to manage the department including profit, how to cope with debts(limited liability)
to manage customer service
to manage your competitors
to get right pricing stratregy
to advertise and promote your business
SKILLS NEEDED TO DO THINGS ABOVE Well you just try doing it y'self, chum, 'cos if you think I'm going to spend half-an-hour on here for a lousy ten points you'd better have a reconsideration. its like your asking for spam here Customer It's pretty easy really. Go to the small business admin. site for your state and they'll send you a free guide. It's AtoZ on just about anything. Skills:
Able to manage money
Social Skills
Anger management
"Guesstamating"
Advertising skills to manage the department including profit, how to cope with debts(limited liability) The department will need to be based on operating margins, as well as costs of doing business. It is best to only assume short-term debt if possible (repayed within a year) otherwise our capital budget will skyrocket. Also investigate leasing vs. Purchasing options.
to manage customer service make certain that you monitor average time percall, in addition to total calls per day. Another important metric is average wait time. If you can get the wait down to 15-20 seconds, you should be doing well.
to manage your competitors competitors need to be evaluated by use of competitive analyses. Take the time to study their product portfolio, pricing strategy and distribution. Also look for room for improvement in their operation.
to get right pricing stratregy the right pricing strategy is difficult to determine at first because there are many variables. Features and BEnefits can drive up costs but also allow for a competitive advantage. It all dependson how your product compares with the competition.
to advertise and promote your business you can use traditional print means to convey your message of use online CPC initiatives. Oftentimes, local publications will give editorial space to those starting businesses. THis is priceless and free. #1. To manage the department including profit: Management skill is necessary here, but a good cost accounting department is one of the best ways I know to learn skills in generating a profit because cost-benefit analysis can be used to identify specific ways costs can be cut and which investments are or will generate the greatest return per invested dollar.
#2. How to cope with debts (limited liability): Incorporation is the best solution to move into a limited liability position if you are a partnership or proprietor. However, if you are already a corporation, then the sell of bonds or stock will help you to generate funding necessary for the analysis you did in #1 above.
#3 To manage customer service: I've found it best to manage customer service from a communications point of view since most service requires some sort of communications with the customer. We tried outsourcing and our customers hated the foreign accents and our inability to solve their problems. So, we moved our customer service back to the USA where our business is primarily located and our customers have been happier. Cost per customer service has since dropped because we are now handling the problems.
#4 To manage your competitors: Our position is to take a proactive attack on our marketing efforts and out perform our competitors by providing the lowest cost with the best product we can produce. Although our "cheap" philosophy product structure is producing profits our real gain is in market share. We have always tried to maintain a cost advantage and not get too tied up in the high end market that many believe is there when in fact, the so called high end market is very small. Considering this fact, we have not tried to improve product to the point of it becoming unaffordable simply to reach the mythical high end market.
#5 To get right pricing strategy: As explained above, our pricing strategy is based on cost containment. The skills necessary to achieve this is again based on our cost accounting department doing their jobs.
#6 To advertise and promote your business: The skills needed to effectively advertise and promote our business have been based on target marketing and promotion. We try to take the riffle approach and hit our target verses a shotgun approach and not hit anything. To do this we have carefully analyzed exactly who our market is. We know their buying habits and specifically advertise to reach them. However, truly our greatest marketing success has been in promoting our product through trade publication announcements. It is very low cost and gets our message out. Again, this is based on our knowledge of how our customer gets consumer information for what we have to sell.
Good luck in your efforts to get your question answered. Hope my contribution gave you a different perspective. I鈥檝e enjoyed answering while I relaxed a moment or two this evening. you need basic accounting skills for finance of your firm both in and out ,your question is somewhat vague including profits in the same breath as debts and limited companys.if you are starting on your own get advice from your bank its free and can introduce you to good business practice ,disciplines neede d and personal stric
tures you must observe to be equal to success.on customers,they are any firms life blood ,treat them with the respect and care they deserve for coming to you for your services or goods.on competition ,sun tzu said "know your enemy" this applies in business as in war,study him ,mirror him ,find his weakness. if a rival comes in after you have started let him become established, let him take on comitments let him become complacent ,then hit him where it hurts ,drive down your prices up your quality and performance and make him react to you not you to him .make him fight on the site you choose.on pricing be agressie always aggressive,offer discounts,be amenable,start every monday as if your skint,be hungry for trade and the pricing will look after itself.todays shop window is the internet/,get a good web site ,put ads in publications to make people aware of you,use every opportunity to push your name,be a self publicist,court the local media with interesting stories about you and your product.the skills all good businesses need are the ability to think and plan clearly.tha ability to manage money and realise that you pay you first ,your domestic bills dont go away and many budding entreprenuers forget this.it would prove helpfull if you read books on being successful,there are plenty available.good luck and good hunting i dont know but this answer is very long!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!...
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