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BUSINESS STUDIES - FORM ONE - FULL NOTES
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1. INTRODUCTION TO BUSINESS STUDIES
TIPS
TO IMPROVE YOUR BUSINESS – PART 1
1.
Get Organized
To
achieve success as a business owner you first have to be well organized. That
will help you complete tasks efficiently and stay on top of the many things
that need to be done. A simple way to get and stay organized is to create a
to-do list each day. As you complete each item, check it off your list. Since
some tasks are more important than others, aim to tackle the high-priority ones
first. There are many online resources that can help you get organized. They
include tools like Trello, Microsoft Planner, Notion, and Airtable.
2.
Improve operational efficiency
Operational
efficiency refers to how effectively a business uses its resources to produce
goods or service, improving this are of your business can lead to reduced
costs, increased productivity, and improved customer satisfaction. Map out your
business processes, such as product or service development, fulfilment,
distribution etc. to see where things could be improved. Do some processes have
duplicate areas which could be combined or are some wasteful?
3.
Reach customers in more ways than one
If you are a retailer with no online presence, consider setting up a web store as another way to capture sales. Once you have captured enough customer emails, consider an email campaign to keep your message in front of your customer base. And don’t forget about social media. If you’re an online-only business, consider a direct mail campaign, including a catalog featuring your best sellers for prospecting to new potential buyers. After testing a multichannel approach, you will be able to determine how to best spend your marketing dollars based on which channels were most effective in reaching your sales goals.
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