Small Business Management Assignment Example | Topics and Well Written Essays - 750 words - 1

Small Business Management - Assignment Example he proposed business is established, product and services improve in quality as the managers gain more experience in production and in some situations the original business concept and management change as entrepreneurs are hit by the reality on the ground (Films for the Humanities & Sciences (Firm), Films Media Group and Video Education Australasia, 2010, p.52). Small companies can avoid becoming obsolete by scanning the market and the threats by carrying out a clear and concise analysis of their business environment under the PEESTLE (Political, Environment, Economic, Social, Technology, Ethical and Legal factors) and SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) so as to establish the available opportunities and threats. With the above mentioned analysis, such businesses would realize their strengths and weaknesses hence able to employ effective strategies that would enable them focus on their strengths as they look for alternatives to cover up the loopholes (Sitarz, 2011, p.45). Technology based companies can only keep up with the rapidly changing markets, products and competitors by remaining updated with the current trends in the technology industry as well as ensuring that they are innovative enough so as to outdo their business rivals. This can be achieved by ensuring that they carry out regular business analysis and market research so as to establish the exact needs of their targeted customers (Sitarz, 2011, p.45). Moreover, they have to ensure that they have highly innovative and creative product development teams. Having the right strategy is the most crucial factor that determines success of any type of business. Raising resources becomes easier as long as a given business is applying the right business strategies, and at times is able to use other people’s money, an aspect that is highly encouraged by economists and business experts. Entrepreneurs usually experience the challenge of differentiating their companies from the