HOW TO BECOME SUCCESSFUL ENTERPRENURSHIP PART 4
 |
Finding Your Resources
1
Make Sure You Have Suppliers
The suppliers
of a business establishment are among its most valuable and most important asset. In the case of a
restaurant for example, it must have a stable
source of ingredients. Whatever business you will be in, you need to make sure that you have good suppliers –
those that you can rely. You need to analyze
the status of your most valued suppliers. In a Chinese restaurant for example,
one of its most valued supplier might be a supplier of Chinese ingredients.
2
Make Sure You Have A Backup
Source of Financing
Most businesses
have several sources of financing (e.g. personal money, loan companies, borrowed money, etc.). What you
want to avoid is relying on one source
of financing only. You need to have several sources of financing or at least, you should have reserves. This is
important because most businesses do suffer
financial problems from time to time. Having a stable source of financing will help
you absorb losses when needed.
3
Check The Prices of Different Suppliers
Do not settle
on the first few suppliers that you will find just because their prices seem attractive. You need to keep
looking because you might just find suppliers that offer lower prices.
4
Check The Reliability of your Suppliers
Is your
supplier showing any signs of financial trouble? Does your supplier seem to be going out of business? Does your
supplier have a history of disappointing its clients?
These are just some of the questions
that you need to ask yourself.
You need to
analyze and evaluate the performance of your prospect suppliers. This is because if one of your suppliers
suddenly goes out of business, it might not be that easy for you to find a replacement. This is especially true for suppliers of unique products (Chinese
ingredients, Arabian curries, Philippine bananas, etc.).
5
Do Re-Assessment Every Now And Then
You may have
already found a supplier that offers an attractive price. But that does not mean that they will always be the
cheapest. New suppliers may come along and some of them may offer better
prices and conditions than your current
suppliers.
6
Do Not Enter Into Transactions Without
a Clear Cut Agreement
The first thing
you look for is prices. But you should not decide only according to that. You also need to check the
conditions of your prospect suppliers. What
are the terms of payment? What are the shipping/delivery arrangements?
Will they pay for goods damaged on
transit? These are just some of the questions
that need an answer. Also, you should avoid entering into a contract
without settling an agreement with your prospect supplier first.
|
Formulating A Business Plan
7
Make A Feasibility Study
A feasibility
study is typically done first by experienced entrepreneurs before venturing into any business. A good
feasibility study allows its researcher to analyze
the profitability of any planned business undertaking. It takes a look at risks, return on investment, plans for success,
and such. To check the profitability of your planned
business, it is advisable that you conduct
a feasibility study first. You may hire a professional to do this for you.
8
Come Up With An Organizational Plan
An
organizational plan is crucial if your business will be composed of many employees
(about 20 or so). An organizational plan shows the flow of command
in from the top official to the bottom. With a clear cut organizational chart, employees will know who to follow,
who is in charge, and who they should
obey. This is important so that the flow of command is harmonious and confusions can be avoided.
9
Plan The Flow of Tasks Well
Not just the
chain of command, but the flow of task between employees must also be clearly
stated. Here is an example
of a task flow: the receiving department receives the spare parts
delivery, the stockman stores them and keeps inventory
count, the stockman
then supplies the spare parts to the workers,
the workers then assembles the parts, the inspection team then tests the assembled product,
then the packaging
department packs the finished products, and finally, the sales
department takes care of selling the goods. By
clearly planning the flow of task, everything will go
more smoothly.
10
Make Sure That Job Descriptions Are Clear And Detailed
Confusions can take place if employees
are not fully aware of their job description.
They can start doing tasks that are assigned to another employee. They can neglect
tasks that are supposed to be their responsibility. And employee
can start blaming one another and pointing at one another for who must perform which
task. This is why a clear job description is necessary.
11
Make A Draft of Future Plans
0 Comments