In the recent years Pakistan is a growing market of consumer products. A new trend has started where small stores are obsolescing and mega store are opening, especially in big cities. These stores become attraction for the customer to save time and money as it provides complete range of consumer products under one roof with discount rates. Metro Cash n Carry and City Super Store are such examples which have opened their branches in many cities. Still there are many opportunities for opening such mega stores in big as well as small cities.
Shan & Co are the importers of these consumer goods in Pakistan. They have now decided to diversify their investment and to open a chain of mega stores in different cities. The country has been divided into three major regions north, centre and south.
You are hired as Production/Operations Manager for the central region which already has many mega store chains and you many find high competition in the market.
Being the POM what type of issues you can face and what type of strategy you will have in your mind to convert the new investment into a successful business.
Please list down the various issues, your responsibilities and strategies for a successful business in short bullet points. Be concise and to the point.
Business success doesn’t happen by accident; it requires careful thought and planning. A key component of business planning involves the development and implementation of specific success strategies, which should be part of a written business plan you create before starting your business. Successful business strategies include areas, such as marketing, minimizing expenses, receiving compensation and continuing your education.
Small businesses typically can’t afford to spend lavishly on items, such as office space, marketing campaigns or business vehicles, so becoming an effective negotiator can save you precious money. If you’re purchasing advertising time, for example, offer to buy a larger block of ads in exchange for a reduced unit cost. Negotiate for extended terms from your suppliers for extended credit terms or due dates.
Invest in Yourself
You’ll need to continually develop your skills to keep up with changes in areas such as technology, and you’ll also have to keep abreast of product and industry developments. To be successful, you’ll need to constantly focus on self-improvement. This may involve taking a management training class to improve your supervisory skills or attending trade shows to learn about new products and trends before they hit the market.
You’ll have to develop an effective marketing strategy to carve out your own niche in a competitive marketplace. To do so, you’ll need to determine what makes your business different from the rest of the competition and make this the focus of your marketing efforts. For example, your unique feature may be your wider product selection, outstanding customer service, lower prices or specialized industry knowledge.
Implement procedures to ensure you are paid in a timely manner. Encourage the use of credit cards by your customers, and be sure to use a contract when providing services for others. Ask for a small portion of the payment, such as 10 percent or 15 percent before you begin any work to ensure your customer is truly committed to the project.
Avoid Unnecessary Expenses
Unnecessary expenses can take a bite out of your bottom line. If you operate a proofreading service, for example, and your risk of facing a lawsuit is low, don’t waste money on a large liability insurance policy. If you need additional labor only occasionally, outsource the work as needed instead of hiring additional employees.