Reviewed Date: December 9th, 2021
Most small businesses shut down before 2 months of establishment. If luck is in favor, some survive a year or two. The reasons are many: lack of novelty, not offering value, quality issues, etc.
Before going to the content, I have something to say. Lately, a restaurant has opened in my locality. The place is perfect. But customers are not showing up. I have analyzed using the business knowledge I acquired in BBA.
First of all, that restaurant isn’t inviting. Owners have installed signs of the 1990s. Inside, tables and chairs resemble an internet cafe rather than a restaurant. These all can be forgivable if the food they serve is extraordinary. But it’s the opposite of the case.
Coming to the review, the author has suggested a revolutionary process for small businesses to survive in the modern world. First, businesses have to provide value not only to customers but also to employees, suppliers, and lenders.
Entrepreneurs have to present their businesses as franchises and make a model. The model can be operated by people of the lowest level of skill and has to have an order.
More often than not, entrepreneurs don’t document what goes in and out of their businesses. It is counterproductive. It is through the documentation that entrepreneurs have an idea of what is working and what is not.
Employees have to have a uniform code. Also, they need to do uniformly predictable service to customers. This gives customers a sense of familiarity.
Finally, entrepreneurs should dare to innovate when things aren’t working. They should not fear change.
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