“Your Money” on CTV Morning Live
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October 13, 2015 - Small business month: Operations Management
October is Small Business Month so here is some advice to small business owners about operations management:
- Operations management simply refers to how you provide your products and services in the marketplace. This includes all aspects of your processes, procedures, tools, and your team.
- A good business plan – formulated prior to the business’s start-up – will outline many aspects of the operations. Your business plan will include your business goals. Keep these top-of-mind in everything else you do in your business! These will help guide your decisions.
- Make sure you can clearly articulate your product or service’s competitive edge and that your business – and your team – maximizes the benefit of this competitive edge. That is what is going to set you apart in the marketplace.
- The owner should be familiar with every aspect of their business and have all processes examined for efficiency and effectiveness. Is their inventory sitting on shelves too long? Are the best suppliers being used?
- Entrepreneurs must become very familiar with rules and regulations governing their industry and business model at all three levels of government. This is an area where outside consultants like lawyers and accountants can prove invaluable.
- The team is critical. Having the right people who are fully qualified to carry out the business’s operations can mean the difference between success and failure. Some business owners try to carry the business themselves but this will ultimately prove futile.
Looking for more helpful information? Check out past segments