Overcoming
Business Challenges has a lot of tactics and strategies
1. Saving
during raining days
2. Good
business plan
3. Good
bookkeeping
4. Cut
down expenses
5. Mitigation
of management soft issues
6. Making
right business choices
7. Seminars
Starting
up a new business comes with lots of soft issues
1. Management
2. Location:
nonstrategic location (bad location)
3. Capital
/Loan: lack of capital, high interest rate by commercial banks
4. Raw
material/services; non availability or high cost of materials
Management is one of the major aspects that determined the longevity and
successes to be recorded in a constructive short term plan, there must a
regular and consistent organizing of management and leadership seminar by the
company to enhance the managerial and leadership skill of its staff.
The Raw
Material; the company must have a direct link to the major distributor of
the raw material, having the direct link will assist in getting the raw
material at an affordable rate, therefore making it even more affordable to its final consumers at an excellent price rate for
regular production
Services/product; must be of good quality, satisfaction of your customer should be a
priority, give them good value for their money.
Capital/Loan: consider the capital involvement to start up a business, also
consider the interest rate at which a loan is given to you by commercial bank.
Carefully
calculate the period of your breed and breakthrough in the proposed business to
enable you ascertain if getting a loan is best, and consider at what length and
rate you are to service your loan.
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