Myers
Running head: Small Business
Michelle Myers
LEAD 3301
Small Business
Professor Larry Thompson
March 23, 2010
OLLU
Small Business
One of the most important things you should have when you set up a business is a strategy. A major part of your businesses strategy should be how your business will compete efficiently in the marketplace and remain lucrative even in times of economic uncertainty (Yukl, 2005 pp. 376). Developing a strategy is one of the most important actions a company will engage in.
First your strategy should include clear and focused goals and ground rules for achieving those goals (Develop, 2010). The people working for you should know where the company is going and how it will get there; it is important that the team members and leaders stay informed on company goals and progress. Next, to avoid a downfall in profits it is vital that you have leaders in place that can evaluate the need for a major change in the current strategy and who are able to evaluate the likely outcomes of a new strategy (Yukl, 2005 pp. 377- 380).
It is very essential that as a business owner you hire people who have the company’s goals on the top of their list too (Mercer, 2007). Avoid hiring deficient employees and hire employees who are ready, willing, and able to succeed. The employees you have in place must have excellent leadership abilities and team building skills if your company is going to prosper and maintain in today’s market (2007). Growth in business, revenue, and profitability is the ongoing challenge of any company and in order to arrive at these everyone in your company needs to be a team player (Score, 2007). Everyone needs to be included and made to feel part of the team. Followers should be able to give their input on projects that they are being held accountable for. Make sure your leaders realize that leadership means responsibility and stewardship and is not just a rank. The atmosphere at your company should encourage energy and spirit. As a business owner you need to be able to evaluate your leaders and followers; you must also be right there with them in the mix as part of the team (2007).