Managing A Small Business
Small businesses get so caught up in today’s fast paced business society, we forget to look into expansion of the business through technology. Accounting and tax services takes the top spot on the list of the most profitable type of small business with a generous 18.4 percent net profit margin followed by real-estate services (15.2 percent), law firms (14.5 percent) and doctor’s offices (13 percent) reports Sageworks , a financial data service that analyzed the net profit margin of more than 16,000 small businesses (that earned less than $10 million) between September 2014 and August 2015.
This business person is stable,cooperative,good listener and client views them as one who does not like change,hides feelings and takes time to do solution here is for the business person to improve on their creativity and increase their speed to match the client.
Since 2002, a series of federal investigations have found fraud, abuse, loopholes, and a lack of oversight in federal small business contracting, which has led to the diversion of billions of dollars in small business contracts to large corporations.
In order for my business organization to be able to keep up with the competition secondary is a great way of doing so. Secondary research will enable my business organization to gather information about other businesses services and products and the prices they charge for their products this will enable me to get an edge.
The business organization need to make sure that they got a potential demand for their business, if the business does not have a demand they will not make a good profit because customers will get services from competitors, as a business I have to remember when I’m completely new in the market I have to do primary research and secondary research in order to make the chances of getting more successful higher.