics, personal issues, etc.
• But as the boss, you must be well-equipped to deal with a host of behavioural and commitment issues of your staff.
• Keep the staff and departments updated about their performance to keep them helping each other whenever necessary, and to know who to contact when need be.

Growth

• To create awareness of a product and brand and to instil an appreciation among consumers for its possibilities, the ‘pioneering’ ad can be used among several other types of advertising.
• The basic idea of this kind of advertising is to show down other brands in order to bring yours up.
• In finer words, it is the competitive or persuasive ad attempts to convince the consumer either of the performance of the product and/or how it is superior in some way to that of others.
• Comparative advertisements are a prime example of this. For instance, note the ads that show that some sunscreens are more effective than others.

• This process also follows reminder advertising, which seeks to keep the consumer believing what other ads have already established.
• For example, Pepsi ads tend not to provide new information but keep reinforcing what a great drink it is and that no other drink comes close to it in terms of consumer’s choice.

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