"A Clear definition of your business' vison is critical to your success"
As --------- pointed out int the discussuon board in Unit 2 Money (DB) "purchasing a franchise is a very good strategy if you are able to secure the capital for investment." As the business plan and strategies are already in place. Now the question is why would the franchise business owner be selling his shop? In this case Dr. Heywood mentioned a Carvel Icecream Shop in her area that closed due to continued construction that made it ...view middle of the document...
While challenging other local busniness's with cost control is very important, as plaesing the customer with quality and
offering the lowest possible price for the goods or services, this will help ensure repeat customers and offer word of mouth advertising, as everyone knows that
the modern day customer loves to chat about a good deal or service they have found.
• Velocity, i.e. rapid turnover of inventory. One of the killers of a business is to have too much inventory and no sales. As such it is important to keep the inventory
low - and pre order wisely as to ensure rapid turnover of the inventory. By using this stratagie the customer will always be offferd a fesh product.
• Innovation in products and/or services. As the daily market grows and new and improved products are designed ther are always new or improved ways of designing
and producing services. This may include innovation in service delivery systems, though often this will be regarded instead as a service product innovation. Innovation of this sort may be technological, technique- or expertise-based, or a matter of work organization (e.g. restructuring work between professionals and paraprofessionals).
(Service Innovation, the wikiapedia defintion, http://en.wikipedia.org/wiki/Service_innovation)
• Customer intimacy. It's always important to get to know the repeat customer, and everyone loves it when they visit a local business and find that the they are not only
appreciated - but they are engaged by the business by there own name. In this way the customer feels special and their visit to your business all the more enjoyable.
Remembering your customers name is a major key in ensuring repeat customers.
Author Richard Randall goes on to...