The literature review was carried out by making use of a range of sources such as books, internet sources and journals. Three questions were answered based on the financial and non-financial factors that influence small business success. Seven sources were used in total to attain information to answer these questions.
2.1.1 THE NATURE OF BUSINESS SUCCESS IN SMALL BUSINESS OWNERSHIP According to Lots and van der Merwe (2013:17-18), business success can be measured by looking at the efficiency and effectiveness of employees producing the business outputs, in other words the monetary value and process it took employees to get there. In a successful business, employees are viewed as the most important business asset. However, because the nature
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It allows small firms to focus on how they can have a competitive advantage compared to others because they lack strategic planning. This enables the business to concentrate on customer needs rather than what they think would be right for the business. This enables the firm to utilize all resources and prevent wastage hence leading to the success of the business. (Elliott & Boshoff, 2007). According to Lotz and van der Merwe (2013:20), Competitive aggressiveness which involves attempts by businesses to increase and improve on the impact they make on the market and on their competitors has also led to small business success. The businesses are able to do this through scanning the business environment in order to produce high demanded products onto the market, production of high quality products and providing good customer care. Good management has led to business success in a way that it has generated favourable business plans and strategies that have enabled resources to be allocated and utilized effectively to ensure high productivity and output hence leading to the business success. Another factor that has led to the success of small businesses is exposure to different things overseas which involves being able to see and adjust to the latest technology on the market. Overseas exposure has also enabled workers and owners of small businesses to attain training abroad to enable them effectively manage and make the business progress hence this has made the business to obtain success. Support from the government. This has led to business success in a way that the government has carried activities that have developed the industry for example improvement of infrastructure like roads which have enabled small business enterprises to easily carry out their day to day activities that involve transportation. Other activities include: protection from big
It redirected a prominently agricultural society and advanced the way things were done with more convenience. It developed manufactured goods and services,
As like the telephone , motor vehicles helped improve the network of transportation and communications ,it also created new job opportunities as well. The inventions of power driven machines helped maximise productivity and capacity with more products being produced in a small amount of time, this also created wealth and made it more easier to make goods and products. These factors led to more companies and industries such as the railroad industry which one of them was the transcontinental railroad that brought the resources from coast to coast with the help of land grants from the government. This made it easier to get resources to different areas of the nation in a small amount of time. It also expanded many markets.
By improving these factors, it was a step toward stable economy and allowed to growth
Due to the increase in competition, these industries corrupted the government and took over small businesses,
Contents Terms of Reference 2 Procedure 2 Findings 3 Current Structure 3 New Structure 4 Employee Relationships 4 Instructing Staff 5 Contingency Variables 5 Conclusion 6 Recommendations 6 References 7 Appendix A 8 Terms of Reference I am a HNC business student. I am writing this report as part of my course. This assessment covers outcome 4 of the Managing People and Organizations' class.
During the Industrial Revolution, we see many new inventions, ideas, and cultures be created and established. All these changes contributed to the growth of economic power in the United States. This growth allowed the formation of big business to rise. All these factors have played a huge role in how we see our daily lives today. They helped us create laws and social norms that we follow today.
What role did the government play with businesses during this time? The government wasn’t hands on at the beginning of the Second Industrial Revolution. They wanted to run a free market economy without influence from the government. Eventually
The invention of the cotton gin decreased labor and increased the production of usable cotton and the demand for items being made from it. Advancements being made in both water and land transportation led to explosive growth in cities and factories; thus improving the national economy little by little. All in all, the revolution taking place in the Americas after the war of 1812 turned the nation into the successful, worldwide marketplace we know of
When employees see they are valuable to the company and they are secure it gives them confidence and in return they give their loyalty to the
Thus, leading the way for more job opportunities. Factories led to urbanization, the movement from rural areas to urban areas. With more factories in the town people didn’t have to travel as far or as much. “A graphic shows different methods of manufacturing and scrutinizes how many cars one person can produce in eight hours to how many cars five people can produce in eight hours” (Document 4). Different methods of manufacturing allowed room for more work opportunities.
The extreme success of this business was only made possible as a result of
Without them it would be impossible for Americans to be a new America with newly intervened products. Many new products transformed the simple life of an American. Their daily routine life was changed by the newly invented products. They could now travel via train in a short amount of time, they now had oil which made it easier for factories to make new machinery which alleviated some burden off from the man and the machine did the work for them. There are many other factors which changed the life of a normal person because of the business moguls.
The country was improving public health, health care, as well as increasing labor protection and environment protection. Due to industrialization, factories became a very big part of the US economy. Factories created so many jobs, even children joined the workforce. This was a time like no other, entire families would have jobs. Workers, upset with big business owners began to try and improve their working conditions and created labor unions.
One of the most well-known economic industries in America is manufacturing. Manufacturing contributes $ 2.09 trillion directly to the economy. This industry is expanding and growing in the USA meaning there is an increase in the outcome of this industry. Many people work in this industry which means that they earn money, and no one is poor anymore in the USA. Because of many people working in manufacturing, the economy of the USA has increased dramatically.
Managing Small Business Finances How do small businesses usually able to keep functioning even as the economy changes? There are many ways of using strategies that are effective against the targets of small businesses and in managing the monetary resources in small businesses. How does financial management start? Problems are inevitable, but it can always be overcome by different solutions, that is for the common, while for the businesses these problems existed and they can be solved, but not permanently because we are knowledgeable that problems with money keeps circling around, for the physical or/and digital state of the money are used in everyday life 24/7.