Project to Open a Small Private Business
Introduction
Businesses today operate in a highly volatile environment governed by various macro environmental factors. They need to continuously assess their relative position and identify the existing problem areas and opportunities which need to be addressed to sustain themselves competitively in the market. Currently, business managers in the private sector have been unable to exploit all the possibilities in the market environment. As a manager, one should identify these opportunities and do an analysis of their returns once invested into a sole trader. The objective of this research is to explore the key reasons behind the failure to exploit the available business opportunities, and thereby solve the problem by eradicating the hindering factors as well as using these viable business opportunities available to private and small businesses (Drucker, 2014).
Establishing business strategies
For a plan of activities to succeed managers need to create viable business strategies so as to enhance the effectiveness of the set objectives. These policies define the approach to industry’s tactics and plans adopted to attract customers and achieve the set goals. In this business plan, the strategies guiding its operation include;
- Pricing strategies- which need to be fair so as to attract customers and at the same time profitable to the trader. For example; Different categories of rabbits and their size should be priced differently in accordance to customers’ needs.
- Product differentiation/ high brand formation strategies- this involves highlighting products superior features, styling, heritage, and pedigree. In our business plan, our products layout and design will be a user-friendly and cutting edge in the eyes of the clients so as to attract and retain users.
- Marketing strategy. Providing a high level of personalized service, this will be entirely different, unique and distinct from any other traders irrespective of their localities.
- Brand recognition strategy- management of the business will build strong brand recognition and leverage the brand services so as to promote public relations, brand visibility and high standards of marketing techniques. In this project, the business will have a variety of rabbits classified well to suit customers’ needs.
- Technological strategy- the management of small businesses should look forward to gaining a technical advantage over the large and well-established firms. These calls for deep research on the right technologies to be used and once adopted develop strategies for preventing competitors from gaining the same advantage.
