Factors Affecting The Growth Of Small Businesses - 1056 Words

The purpose of this paper is to identify how different factors impact the growth of small businesses. These factors include, but are not limited to growth strategy, business forms, short and medium term goals, financing assistance, organizational structure and staffing needs, customers and promotion, and ethics and social responsibility. This paper will show exactly how the factors mentioned earlier will affect the advancements of small businesses. Kelly’s Sandwich Stop a concession, has been selling sandwich and other lunch items to customers for the past five years. Although small, her business has been very optimistic and fast growing. Applying diverse strategies to aid in the expansion of the business has made a huge impact on it. The business first developed from a mobile food trailer, and has expanded through the usage of bicycle-towed concession. The employees travel to different locations in town, and currently she’s moving into a store-front where she can run her business from. Growth Strategy There are 3 major steps that are needed to make Kelly’s Sandwich Stop expand. The first step is to determine the growth stage. This step is about understanding the present stage of the growth cycle of the business. There’re are detailed requirements that must be reached in order for any business to move forward. Accessing your present resources is the second step. This step is planned to assess what you have at your disposal in order to reach your dreams. That is,Show MoreRelatedFinancial Issues Affecting Kenyatta Market Women Entrepreneurs Of Nairobi962 Words   |  4 PagesFINANCIAL ISSUES AFFECTING KENYATTA MARKET WOMEN ENTREPRENEURS OF NAIROBI, KENYA 1. Introduction i. Background Information According to Creighton Yieke (2006), women in Kenya constitute a subordinate, disadvantaged and muted group who are routinely treated as inferior and who face coerced sex, harmful cultural practices, stigma and discrimination. Their inferior legal status in relation to marriage inheritance, guardianship, property ownership, places them in disadvantaged position economicallyRead MoreSmall Businesses Are Essential For The Growth Of Any Economy1113 Words   |  5 PagesBackground: Small businesses are essential for the growth of any economy since they are considered as building blocks. They can be equated to stem cells in the human body that have the ability to self-generate and differentiate into various structural forms. Small businesses can be established to cut across industries, countries, and communities. One of the primary roles of small businesses is the creation of employment for large numbers of people in society. In the United States (US), small businessesRead MoreEconomics For Business Assignment : Economics1362 Words   |  6 Pagesfinal judgement. The degree of government intervention may depend on many factors affecting the economy as a whole, a specific market and the businesses operating within it. The nature of different government regulations may have a restrictive nature, however some government action may have a beneficial effect on business activity and positively impact their objectives. It is essential to look at this argument from the businesses perspective to determine the government impact on their performance. Read MoreSmes, Family Involvement, And Financial Management1580 Words   |  7 Pagesproviders of goods and services to large firms. In fact, 99.6% out of 941,174 establishments in 2013 are micro, small, and medium enterprises. However, the attrition rates for startup MSMEs in the country can go as high as 50 percent, which means that many MSMEs are having a difficult time keeping their business alive. According to Fatoki (2014), one of the key reasons why startup businesses fail is the lack of management control. This commonly leads to poor use of accounting information to manage financesRead MoreCommunication in Business in Changing External Environments1147 Words   |  5 Pagesthe environment is stable, this means that the rate of change is slow; if the environment is dynamic, this means that the rate of change is fast. †¢ Environmental complexity is the number of external factors in the environment that affect organizations. Complex environments have many environmental factors; simple environments have few. †¢ Resource Scarcity is the degree to which an organization’s external environment has an abundance or scarcity of critical organizational resources.       2.  Ã‚  Ã‚  Ã‚  HowRead MoreThe Value of Market Auditing Essay1211 Words   |  5 PagesAssess the value to small businesses of carrying out marketing audits. Illustrate your arguments with reference to an existing small business of your choice In this essay I will be assessing the value of Market auditing for small businesses using the firm Abel and Cole as a model. Market auditing is the means by which a company can understand how it correlates to the environment in which it operates. It is a way by which a company can identity its own pros and cons as they relate to externalRead MoreThe Challenges Of Small Businesses Essay1428 Words   |  6 Pagesand study the challenges that lead to dereliction of some small businesses in Potchefstroom. The study aims to understand and find ways or improved strategies that could assist small businesses to succeed in the future. According to SBA (Cited by Anon., 2016), 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10.This usually takes place because of common factors such as owners lacking the necessary knowledge and managementRead MoreStarbucks s Pizza Enterprises Limited ( Dmp ) : Study Of Strategic Management Practices1655 Words   |  7 Pagesmakes businesses to have an edge over other players in its field as well as protect itself from competitive practices of players outside its core business domain. To maintain that edge, organisations have to constantly lookout for different strategies that will position them well in the market they are operating and give them a strong advantage over their competitors. It is also a well-known fact that internet has revolutionised the way businesses operate. The greatest inventions affecting the businessRead MoreA Report On The Food Industry, Target Market And Swot Analysis1543 Words   |  7 Pages Industry Overview The healthy food market has continued with sustained growth through 2010–2012, even in the face of margin declines (and therefore increased volume growth is not reflected in overall value growth).The total value of the healthy food industry in Australia is an estimated $127million in 2012. As per ABS the average growth projection for the coming years is 10–15%, reflecting the two years of per annum growth from 2010.Total industry value of certified organic products in AustraliaRead MorePolitical Environment Of New Zealand Essay1544 Words   |  7 PagesPESTLE (Political, Economic, Social, Technology, Legal, and Environmental) analysis explores the external factors which may influence any organization. Political When our company comes in declining stage at that time the political view affect a lot like, Political view has a huge control upon the regulation of businesses .It includes government regulations and legal issues under which businesses should operate. According to the findings, political environment of New Zealand is very stable at this