By Kangiri Jacqueline
Large firms will craft a strategy and have a well laid out plan for their business for the next 3-5 years.
However, it is different for small firms. Most do not even know they need one.
The strategy can be developed slowly and become part of the business.
It means starting small and documenting the most important aspects of their firms. These include strengths, weaknesses, challenges, risks and how to control them. Once this is organized it is preliminary. With this evaluation, the firms know what is quintessential and they have a basic model.
Most micro, small and medium enterprises (MSMEs) do not keep records of finances invested, budgeting activities, sales or even loss and profit accounts. A record of firm’s assets or an inventory is usually absent and loss of the item might not be identifiable early enough. Equipment maintenance and servicing is not prioritized. It is only done upon breakdown…read more>>
